Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 06, 2024 | |
Entity Information [Line Items] | ||
Entity Registrant Name | FEDERAL HOME LOAN BANK OF DALLAS | |
Entity Central Index Key | 0001331757 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 44,232,988 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Address, Address Line One | 8500 Freeport Parkway South, Suite 600 | |
Entity Address, City or Town | Irving, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75063-2547 | |
City Area Code | (214) | |
Local Phone Number | 441-8500 | |
Entity Tax Identification Number | 71-6013989 | |
Entity File Number | 000-51405 | |
Entity Incorporation, State or Country Code | X1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Statements of Condition (Unaudi
Statements of Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
ASSETS | |||
Cash and due from banks | $ 41,458 | $ 49,885 | |
Interest-bearing deposits (Notes 8 and 9) | 2,647,933 | 2,297,225 | |
Securities purchased under agreements to resell (Notes 8, 9 and 12) | 13,550,000 | 14,750,000 | |
Federal funds sold (Notes 8 and 9) | 7,200,000 | 6,368,000 | |
Trading securities (Notes 3, 8, 12 and 17) ($65,219 and $67,284 pledged at June 30, 2024 and December 31, 2023, respectively, which could not be rehypothecated) | 2,335,256 | 1,271,943 | |
Available-for-sale securities (a) (Notes 4, 8, 9, 12 and 17) ($609,676 and $821,812 pledged at June 30, 2024 and December 31, 2023, respectively, of which $555,886 and $767,368, respectively, could be rehypothecated) | [1] | 19,070,588 | 17,690,722 |
Held-to-maturity securities (b) (Notes 5, 8 and 9) | [2] | 238,534 | 253,302 |
Advances (Notes 6, 8 and 9) | 75,225,134 | 79,951,855 | |
Mortgage loans held for portfolio, net of allowance for credit losses of $6,711 and $7,768 at June 30, 2024 and December 31, 2023, respectively (Notes 7, 8 and 9) | 5,409,439 | 5,088,642 | |
Accrued interest receivable (Note 8) | 397,954 | 426,243 | |
Premises and equipment, net | 13,781 | 14,449 | |
Derivative assets (Notes 12 and 13) | 33,060 | 17,604 | |
Other assets (including $18,708 and $16,546 of securities held at fair value at June 30, 2024 and December 31, 2023, respectively) | 68,446 | 84,742 | |
TOTAL ASSETS | 126,231,583 | 128,264,612 | |
LIABILITIES AND CAPITAL | |||
Deposits (including $1 of non-interest bearing deposits at June 30, 2024 and December 31, 2023) | 1,420,225 | 1,427,843 | |
Consolidated obligations (Note 10) | |||
Discount notes | 19,009,983 | 8,598,022 | |
Bonds | 96,906,629 | 109,536,207 | |
Total consolidated obligations | 115,916,612 | 118,134,229 | |
Mandatorily redeemable capital stock | 296 | 506 | |
Loan from Other Federal Home Loan Bank (Note 19) | 0 | 0 | |
Accrued interest payable | 804,455 | 883,353 | |
Affordable Housing Program (Note 11) | 167,254 | 150,431 | |
Derivative liabilities (Notes 12 and 13) | 4,973 | 21,575 | |
Other liabilities (Notes 3 and 4) | 470,602 | 387,455 | |
Total liabilities | 118,784,417 | 121,005,392 | |
Capital stock | |||
Total Class B Capital Stock | 4,582,079 | 4,737,388 | |
Retained earnings | |||
Unrestricted | 2,050,277 | 1,907,882 | |
Restricted | 578,673 | 505,101 | |
Total retained earnings | 2,628,950 | 2,412,983 | |
Accumulated other comprehensive income (Note 20) | 236,137 | 108,849 | |
Total capital | 7,447,166 | 7,259,220 | |
TOTAL LIABILITIES AND CAPITAL | 126,231,583 | 128,264,612 | |
Capital stock — Class B-1 putable ($100 par value) issued and outstanding shares: 15,228,887 and 15,107,202 shares at June 30, 2024 and December 31, 2023, respectively | |||
Capital stock | |||
Total Class B Capital Stock | 1,522,889 | 1,510,720 | |
Capital stock — Class B-2 putable ($100 par value) issued and outstanding shares: 30,591,899 and 32,266,682 shares at June 30, 2024 and December 31, 2023, respectively | |||
Capital stock | |||
Total Class B Capital Stock | $ 3,059,190 | $ 3,226,668 | |
[1] Amortized cost: $18,903,352 and $17,640,544 at June 30, 2024 and December 31, 2023, respectively. Fair values: $233,243 and $247,126 at June 30, 2024 and December 31, 2023, respectively. |
Statements of Condition (Unau_2
Statements of Condition (Unaudited) Parenthetical - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Held-to-maturity securities, Fair Value | $ 233,243 | $ 247,126 |
Derivative, Collateral, Right to Reclaim Securities | 674,895 | 889,096 |
Debt Securities, Available-for-sale, Amortized Cost | 18,903,352 | 17,640,544 |
Other Assets, Fair Value Disclosure | 18,708 | 16,546 |
Liabilities [Abstract] | ||
Non-interest bearing deposits | 1 | 1 |
Loan from Other Federal Home Loan Bank (Note 19) | 0 | 0 |
Accrued interest payable | $ 804,455 | $ 883,353 |
Capital Stock - Class B-1 - Membership/Excess | ||
CAPITAL (Note 14) | ||
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Common Stock, Shares, Issued | 15,228,887 | 15,107,202 |
Common Stock, Shares, Outstanding | 15,228,887 | 15,107,202 |
Capital Stock Class B-2 - Activity | ||
CAPITAL (Note 14) | ||
Common Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Common Stock, Shares, Issued | 30,591,899 | 32,266,682 |
Common Stock, Shares, Outstanding | 30,591,899 | 32,266,682 |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | ||
ASSETS | ||
Derivative, Collateral, Right to Reclaim Securities | $ 609,676 | $ 821,812 |
Trading Securities | ||
ASSETS | ||
Derivative, Collateral, Right to Reclaim Securities | 65,219 | 67,284 |
Asset Pledged as Collateral with Right | ||
ASSETS | ||
Derivative, Collateral, Right to Reclaim Securities | 555,886 | 767,368 |
Conventional Mortgage Loan [Member] | ||
ASSETS | ||
Loans and Leases Receivable, Allowance | $ 6,711 | $ 7,768 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
INTEREST INCOME | ||||
Advances | $ 1,143,057 | $ 1,731,345 | $ 2,292,998 | $ 2,871,532 |
Prepayment fees on advances, net | 86 | 76 | 1,101 | 86 |
Interest-bearing deposits | 54,264 | 83,869 | 110,751 | 142,581 |
Securities purchased under agreements to resell | 53,526 | 148,791 | 126,132 | 166,998 |
Federal funds sold | 151,162 | 223,998 | 304,760 | 370,027 |
Trading securities | 37,482 | 4,582 | 53,126 | 5,360 |
Available-for-sale securities | 290,414 | 245,361 | 571,115 | 447,113 |
Held-to-maturity securities | 3,589 | 3,929 | 7,287 | 7,805 |
Mortgage loans held for portfolio | 55,398 | 42,113 | 107,647 | 81,422 |
Other | 18 | 0 | 67 | 0 |
Total interest income | 1,788,996 | 2,484,064 | 3,574,984 | 4,092,924 |
Consolidated obligations | ||||
Bonds | 1,337,457 | 1,491,843 | 2,779,996 | 2,318,046 |
Discount notes | 200,394 | 684,811 | 303,790 | 1,256,041 |
Deposits | 22,031 | 19,189 | 39,396 | 33,726 |
Mandatorily redeemable capital stock | 16 | 177 | 46 | 313 |
Other borrowings | 5 | 273 | 15 | 523 |
Total interest expense | 1,559,903 | 2,196,293 | 3,123,243 | 3,608,649 |
NET INTEREST INCOME | 229,093 | 287,771 | 451,741 | 484,275 |
Provision (reversal) for credit losses | 6 | 2,226 | (844) | 2,606 |
NET INTEREST INCOME AFTER PROVISION (REVERSAL) FOR CREDIT LOSSES | 229,087 | 285,545 | 452,585 | 481,669 |
OTHER INCOME (LOSS) | ||||
Net gains (losses) on trading securities | (597) | (2,215) | (5,000) | 588 |
Net gains on derivatives and hedging activities | 7,793 | 8,154 | 14,411 | 13,798 |
Net gains on other assets carried at fair value | 298 | 583 | 1,359 | 1,154 |
Realized gains on sales of held-to-maturity securities | 0 | 1,081 | 0 | 1,081 |
Gains on early extinguishment of debt | 0 | 0 | 0 | 23,396 |
Letter of credit fees | 5,996 | 4,523 | 11,811 | 8,473 |
Other, net | 1,126 | 1,570 | 2,500 | 2,815 |
Total other income | 14,616 | 13,696 | 25,081 | 51,305 |
OTHER EXPENSE | ||||
Compensation and benefits | 14,252 | 13,143 | 28,855 | 37,221 |
Other operating expenses | 14,167 | 12,358 | 26,255 | 23,397 |
Finance Agency | 3,270 | 2,070 | 6,540 | 4,139 |
Office of Finance | 1,780 | 2,221 | 3,624 | 4,071 |
Voluntary grants, donations and Affordable Housing Program contributions | 1,778 | 2,433 | 2,846 | 2,505 |
Derivative clearing fees | 375 | 720 | 808 | 1,256 |
Total other expense | 35,622 | 32,945 | 68,928 | 72,589 |
INCOME BEFORE ASSESSMENTS | 208,081 | 266,296 | 408,738 | 460,385 |
Affordable Housing Program assessment | 20,809 | 26,648 | 40,878 | 46,070 |
NET INCOME | $ 187,272 | $ 239,648 | $ 367,860 | $ 414,315 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
NET INCOME | $ 187,272 | $ 239,648 | $ 367,860 | $ 414,315 |
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 | 503 | 113,299 | 117,058 | 31,275 |
Unrealized gains on cash flow hedges | 6,068 | 27,695 | 26,497 | 14,762 |
Reclassification adjustment for gains on cash flow hedges included in net income | (8,096) | (7,636) | (16,233) | (12,734) |
Reversal of non-credit other-than-temporary impairment losses upon sale of held-to-maturity securities | 0 | 3,338 | 0 | 3,338 |
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 0 | 20 | 0 | 90 |
Postretirement benefit plan | ||||
Amortization of prior service cost included in net periodic benefit cost/credit | 5 | 5 | 10 | 10 |
Amortization of net actuarial gain included in net periodic benefit cost/credit | (22) | (24) | (44) | (48) |
Total other comprehensive income (loss) | (1,542) | 136,697 | 127,288 | 36,693 |
TOTAL COMPREHENSIVE INCOME | $ 185,730 | $ 376,345 | $ 495,148 | $ 451,008 |
Statements of Capital (Unaudite
Statements of Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | $ 7,118,313 | $ 8,439,086 | $ 7,259,220 | $ 6,001,077 | ||
Proceeds from sale of capital stock | 1,053,283 | 1,007,966 | 1,580,867 | 4,461,633 | ||
Repurchase/redemption of capital stock | (909,179) | (1,246,526) | (1,887,021) | (2,336,765) | ||
Shares reclassified to mandatorily redeemable capital stock | (905) | (1,837) | (905) | (1,837) | ||
Comprehensive income (loss) | ||||||
Net income | 187,272 | 239,648 | 367,860 | 414,315 | ||
Other comprehensive income (loss) | (1,542) | 136,697 | 127,288 | 36,693 | ||
Dividends on capital stock | ||||||
Cash | (64) | (64) | (131) | [1] | (134) | [2] |
Mandatorily redeemable capital stock | (12) | (22) | (12) | (34) | ||
Ending Balance | 7,447,166 | 8,574,948 | 7,447,166 | 8,574,948 | ||
Retained Earnings | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 2,512,859 | 1,965,882 | 2,412,983 | 1,834,446 | ||
Comprehensive income (loss) | ||||||
Net income | 187,272 | 239,648 | 367,860 | 414,315 | ||
Dividends on capital stock | ||||||
Cash | (64) | (64) | (131) | (134) | ||
Mandatorily redeemable capital stock | (12) | (22) | (12) | (34) | ||
Stock | (71,105) | (65,751) | (151,750) | (108,900) | ||
Ending Balance | 2,628,950 | 2,139,693 | 2,628,950 | 2,139,693 | ||
Retained Earnings, Restricted | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 541,218 | 365,144 | 505,101 | 330,210 | ||
Comprehensive income (loss) | ||||||
Net income | 37,455 | 47,930 | 73,572 | 82,864 | ||
Dividends on capital stock | ||||||
Ending Balance | 578,673 | 413,074 | 578,673 | 413,074 | ||
Retained Earnings, Unrestricted | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 1,971,641 | 1,600,738 | 1,907,882 | 1,504,236 | ||
Comprehensive income (loss) | ||||||
Net income | 149,817 | 191,718 | 294,288 | 331,451 | ||
Dividends on capital stock | ||||||
Cash | (64) | (64) | (131) | (134) | ||
Mandatorily redeemable capital stock | (12) | (22) | (12) | (34) | ||
Stock | (71,105) | (65,751) | (151,750) | (108,900) | ||
Ending Balance | 2,050,277 | 1,726,619 | 2,050,277 | 1,726,619 | ||
Accumulated Other Comprehensive Income (Loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 237,679 | 82,522 | 108,849 | 182,526 | ||
Comprehensive income (loss) | ||||||
Other comprehensive income (loss) | (1,542) | 136,697 | 127,288 | 36,693 | ||
Dividends on capital stock | ||||||
Ending Balance | $ 236,137 | $ 219,219 | $ 236,137 | $ 219,219 | ||
Parent | Capital Stock Class B-2 - Activity | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance, shares | 28,001 | 50,451 | 32,267 | 27,486 | ||
Beginning Balance | $ 2,800,105 | $ 5,045,126 | $ 3,226,668 | $ 2,748,580 | ||
Net transfers of shares between between Class B-1 and Class B-2 Stock, shares | (7,911) | (16,145) | (17,449) | (27,712) | ||
Net transfers of shares between Class B-1 and Class B-2 Stock, value | $ (791,161) | $ (1,614,537) | $ (1,744,899) | $ (2,771,165) | ||
Proceeds from sale of capital stock, shares | 10,502 | 9,964 | 15,774 | 44,496 | ||
Proceeds from sale of capital stock | $ 1,050,246 | $ 996,408 | $ 1,577,421 | $ 4,449,582 | ||
Repurchase/redemption of capital stock, shares | 0 | 0 | 0 | 0 | ||
Repurchase/redemption of capital stock | $ 0 | $ 0 | $ 0 | $ 0 | ||
Shares reclassified to mandatorily redeemable capital stock, shares | 0 | 0 | 0 | |||
Shares reclassified to mandatorily redeemable capital stock | $ 0 | $ 0 | $ 0 | |||
Dividends on capital stock | ||||||
Stock, shares | 0 | 0 | 0 | 0 | ||
Stock | $ 0 | $ 0 | $ 0 | $ 0 | ||
Ending balance, shares | 30,592 | 44,270 | 30,592 | 44,270 | ||
Ending Balance | $ 3,059,190 | $ 4,426,997 | $ 3,059,190 | $ 4,426,997 | ||
Parent | Capital Stock - Class B-1 - Membership/Excess | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance, shares | 15,677 | 13,456 | 15,107 | 12,355 | ||
Beginning Balance | $ 1,567,670 | $ 1,345,556 | $ 1,510,720 | $ 1,235,525 | ||
Net transfers of shares between between Class B-1 and Class B-2 Stock, shares | 7,911 | 16,145 | 17,449 | 27,712 | ||
Net transfers of shares between Class B-1 and Class B-2 Stock, value | $ 791,161 | $ 1,614,537 | $ 1,744,899 | $ 2,771,165 | ||
Proceeds from sale of capital stock, shares | 30 | 116 | 34 | 121 | ||
Proceeds from sale of capital stock | $ 3,037 | $ 11,558 | $ 3,446 | $ 12,051 | ||
Repurchase/redemption of capital stock, shares | (9,092) | (12,466) | (18,870) | (23,368) | ||
Repurchase/redemption of capital stock | $ (909,179) | $ (1,246,526) | $ (1,887,021) | $ (2,336,765) | ||
Shares reclassified to mandatorily redeemable capital stock, shares | (9) | (18) | (9) | (18) | ||
Shares reclassified to mandatorily redeemable capital stock | $ (905) | $ (1,837) | $ (905) | $ (1,837) | ||
Dividends on capital stock | ||||||
Stock, shares | 711 | 658 | 1,517 | 1,089 | ||
Stock | $ 71,105 | $ 65,751 | $ 151,750 | $ 108,900 | ||
Ending balance, shares | 15,228 | 17,891 | 15,228 | 17,891 | ||
Ending Balance | $ 1,522,889 | $ 1,789,039 | $ 1,522,889 | $ 1,789,039 | ||
[1] (a) Dividends were paid at annualized rates of 5.42 percent and 6.42 percent on Class B-1 Stock and Class B-2 Stock, respectively, in the first quarter of 2024 and at annualized rates of 5.41 percent and 6.41 percent on Class B-1 Stock and Class B-2 Stock, respectively, in the second quarter of 2024. (b) Dividends were paid at annualized rates of 3.89 percent and 4.89 percent on Class B-1 Stock and Class B-2 Stock, respectively, in the first quarter of 2023 and at annualized rates of 4.60 percent and 5.60 percent on Class B-1 Stock and Class B-2 Stock, respectively, in the second quarter of 2023 . |
Statements of Capital (Unaudi_2
Statements of Capital (Unaudited) Parenthetical | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Capital Stock - Class B-1 - Membership/Excess | ||||
Capital Unit [Line Items] | ||||
Dividends stock annualized percentage | 5.41% | 5.42% | 4.60% | 3.89% |
Capital Stock Class B-2 - Activity | ||||
Capital Unit [Line Items] | ||||
Dividends stock annualized percentage | 6.41% | 6.42% | 5.60% | 4.89% |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
OPERATING ACTIVITIES | ||
Net income | $ 367,860 | $ 414,315 |
Depreciation and amortization | ||
Net premiums and discounts on advances, consolidated obligations, investments and mortgage loans | (55,566) | 359,564 |
Concessions on consolidated obligations | 2,808 | 5,168 |
Premises, equipment and computer software costs | 1,107 | 2,064 |
Non-cash interest on mandatorily redeemable capital stock | 37 | 220 |
Gains on early extinguishment of debt | 0 | (23,396) |
Provision (reversal) for credit losses | (844) | 2,606 |
Realized gains on sales of held-to-maturity securities | 0 | (1,081) |
Net gains on other assets carried at fair value | (1,359) | (1,154) |
Net losses (gains) on trading securities | 5,000 | (588) |
Net change in derivative and hedging activities | 276,699 | 72,453 |
Decrease (increase) in accrued interest receivable | 29,381 | (203,809) |
Decrease (increase) in other assets | 20,918 | (9,125) |
Increase in Affordable Housing Program (AHP) liability | 16,823 | 31,337 |
Increase (decrease) in accrued interest payable | (78,723) | 536,512 |
Increase (decrease) in other liabilities | (32,106) | 49,579 |
Total adjustments | 184,175 | 820,350 |
Net cash provided by operating activities | 552,035 | 1,234,665 |
INVESTING ACTIVITIES | ||
Net increase in interest-bearing deposits, including swap collateral pledged | (69,142) | (2,109,934) |
Net decrease (increase) in securities purchased under agreements to resell | 1,200,000 | (12,450,000) |
Net increase in federal funds sold | (832,000) | (1,700,000) |
Purchases of trading securities | (4,251,923) | (994,458) |
Proceeds from sales of trading securities | 3,056,540 | 0 |
Purchases of available-for-sale securities | (1,570,401) | (1,720,993) |
Principal collected on available-for-sale securities | 320,185 | 293,751 |
Proceeds from sales of held-to-maturity securities | 0 | 29,025 |
Principal collected on held-to-maturity securities | 14,774 | 19,538 |
Net decrease (increase) on advances | 4,386,133 | (40,491,607) |
Principal collected on mortgage loans held for portfolio | 205,513 | 148,548 |
Purchases of mortgage loans held for portfolio | (528,926) | (539,706) |
Purchases of premises, equipment and computer software | (2,319) | (2,098) |
Net cash provided by (used in) investing activities | 1,928,434 | (59,517,934) |
FINANCING ACTIVITIES | ||
Net increase in deposit liabilities, including swap collateral held | 21,215 | 187,180 |
Net proceeds from derivative contracts with financing elements | 37,829 | 43,901 |
Net proceeds from issuance of consolidated obligations | ||
Discount notes | 43,470,720 | 362,246,938 |
Bonds | 64,766,090 | 90,393,465 |
Proceeds from assumption of debt from other Federal Home Loan Bank | 0 | 999,987 |
Debt issuance costs | (2,868) | (5,552) |
Payments for maturing and retiring consolidated obligations | ||
Discount notes | (33,030,322) | (367,575,092) |
Bonds | (77,444,110) | (30,128,199) |
Proceeds from issuance of capital stock | 1,580,867 | 4,461,633 |
Payments for redemption of mandatorily redeemable capital stock | (1,165) | (1,092) |
Payments for repurchase/redemption of capital stock | (1,887,021) | (2,336,765) |
Cash dividends paid | (131) | (134) |
Net cash provided by (used in) financing activities | (2,488,896) | 58,286,270 |
Net increase (decrease) in cash and cash equivalents | (8,427) | 3,001 |
Cash and cash equivalents at beginning of the period | 49,885 | 27,826 |
Cash and cash equivalents at end of the period | 41,458 | 30,827 |
Supplemental Disclosures: | ||
Interest paid | 3,157,631 | 2,831,611 |
AHP payments, net | 24,354 | 14,733 |
Stock dividends issued | 151,750 | 108,900 |
Dividends paid through issuance of mandatorily redeemable capital stock | 12 | 34 |
Net capital stock reclassified to mandatorily redeemable capital stock | 905 | 1,837 |
Right-of-use assets acquired by lease | $ 1,364 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023. 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, 2023 filed with the SEC on March 21, 2024 (the “2023 10-K”). The notes to the interim financial statements update and/or highlight significant changes to the notes included in the 2023 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 and Assumptions. 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 estimates include the valuations of the Bank’s investment securities (including, but not limited to, its investments in mortgage-backed securities ("MBS")), 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, 2024 | |
Recently Issued Accounting Guidance [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Guidance Segment Reporting. On November 27, 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting: Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 modifies the reportable segment disclosure requirements, primarily by requiring enhanced disclosures about significant segment expenses. In addition, ASU 2023-07: (i) enhances interim disclosure requirements, (ii) clarifies the circumstances in which an entity can disclose multiple measures of a segment’s profit or loss, (iii) provides new segment disclosure requirements for public entities with a single reportable segment, and (iv) requires that a public entity disclose the title and position of the chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in ASU 2023-07 are to be applied retrospectively to all prior periods presented in the financial statements. |
Trading Securities
Trading Securities | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | |
Trading Securities Disclosure[Text Block] | Trading Securities Trading securities as of June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 2024 December 31, 2023 U.S Treasury Notes $ 1,342,039 $ 1,271,943 U.S. Treasury Bills 993,217 — Total $ 2,335,256 $ 1,271,943 Included in the balance as of December 31, 2023 are U.S. Treasury Notes that were purchased but which had not yet settled as of that date. The aggregate amount due of $149,796,000 is included in other liabilities on the statement of condition at December 31, 2023. Net gains (losses) on trading securities during the six months ended June 30, 2024 and 2023 included changes in net unrealized holding gain (loss) of $(5,005,000) and $588,000 for securities that were held on June 30, 2024 and 2023, respectively. |
Available-for-Sale Securities
Available-for-Sale Securities | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities, Available-for-Sale [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Available-for-Sale Securities Major Security Types. Available-for-sale securities as of June 30, 2024 were as follows (in thousands): Amortized Gross Gross Estimated Debentures U.S. government-guaranteed obligations $ 84,275 $ — $ 24 $ 84,251 GSE obligations 3,033,029 27,013 1,394 3,058,648 3,117,304 27,013 1,418 3,142,899 GSE commercial MBS 15,786,048 151,721 10,080 15,927,689 Total $ 18,903,352 $ 178,734 $ 11,498 $ 19,070,588 Available-for-sale securities as of December 31, 2023 were as follows (in thousands): Amortized Gross Gross Estimated Debentures U.S. government-guaranteed obligations $ 263,673 $ 494 $ — $ 264,167 GSE obligations 3,083,853 35,229 4,076 3,115,006 3,347,526 35,723 4,076 3,379,173 GSE commercial MBS 14,293,018 59,940 41,409 14,311,549 Total $ 17,640,544 $ 95,663 $ 45,485 $ 17,690,722 In the tables above, the amortized cost of the Bank's available-for-sale securities includes premiums, discounts and hedging adjustments. Amortized cost excludes accrued interest of $72,931,000 and $70,460,000 at June 30, 2024 and December 31, 2023, respectively. Included in the tables above are GSE commercial MBS ("CMBS") that were purchased but which had not yet settled as of June 30, 2024 and December 31, 2023. The aggregate amounts due of $412,517,000 and $148,865,000, respectively, are included in other liabilities on the statement of condition at those dates. The following table summarizes (in thousands) the available-for-sale securities with unrealized losses as of June 30, 2024. 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 Estimated Gross Estimated Gross Estimated Gross Debentures U.S. government-guaranteed obligations $ 84,251 $ 24 $ — $ — $ 84,251 $ 24 GSE debentures 34,815 1 24,868 1,393 59,683 1,394 GSE commercial MBS 749,980 4,615 488,382 5,465 1,238,362 10,080 Total $ 869,046 $ 4,640 $ 513,250 $ 6,858 $ 1,382,296 $ 11,498 The following table summarizes (in thousands) the available-for-sale securities with unrealized losses as of December 31, 2023. 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 Estimated Gross Estimated Gross Estimated Gross GSE debentures $ — $ — $ 73,799 $ 4,076 $ 73,799 $ 4,076 GSE commercial MBS 5,224,152 26,892 851,318 14,517 6,075,470 41,409 Total $ 5,224,152 $ 26,892 $ 925,117 $ 18,593 $ 6,149,269 $ 45,485 Redemption Terms. The amortized cost and estimated fair value of available-for-sale securities by contractual maturity at June 30, 2024 and December 31, 2023 are presented below (in thousands). June 30, 2024 December 31, 2023 Maturity Amortized Estimated Amortized Estimated Debentures Due in one year or less $ 1,355,828 $ 1,358,810 $ 1,256,186 $ 1,261,769 Due after one year through five years 1,685,910 1,706,229 1,967,570 1,991,058 Due after five years through ten years 75,566 77,860 123,770 126,346 3,117,304 3,142,899 3,347,526 3,379,173 GSE CMBS 15,786,048 15,927,689 14,293,018 14,311,549 Total $ 18,903,352 $ 19,070,588 $ 17,640,544 $ 17,690,722 Interest Rate Payment Terms. At June 30, 2024 and December 31, 2023, all of the Bank's available-for-sale securities were fixed rate securities, substantially all of which were swapped to a variable rate. Sales of Securities. There were no sales of available-for-sale securities during the six months ended June 30, 2024 or 2023. |
Held-to-Maturity Securities
Held-to-Maturity Securities | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | |
fhlbd_HeldToMaturitySecuritiesDisclosureTextBlock | Held-to-Maturity Securities Major Security Types. Held-to-maturity securities as of June 30, 2024 were as follows (in thousands): Amortized Gross Gross Estimated GSE residential MBS $ 238,534 $ 72 $ 5,363 $ 233,243 Total $ 238,534 $ 72 $ 5,363 $ 233,243 Held-to-maturity securities as of December 31, 2023 were as follows (in thousands): Amortized Gross Gross Estimated U.S. government-guaranteed debenture $ 374 $ 1 $ — $ 375 GSE residential MBS 252,928 55 6,232 246,751 Total $ 253,302 $ 56 $ 6,232 $ 247,126 In the tables above, amortized cost includes premiums and discounts. Amortized cost excludes accrued interest of $379,000 and $404,000 at June 30, 2024 and December 31, 2023, respectively. Redemption Terms. The amortized cost and estimated fair value of held-to-maturity securities by contractual maturity at June 30, 2024 and December 31, 2023 are presented below (in thousands). June 30, 2024 December 31, 2023 Maturity Amortized Estimated Amortized Estimated Debenture due in one year or less $ — $ — $ 374 $ 375 Mortgage-backed securities 238,534 233,243 252,928 246,751 Total $ 238,534 $ 233,243 $ 253,302 $ 247,126 The amortized cost of the Bank’s mortgage-backed securities classified as held-to-maturity includes net purchase discounts of $52,000 and $57,000 at June 30, 2024 and December 31, 2023, respectively. Interest Rate Payment Terms. At June 30, 2024 and December 31, 2023, all of the Bank's held-to-maturity securities were variable-rate securities. All of the Bank’s variable-rate MBS classified as held-to-maturity securities were collateralized mortgage obligations which have coupon rates that are subject to interest rate caps, none of which were reached during 2023 or the six months ended June 30, 2024. Sales of Securities. |
Advances
Advances | 6 Months Ended |
Jun. 30, 2024 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances [Text Block] | Advances Redemption Terms. At June 30, 2024 and December 31, 2023, the Bank had advances outstanding at interest rates ranging from 0.39 percent to 8.27 percent, as summarized below (dollars in thousands). June 30, 2024 December 31, 2023 Contractual Maturity Amount Weighted Average Amount Weighted Average Overdrawn demand deposit accounts $ 1,294 5.75 % $ — — % Due in one year or less 42,493,816 5.33 44,567,898 5.36 Due after one year through two years 6,780,104 4.64 4,689,293 4.40 Due after two years through three years 13,725,811 3.72 6,435,369 4.48 Due after three years through four years 6,649,026 4.80 12,535,123 3.58 Due after four years through five years 2,008,691 4.61 5,776,581 5.06 Due after five years through fifteen years 4,188,249 3.20 6,228,089 3.45 Due after fifteen years 27,485 2.48 28,254 2.39 Total par value 75,874,476 4.79 % 80,260,607 4.78 % Deferred net prepayment fees (2,564) (3,079) Commitment fees — (32) Hedging adjustments (646,778) (305,641) Total $ 75,225,134 $ 79,951,855 Advances presented in the table above exclude accrued interest of $259,970,000 and $295,802,000 at June 30, 2024 and December 31, 2023, respectively. 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). At June 30, 2024 and December 31, 2023, the Bank had aggregate prepayable and callable advances totaling $6,242,000,000 and $6,237,407,000, respectively. 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. The following table summarizes advances outstanding at June 30, 2024 and December 31, 2023, 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, 2024 December 31, 2023 Overdrawn demand deposit accounts $ 1,294 $ — Due in one year or less 47,146,537 49,152,564 Due after one year through two years 5,837,556 4,125,832 Due after two years through three years 13,425,813 5,816,165 Due after three years through four years 3,522,260 12,279,074 Due after four years through five years 1,779,390 2,688,446 Due after five years 4,161,626 6,198,526 Total par value $ 75,874,476 $ 80,260,607 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, 2024 and December 31, 2023, the Bank had putable advances outstanding totaling $4,566,750,000 and $5,130,000,000, respectively. The following table summarizes advances outstanding at June 30, 2024 and December 31, 2023, by the earlier of contractual maturity or next possible put date (in thousands): Contractual Maturity or Next Put Date June 30, 2024 December 31, 2023 Overdrawn demand deposit accounts $ 1,294 $ — Due in one year or less 46,213,566 48,325,898 Due after one year through two years 6,602,104 5,213,793 Due after two years through three years 13,896,644 6,415,369 Due after three years through four years 6,632,359 12,947,623 Due after four years through five years 2,081,525 5,416,331 Due after five years 446,984 1,941,593 Total par value $ 75,874,476 $ 80,260,607 Interest Rate Payment Terms. The following table provides interest rate payment terms for advances outstanding at June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Fixed-rate Due in one year or less $ 41,951,804 $ 40,590,309 Due after one year 27,762,747 29,984,969 Total fixed-rate 69,714,551 70,575,278 Variable-rate Due in one year or less 543,306 3,977,589 Due after one year 5,616,619 5,707,740 Total variable-rate 6,159,925 9,685,329 Total par value $ 75,874,476 $ 80,260,607 At June 30, 2024 and December 31, 2023, 73 percent and 76 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 and six months ended June 30, 2024, gross advance prepayment fees received from members/borrowers were $48,000 and $84,000, respectively, none of which were deferred. During the three and six months ended June 30, 2023, gross advance prepayment fees received from members/borrowers were $75,000 and $85,000, respectively, none of which were deferred. |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Mortgage Loans Held for Portfolio [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Mortgage Loans Held for Portfolio Mortgage loans held for portfolio represent held-for-investment loans acquired through the Mortgage Partnership Finance ® ("MPF" ® ) program. The following table presents information as of June 30, 2024 and December 31, 2023 for mortgage loans held for portfolio (in thousands): June 30, 2024 December 31, 2023 Fixed-rate medium-term* single-family mortgages $ 104,712 $ 108,718 Fixed-rate long-term single-family mortgages 5,251,914 4,932,497 Premiums 70,517 66,823 Discounts (18,283) (18,730) Deferred net derivative gains associated with mortgage delivery commitments 7,290 7,102 Total mortgage loans held for portfolio 5,416,150 5,096,410 Less: allowance for credit losses on mortgage loans (6,711) (7,768) Total mortgage loans held for portfolio, net of allowance for credit losses $ 5,409,439 $ 5,088,642 ________________________________________ *Medium-term is defined as an original term of 15 years or less. Mortgage loans presented in the table above exclude accrued interest receivable of $33,824,000 and $31,054,000 at June 30, 2024 and December 31, 2023, respectively. The unpaid principal balance of mortgage loans held for portfolio at June 30, 2024 and December 31, 2023 was comprised of conventional loans totaling $5,351,487,000 and $5,035,553,000, respectively, and government-guaranteed/insured loans totaling $5,139,000 and $5,662,000, respectively. |
Accrued Interest Receivable (No
Accrued Interest Receivable (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Interest Receivable [Abstract] | |
Accrued Interest Receivables [Text Block] | Accrued Interest Receivable The components of accrued interest receivable as of June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 2024 December 31, 2023 Advances $ 259,970 $ 295,802 Investment securities Trading 11,772 9,734 Available-for-sale 72,931 70,460 Held-to-maturity 379 404 Mortgage loans held for portfolio 33,824 31,054 Interest-bearing deposits 9,889 9,425 Securities purchased under agreements to resell 5,992 6,530 Federal funds sold 3,197 2,834 Total $ 397,954 $ 426,243 |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses [Text Block] | Allowance for Credit Losses As of the balance sheet date, an allowance for credit losses is separately established, if necessary, for each of the Bank’s financial instruments carried at amortized cost, its available-for-sale securities and its off-balance sheet credit exposures. Expected credit losses on these financial instruments are recorded through an allowance for credit losses. The allowance for credit losses is the amount necessary to reduce the amortized cost of financial instruments carried at amortized cost to the net amount expected to be collected and the amortized cost of available-for-sale securities to the higher of the security's fair value or the present value of the cash flows expected to be collected from the security. To the extent necessary, an allowance for credit losses for off-balance sheet credit exposures is recorded as a liability. Short-Term Investments. The Bank invests in overnight interest-bearing deposits, overnight Federal Funds sold and overnight securities purchased under agreements to resell. These investments provide short-term liquidity and are carried at amortized cost. All investments in Federal Funds sold, interest-bearing deposits and securities purchased under agreements to resell that were outstanding at June 30, 2024 were repaid according to their contractual terms. Accordingly, no allowance for credit losses was recorded on these assets at June 30, 2024. Long-Term Investments. The Bank evaluates its available-for-sale securities for impairment by comparing the security's fair value to its amortized cost. Impairment exists when the fair value of the investment is less than its amortized cost (i.e., when the security is in an unrealized loss position). The Bank evaluates each impaired security to determine whether the impairment is due to credit losses. Held-to-maturity securities are evaluated for impairment on a pooled basis, unless an individual assessment is deemed necessary because the securities do not contain similar risk characteristics. At June 30, 2024, the gross unrealized losses on the Bank’s available-for-sale securities were $11,498,000, all of which related to securities that are either guaranteed by the U.S. government or issued and guaranteed by GSEs. At June 30, 2024, the gross unrealized losses on the Bank’s held-to-maturity securities were $5,363,000, all of which related to securities that are issued and guaranteed by GSEs. As of June 30, 2024, the U.S. government and the issuers of the Bank’s holdings of GSE debentures, GSE CMBS and GSE residential MBS ("RMBS") were rated triple-A by Moody’s Investors Service (“Moody’s”) and AA+ by S&P Global Ratings (“S&P”). Through June 30, 2024, the Bank has not experienced any defaults on its government-guaranteed debentures or GSE RMBS and it has experienced only one default on its GSE CMBS, which default occurred in 2020. In the event of a default, the guarantor is required to repurchase the security at its par value and thus the Bank's exposure is limited to the amount of any unamortized premiums and/or positive fair value hedge accounting adjustments included in the amortized cost basis of the investment. Based upon the Bank's assessment of the strength of the government guaranty, the Bank expects that the U.S. government-guaranteed debenture that was in an unrealized loss position at June 30, 2024 would not be settled at an amount less than the Bank's amortized cost basis in the investment. Based upon the Bank's assessment of the creditworthiness of the issuers of the GSE debentures that were in an unrealized loss position at June 30, 2024 and the credit ratings assigned by Moody's and S&P, the Bank expects that these debentures would not be settled at an amount less than the Bank's amortized cost bases in the investments. In addition, based upon the Bank's assessment of the strength of the GSEs' guarantees of the Bank's holdings of GSE CMBS and GSE RMBS and the credit ratings assigned by Moody's and S&P, the Bank expects that the amounts to be collected on its holdings of GSE MBS will not be less than the Bank’s amortized cost bases in these investments (or, in the rare circumstance of a default, the amount to be collected would not be expected to be significantly less than the Bank’s amortized cost basis in the investment). 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. Because the current market value deficits associated with the Bank's available-for-sale securities are not attributable to credit quality, and because the amount expected to be collected on its held-to-maturity securities is not less than the amortized cost of these investments, the Bank has determined that the credit losses on its U.S. government-guaranteed and GSE investments, if any, would be insignificant and, therefore, the Bank did not provide an allowance for credit losses on these investments at June 30, 2024 . Standby Bond Purchase Agreements. The Bank has entered into standby bond purchase agreements with a state housing finance agency within its district whereby, for a fee, the Bank agrees to serve as a standby liquidity provider. If required, the Bank will purchase and hold the housing finance agency's bonds until the designated marketing agent can find a suitable investor or the housing finance agency repurchases the bonds according to a schedule established by the agreement. To date, the Bank has never been required to purchase a bond under its standby bond purchase agreements. In addition, the agreements contain provisions that allow the Bank to terminate the agreement if the housing finance agency's credit rating, or the rating of the bonds underlying the agreements, decline to a level below investment grade. Based on these provisions, the high credit quality of the housing finance agency and the unlikelihood that the Bank will be required to repurchase the bonds, an allowance for credit losses on standby bond purchase agreements was not considered necessary at June 30, 2024. Financing Receivables. 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 on financing receivables which, for the Bank, includes off-balance sheet credit exposures to members. 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 secured extensions of credit to members/borrowers, collectively referred to as “secured extensions of credit to members”; (2) government-guaranteed/insured mortgage loans held for portfolio; (3) conventional mortgage loans held for portfolio and (4) unsecured loans to members under voluntary community investment programs. 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. Advances and Other Secured 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 secured extensions of credit to protect against losses. The Bank makes advances and otherwise extends secured 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 secured 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. The Bank has procedures in place for validating the reasonableness of its collateral valuations. In addition, collateral verifications and on-site reviews are performed based on the risk profile of the borrower. On at least a quarterly basis, the Bank evaluates all outstanding secured 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 secured extensions of credit to members/borrowers that were classified as substandard, doubtful or loss at June 30, 2024 or December 31, 2023. The Bank considers the amount, type and performance of collateral to be the primary indicator of credit quality with respect to its secured extensions of credit to members/borrowers. At June 30, 2024 and December 31, 2023, the Bank had rights to collateral on a borrower-by-borrower basis with an estimated value in excess of each borrower’s outstanding secured 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, 2024 and December 31, 2023, the Bank did not have any advances that were past due or on nonaccrual status. The Bank has never experienced a credit loss on an advance or any other secured 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 secured 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 to members. Mortgage Loans — Government-guaranteed or government-insured. The Bank’s government-guaranteed or government-insured fixed-rate mortgage loans are guaranteed or insured by the Federal Housing Administration or the Department of Veterans Affairs and were acquired through the MPF program (as more fully described in the 2023 10-K) in periods prior to 2004. 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 or government-insured mortgage loans. Government-guaranteed or government-insured loans are not placed on nonaccrual status. Mortgage Loans — Conventional Mortgage Loans. The Bank’s conventional mortgage loans have also been acquired through the MPF program. The allowance for credit losses on conventional mortgage loans is determined by an analysis that includes consideration of various data such as past performance, current performance, projected performance, loan portfolio characteristics, collateral-related characteristics, prevailing economic conditions and reasonable and supportable forecasts of expected economic conditions. The allowance for credit losses on conventional mortgage loans also factors in the credit enhancement under the MPF program. The Bank does not record an allowance for credit losses that are expected to be recovered from the credit enhancements. The Bank places a conventional mortgage loan on nonaccrual status when the collection of the contractual principal or interest is doubtful or 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 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. At June 30, 2024 and December 31, 2023, interest payments received on nonaccrual loans and recorded as a reduction of principal totaled $5,542,000 and $5,051,000, respectively. Collateral-dependent mortgage loans that are 90 days or more past due are evaluated for credit losses on an individual basis based on the fair value of the underlying mortgaged property less estimated selling costs. Loans are considered collateral-dependent if repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. 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 amount expected to be collected on the loan is less than its amortized cost. In certain circumstances, the Bank enters into loan modifications that allow borrowers who are experiencing financial difficulty to defer past due principal and interest payments until the earlier of the date on which the loan is prepaid or the end of the loan term. During the three months ended June 30, 2024, both the aggregate unpaid principal balance of loans that were modified and payment defaults on loans that had been modified within the previous 12 months were insignificant. 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 amortized cost (excluding accrued interest receivable) by payment status for mortgage loans at June 30, 2024 and December 31, 2023 (dollars in thousands). June 30, 2024 Conventional Loans Originated Prior to 2019 Conventional Loans Originated in 2019-2023 Total Conventional Loans Government- Guaranteed/ Insured Loans (1) Total Mortgage loans: 30-59 days delinquent $ 15,180 $ 39,991 $ 55,171 $ 182 $ 55,353 60-89 days delinquent 4,902 8,928 13,830 12 13,842 90 days or more delinquent 7,060 9,713 16,773 75 16,848 Total past due 27,142 58,632 85,774 269 86,043 Total current loans 1,008,579 4,316,644 5,325,223 4,884 5,330,107 Total mortgage loans $ 1,035,721 $ 4,375,276 $ 5,410,997 $ 5,153 $ 5,416,150 December 31, 2023 Conventional Loans Originated Prior to 2018 Conventional Loans Originated in 2018-2022 Total Conventional Loans Government- Guaranteed/ Insured Loans (1) Total Mortgage loans: 30-59 days delinquent $ 7,926 $ 39,417 $ 47,343 $ 222 $ 47,565 60-89 days delinquent 2,796 14,736 17,532 15 17,547 90 days or more delinquent 4,261 10,915 15,176 62 15,238 Total past due 14,983 65,068 80,051 299 80,350 Total current loans 371,320 4,639,360 5,010,680 5,380 5,016,060 Total mortgage loans $ 386,303 $ 4,704,428 $ 5,090,731 $ 5,679 $ 5,096,410 _____________________________ (1) All of the Bank's government-guaranteed/insured loans were originated in years prior to 2004. The table below summarizes other delinquency statistics for mortgage loans at June 30, 2024 and December 31, 2023 (dollars in thousands). June 30, 2024 December 31, 2023 Total Conventional Loans Government- Total Total Conventional Loans Government- Total In process of foreclosure (1) $ 3,938 $ 18 $ 3,956 $ 3,404 $ 19 $ 3,423 Serious delinquency rate (2) 0.3 % 1.5 % 0.3 % 0.3 % 1.1 % 0.3 % Past due 90 days or more and still accruing interest (3) $ — $ 75 $ 75 $ — $ 62 $ 62 Nonaccrual loans (4) $ 23,331 $ — $ 23,331 $ 21,105 $ — $ 21,105 _____________________________ (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.` (4) The Bank did not have any specific allowance for credit losses on nonaccrual loans at June 30, 2024. At June 30, 2024 and December 31, 2023, the Bank’s other assets included $1,112,000 and $705,000 of real estate owned. The Bank individually reviews each seriously delinquent mortgage loan for credit losses. At June 30, 2024 and December 31, 2023, the estimated value of the collateral securing each of these loans, plus the estimated amount that can be recovered through credit enhancements and mortgage insurance, if any, exceeded the amortized cost basis of the loans. Therefore, no allowance for credit losses was established for any of the individually reviewed mortgage loans. The remaining conventional mortgage loans were evaluated for credit losses on a pool basis. Based upon the current and past performance of these loans, current economic conditions, reasonable and supportable forecasts of expected economic conditions and expected recoveries from credit enhancements, the Bank's best estimate of the expected credit losses in its conventional mortgage loan portfolio at June 30, 2024 was $6,711,000. 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, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Balance, beginning of period $ 6,859 $ 5,245 $ 7,768 $ 4,865 Provision (reversal) for credit losses (148) 2,226 (1,057) 2,606 Balance, end of period $ 6,711 $ 7,471 $ 6,711 $ 7,471 Unsecured Loans to Members under Voluntary Community Investment Programs . The Bank offers a volume-limited Small Business Boost (“SBB”) Program, which is designed to provide recoverable assistance to small businesses. Under the SBB Program, the Bank makes unsecured loans to participating member institutions which, in turn, fund members’ secondary, unsecured loans to small businesses. As these loans are offered separately from the Bank's advances, they are not subject to the statutory and regulatory requirements that apply to secured extensions of credit. The allowance for credit losses on SBB loans is calculated based on expected default rates for similar commercial loans and the presumption of a total loss upon default. The Bank records a charge-off on an SBB loan when the loan becomes 180 days or more past due or when a member informs the Bank that the small business is unable to repay the member’s secondary loan, whichever occurs first. As of June 30, 2024 and December 31, 2023, SBB loans outstanding totaled $12,865,000 and $11,872,000, respectively. SBB loans are included in other assets and are presented net of an allowance for credit losses. The following table presents the activity in the allowance for credit losses on SBB loans during the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Balance, beginning of period $ 1,528 $ 1,291 $ 1,552 $ 1,255 Chargeoffs — (20) (83) (20) Provision for credit losses 154 79 (*) 213 115 (*) Balance, end of period $ 1,682 $ 1,350 $ 1,682 $ 1,350 (*) The provision for credit losses on SBB loans was recorded in "other, net" in other income (loss) during 2023. |
Consolidated Obligations
Consolidated Obligations | 6 Months Ended |
Jun. 30, 2024 | |
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 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 17. The par amounts of the 11 FHLBanks’ outstanding consolidated obligations, including consolidated obligations held as investments by other FHLBanks, were approximately $1.192 trillion and $1.204 trillion at June 30, 2024 and December 31, 2023, respectively. The Bank was the primary obligor on $117.7 billion and $119.8 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, 2024 and December 31, 2023 (in thousands, at par value). June 30, 2024 December 31, 2023 Fixed-rate $ 52,266,105 $ 69,150,410 Variable-rate SOFR-indexed 40,261,500 35,499,000 Step-up 5,890,750 6,445,750 Step-down 15,000 15,000 Total par value $ 98,433,355 $ 111,110,160 At June 30, 2024 and December 31, 2023, 92 percent and 94 percent, respectively, of the Bank’s fixed-rate consolidated obligation bonds (including step-up and step-down 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, 2024 and December 31, 2023, by contractual maturity (dollars in thousands): June 30, 2024 December 31, 2023 Contractual Maturity Amount Weighted Average Amount Weighted Average Due in one year or less $ 63,840,880 4.81 % $ 79,593,685 4.99 % Due after one year through two years 14,126,000 2.94 8,366,470 3.25 Due after two years through three years 9,084,100 2.23 10,524,685 1.52 Due after three years through four years 3,295,370 3.65 6,076,530 2.39 Due after four years through five years 2,777,005 4.29 2,744,660 3.82 Due after five years 5,310,000 3.29 3,804,130 2.10 Total par value 98,433,355 4.17 % 111,110,160 4.25 % Premiums 12,712 15,026 Discounts (2,366) (1,351) Debt issuance costs (2,374) (2,314) Hedging adjustments (1,534,698) (1,585,314) Total $ 96,906,629 $ 109,536,207 At June 30, 2024 and December 31, 2023, the Bank’s consolidated obligation bonds outstanding included the following (in thousands, at par value): June 30, 2024 December 31, 2023 Non-callable bonds $ 56,492,975 $ 53,052,780 Callable bonds 41,940,380 58,057,380 Total par value $ 98,433,355 $ 111,110,160 The following table summarizes the Bank’s consolidated obligation bonds outstanding at June 30, 2024 and December 31, 2023, by the earlier of contractual maturity or next possible call date (in thousands, at par value): Contractual Maturity or Next Call Date June 30, 2024 December 31, 2023 Due in one year or less $ 90,811,780 $ 104,490,185 Due after one year through two years 2,963,000 2,362,870 Due after two years through three years 2,872,200 2,282,685 Due after three years through four years 985,370 1,218,630 Due after four years through five years 740,005 629,660 Due after five years 61,000 126,130 Total par value $ 98,433,355 $ 111,110,160 Discount Notes. At June 30, 2024 and December 31, 2023, 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 June 30, 2024 $ 19,009,983 $ 19,288,937 5.09 % December 31, 2023 $ 8,598,022 $ 8,658,784 5.10 % |
Affordable Housing Program ("AH
Affordable Housing Program ("AHP") | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023 (in thousands): Six Months Ended June 30, 2024 2023 Balance, beginning of period $ 150,431 $ 76,794 AHP assessment 40,878 46,070 Voluntary AHP contributions 299 — Grants funded, net of recaptured amounts (24,354) (14,733) Balance, end of period $ 167,254 $ 108,131 Voluntary AHP contributions are recorded in voluntary grants, donations and Affordable Housing Program contributions on the statement of income. |
Assets and Liabilities Subject
Assets and Liabilities Subject to Offsetting | 6 Months Ended |
Jun. 30, 2024 | |
Assets and Liabilities Subject to Offsetting [Abstract] | |
Assets and Liabilities Subject to Offsetting [Text Block] | Assets and Liabilities Subject to Offsetting The Bank enters into 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, 2024 or December 31, 2023. 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 (variation margin) is delivered (or returned) daily when certain thresholds (ranging from $50,000 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. The Bank is also subject to initial margin requirements for bilaterally traded derivatives that are transacted on and after September 1, 2022 provided certain thresholds are met. For 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. Unlike bilateral derivatives, variation margin payments on cleared derivatives are legally characterized as settlements on the contracts. Initial and variation margin is typically delivered/paid (or returned/received) 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 (which fair value amounts include variation margin paid or received) and any 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, 2024 and December 31, 2023 (in thousands). For daily settled derivative contracts, the variation margin payments/receipts are included in the gross amounts of derivative assets and liabilities. 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, 2024 Assets Derivatives Bilateral derivatives $ 922,329 $ (901,989) $ 20,340 $ (12,409) (2) $ 7,931 Cleared derivatives 20,826 (8,106) 12,720 — 12,720 Total derivatives 943,155 (910,095) 33,060 (12,409) 20,651 Securities purchased under agreements to resell 13,550,000 — 13,550,000 (13,550,000) — Total assets $ 14,493,155 $ (910,095) $ 13,583,060 $ (13,562,409) $ 20,651 Liabilities Derivatives Bilateral derivatives $ 1,618,785 $ (1,613,839) $ 4,946 $ (1,899) (2) $ 3,047 Cleared derivatives 4,777 (4,750) 27 (27) (3) — Total liabilities $ 1,623,562 $ (1,618,589) $ 4,973 $ (1,926) $ 3,047 December 31, 2023 Assets Derivatives Bilateral derivatives $ 760,465 $ (744,226) $ 16,239 $ (3,644) (2) $ 12,595 Cleared derivatives 7,775 (6,410) 1,365 — 1,365 Total derivatives 768,240 (750,636) 17,604 (3,644) 13,960 Securities purchased under agreements to resell 14,750,000 — 14,750,000 (14,750,000) — Total assets $ 15,518,240 $ (750,636) $ 14,767,604 $ (14,753,644) $ 13,960 Liabilities Derivatives Bilateral derivatives $ 1,780,309 $ (1,767,740) $ 12,569 $ (1,061) (2) $ 11,508 Cleared derivatives 13,892 (4,886) 9,006 (9,006) (3) — Total liabilities $ 1,794,201 $ (1,772,626) $ 21,575 $ (10,067) $ 11,508 _____________________________ (1) Any overcollateralization or any excess variation margin associated with daily settled contracts at an individual clearinghouse/clearing member or bilateral counterparty level is not included in the determination of the net unsecured amount. (2) Includes collateral pledged by member counterparties and securities received or pledged as a result of the initial margin requirements imposed upon the Bank and its bilateral counterparties. The amount of non-cash collateral for uncleared derivatives included in the determination of the net amount is limited to the amount needed to secure the Bank's or the counterparties' uncleared exposure. At June 30, 2024 and December 31, 2023, the Bank had pledged excess non-cash collateral with fair values of $117,110,000 and $120,667,000, respectively, and the Bank had received excess non-cash collateral with fair values of $71,888,000 and $81,340,000, respectively, from its bilateral counterparties. (3) Consists of securities pledged by the Bank. In addition to the amount needed to secure the counterparties' exposure to the Bank, the Bank had pledged securities with aggregate fair values of $555,859,000 and $758,362,000 at June 30, 2024 and December 31, 2023, respectively, to further 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, 2024 | |
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 and cap 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. In addition, the Bank may use these instruments to hedge the variable cash flows associated with forecasted transactions. The Bank has not entered into any credit default swaps or foreign exchange-related derivatives. The Bank uses interest rate exchange agreements in three ways: (1) by designating the agreement as a fair value hedge of a specific financial instrument or firm commitment; (2) by designating the agreement as a cash flow hedge of a forecasted transaction; or (3) by designating the agreement as a hedge of some other defined risk (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, among other things, 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 hedge the variable cash flows associated with forecasted transactions, 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 anticipated transactions, 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. For fair value hedges, this process includes linking the derivatives to: (1) specific assets and liabilities on the statements of condition or (2) firm commitments. For cash flow hedges, this process includes linking the derivatives to forecasted transactions. 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 highly effective in offsetting changes in the fair value of hedged items or the cash flows associated with forecasted transactions and whether those derivatives may be expected to remain highly effective in future periods. The Bank uses regression analyses to assess the effectiveness of its hedges. Investment Securities and Mortgage Loans Held for Portfolio — The Bank invests in agency MBS and residential mortgage loans. The interest rate and prepayment risk associated with these investments is managed through consolidated obligations and/or derivatives. The Bank may manage prepayment and duration risk presented by some of these investments with either callable and/or non-callable consolidated obligations and/or interest rate exchange agreements, including interest rate swaps, swaptions and caps. All of the Bank's available-for-sale securities are fixed-rate agency and U.S. government-guaranteed debentures and agency CMBS. 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, substantially all of which are designated as fair value hedges. For the fair value hedges that were entered into during 2022, 2023 and the six months ended June 30, 2024, the Bank measures the change in the fair value of the available-for-sale securities on the basis of the benchmark rate component of the contractual coupon cash flows determined at hedge inception. The Bank's trading securities include fixed-rate and variable-rate U.S. Treasury Notes and fixed-rate U.S. Treasury Bills. To convert some of its fixed-rate U.S. Treasury securities to a short-term floating rate, the Bank enters into fixed-for-floating interest rate exchange agreements that are indexed to either the overnight index swap ("OIS") rate or the secured overnight financing rate ("SOFR"). These derivatives are treated as economic hedges. The interest rate swaps and swaptions that are used by the Bank to hedge the risks associated with its mortgage loan portfolio and the interest rate swaptions that are used by the Bank to hedge the risks associated with its available-for-sale agency CMBS portfolio are treated as economic hedges. Advances — The Bank issues both fixed-rate and variable-rate advances. When deemed 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-rate coupon and receives a variable-rate 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. 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. 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. These transactions are treated as fair value hedges. On occasion, the Bank enters 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 fair value discount note hedging are indexed to the OIS rate or SOFR and are treated as economic hedges. The Bank has not issued consolidated obligations denominated in currencies other than U.S. dollars. Forecasted Issuances of Consolidated Obligations — The Bank uses derivatives to hedge the variability of cash flows over a specified period of time as a result of the forecasted issuances and maturities of short-term, fixed-rate instruments, such as three-month consolidated obligation discount notes. Although each short-term consolidated obligation discount note has a fixed rate of interest, a portfolio of rolling consolidated obligation discount notes effectively has a variable interest rate. The variable cash flows associated with these liabilities are converted to fixed-rate cash flows by entering into receive-variable, pay-fixed interest rate swaps. The maturity dates of the cash flow streams are closely matched to the interest rate reset dates of the derivatives. These derivatives are treated as cash flow hedges. The Bank has not entered into any new interest rate swaps for this purpose since January 2020. Counterparty Exposures — When deemed appropriate, the Bank may enter into offsetting interest rate exchange agreements to simultaneously reduce its net credit exposure to bilateral and/or cleared derivative counterparties. These derivatives are treated as economic hedges. Intermediation — In the past, the Bank offered interest rate exchange agreements 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. Other — From time to time, the Bank may enter into derivatives to hedge risks to its earnings that are not directly linked to specific assets, liabilities or forecasted transactions. These derivatives are treated as economic hedges. Accounting for Derivatives and Hedging Activities. 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. The application of hedge accounting generally requires the Bank to evaluate the effectiveness of the fair value 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 U.S. GAAP. The Bank has defined the market settlement convention to be five business days or less for advances. Fair value 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) and the net interest income/expense associated with that derivative are recorded in the same line item as the earnings effect of the hedged item (that is, interest income on advances, interest income on available-for-sale securities or interest expense on consolidated obligation bonds, as appropriate). Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in accumulated other comprehensive income ("AOCI") until earnings are affected by the variability of the cash flows of the hedged transaction, at which time these amounts are reclassified from AOCI to the income statement line where the earnings effect of the hedged item is reported (e.g., interest expense on consolidated obligation discount notes). 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, 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.” The Bank records the changes in fair value of all derivatives (and, in the case of fair value hedges, the hedged items) beginning on the trade date. Cash flows associated with all derivatives are reported as cash flows from operating activities in the statements of cash flows, unless the derivative contains an other-than-insignificant financing element, in which case its cash flows are reported as cash flows from financing activities. 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 (i) a hedging instrument in a fair value hedge or (ii) 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 highly effective in offsetting changes in the fair value or cash flows of a hedged item; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) it is no longer probable that a forecasted transaction will occur within the originally specified time frame; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designating the derivative as a hedging instrument is no longer appropriate. 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 any additional changes in the fair value of the derivative in current period earnings as a component of "net gains (losses) on derivatives and hedging activities." 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 or because the derivative is terminated, the Bank will 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. The amortization is recorded in the same line item as the earnings effect of the formerly hedged item. 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. When cash flow hedge accounting for a specific derivative is discontinued due to the Bank's determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will reclassify the cumulative fair value gains or losses recorded in AOCI as of the discontinuance date from AOCI into earnings when earnings are affected by the original forecasted transaction. If the Bank expects at any time that continued reporting of a net loss in AOCI would lead to recognizing a net loss on the combination of the hedging instrument and hedged transaction in one or more future periods, the amount that is not expected to be recovered is immediately reclassified to earnings. These items are recorded in the same income statement line where the earnings effect of the hedged item is reported. In cases where the cash flow hedge is discontinued because the forecasted transaction is no longer probable (i.e., the forecasted transaction will not occur in the originally expected period or within an additional two-month period of time thereafter), any fair value gains or losses recorded in AOCI as of the determination date are immediately reclassified to earnings as a component of "net gains (losses) on derivatives and hedging activities." Impact of Derivatives and Hedging Activities. The following table summarizes the notional balances and estimated fair values of the Bank’s outstanding derivatives (inclusive of variation margin on daily settled contracts) and the amounts offset against those values in the statement of condition at June 30, 2024 and December 31, 2023 (in thousands). June 30, 2024 December 31, 2023 Notional Amount of Estimated Fair Value Notional Amount of Estimated Fair Value Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments Interest rate swaps Advances (1) $ 45,980,087 $ 117,501 $ 8,099 $ 52,539,282 $ 78,178 $ 70,360 Available-for-sale securities (1) 19,616,122 308,359 28,295 17,987,464 138,600 66,469 Consolidated obligation bonds (1) 53,080,465 145,532 1,582,205 70,233,175 258,148 1,654,346 Consolidated obligation discount notes (2) 1,066,000 1,022 — 1,066,000 49 116 Total derivatives designated as hedging instruments 119,742,674 572,414 1,618,599 141,825,921 474,975 1,791,291 Derivatives not designated as hedging instruments Interest rate swaps Advances 5,108,500 100 — 1,108,500 238 — Available-for-sale securities 2,028 1 — 2,049 — — Mortgage loans held for portfolio 950,995 5,104 268 812,975 3,690 2,028 Consolidated obligation bonds 718,445 1,117 434 1,021,445 8,401 474 Consolidated obligation discount notes 4,623,500 — 101 1,521,000 19 104 Trading securities 400,000 15 — 400,000 — 146 Counterparty exposure 15,300,000 362,266 3,874 15,300,000 275,027 — Intermediary transactions 18,558 113 100 18,558 123 108 Other 400,000 — 185 400,000 — 50 Interest rate swaptions Available-for-sale securities 1,150,000 1,444 — 1,150,000 3,058 — Mortgage loans held for portfolio 575,000 581 — 550,000 2,642 — Mortgage delivery commitments 19,188 — 1 14,410 67 — Total derivatives not designated as hedging instruments 29,266,214 370,741 4,963 22,298,937 293,265 2,910 Total derivatives before collateral and netting adjustments $ 149,008,888 943,155 1,623,562 $ 164,124,858 768,240 1,794,201 Cash collateral and related accrued interest (50,662) (762,506) (14,738) (1,038,247) Cash received or remitted in excess of variation margin requirements (3,323) 27 120 1,639 Netting adjustments (856,110) (856,110) (736,018) (736,018) Total collateral and netting adjustments (3) (910,095) (1,618,589) (750,636) (1,772,626) Net derivative balances reported in statements of condition $ 33,060 $ 4,973 $ 17,604 $ 21,575 _____________________________ (1) Derivatives designated as fair value hedges. (2) Derivatives designated as cash flow hedges. (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 any cash collateral held or placed with those same counterparties. The following table presents the components of net gains (losses) on qualifying fair value and cash flow hedging relationships for the three and six months ended June 30, 2024 and 2023 (in thousands). Gains and losses on derivatives in fair value hedging relationships include the change in fair value of the derivatives and the net interest income/expense associated with those derivatives. Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Other Comprehensive Income (Loss) Three Months Ended June 30, 2024 Total amount of the financial statement line item $ 1,143,057 $ 290,414 $ (1,337,457) $ (200,394) $ (1,542) Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 152,158 $ 120,540 $ (138,459) $ — $ — Hedged items 18,817 4,043 (136,339) — — Net gains (losses) on fair value hedging relationships $ 170,975 $ 124,583 $ (274,798) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 8,096 $ (8,096) Recognized in OCI — — — — 6,068 Net gains (losses) on cash flow hedging relationships $ — $ — $ — $ 8,096 $ (2,028) Three Months Ended June 30, 2023 Total amount of the financial statement line item $ 1,731,345 $ 245,361 $ (1,491,843) $ (684,811) $ 136,697 Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 763,258 $ 433,594 $ (610,842) $ — $ — Hedged items (604,809) (325,132) 330,285 — — Net gains (losses) on fair value hedging relationships $ 158,449 $ 108,462 $ (280,557) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 7,636 $ (7,636) Recognized in OCI — — — — 27,695 Net gains on cash flow hedging relationships $ — $ — $ — $ 7,636 $ 20,059 Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Other Comprehensive Income (Loss) Six Months Ended June 30, 2024 Total amount of the financial statement line item $ 2,292,998 $ 571,115 $ (2,779,996) $ (303,790) $ 127,288 Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 692,514 $ 497,436 $ (522,322) $ — $ — Hedged items (342,153) (246,702) (50,617) — — Net gains (losses) on fair value hedging relationships $ 350,361 $ 250,734 $ (572,939) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 16,233 $ (16,233) Recognized in OCI — — — — 26,497 Net gains on cash flow hedging relationships $ — $ — $ — $ 16,233 $ 10,264 Six Months Ended June 30, 2023 Total amount of the financial statement line item $ 2,871,532 $ 447,113 $ (2,318,046) $ (1,256,041) $ 36,693 Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 622,001 $ 221,000 $ (379,921) $ — $ — Hedged items (382,311) (38,554) (136,985) — — Net gains (losses) on fair value hedging relationships $ 239,690 $ 182,446 $ (516,906) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 12,734 $ (12,734) Recognized in OCI — — — — 14,762 Net gains on cash flow hedging relationships $ — $ — $ — $ 12,734 $ 2,028 For the three and six months ended June 30, 2024 and 2023, there were no amounts reclassified from AOCI into earnings as a result of the discontinuance of cash flow hedges because the original forecasted transactions occurred by the end of the originally specified time periods or within two-month periods thereafter. At June 30, 2024, $32,153,000 of deferred net gains on derivative instruments in AOCI are expected to be reclassified to earnings during the next 12 months. At that same date, the maximum length of time over which the Bank is hedging its exposure to the variability in future cash flows for forecasted transactions is 5.6 years. The following table presents the cumulative basis adjustments on hedged items either designated or previously designated as fair value hedges and the related amortized cost of those items as of June 30, 2024 and December 31, 2023 (in thousands). Line Item in Statement of Condition of Hedged Item Amortized Cost of Hedged Asset/(Liability) (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost Total Fair Value Hedging Basis Adjustments (2) June 30, 2024 Advances $ 45,912,037 $ (636,297) $ (10,481) $ (646,778) Available-for-sale securities 18,903,352 (852,038) (9,357) (861,395) Consolidated obligation bonds (52,401,507) 1,532,456 2,242 1,534,698 December 31, 2023 Advances $ 53,387,467 $ (283,161) $ (22,480) $ (305,641) Available-for-sale securities 17,640,544 (604,482) (12,031) (616,513) Consolidated obligation bonds (69,859,709) 1,579,847 5,467 1,585,314 _____________________________ (1) Reflects the amortized cost of hedged items in active or discontinued fair value hedging relationships, which includes fair value hedging basis adjustments. (2) Reflects the cumulative life-to-date unamortized hedging gains (losses) on the hedged items. The following table presents the components of net gains (losses) on derivatives and hedging activities that are reported in other income (loss) for the three and six months ended June 30, 2024 and 2023 (in thousands). Gain (Loss) Recognized in Gain (Loss) Recognized in Other Income (Loss) for the Other Income (Loss) for the Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Derivatives not designated as hedging instruments Interest rate swaps $ (475) $ 4,118 $ 1,763 $ 11,150 Net interest income (expense) on interest rate swaps 3,669 1,907 6,421 (2,536) Interest rate swaptions (332) (3,167) (3,880) (1,976) Mortgage delivery commitments 21 2,563 578 2,050 Total net gains related to derivatives not designated as hedging instruments 2,883 5,421 4,882 8,688 Price alignment amount on variation margin for daily settled derivative contracts (1) 4,910 2,733 9,529 5,110 Net gains on derivatives and hedging activities reported in other income (loss) $ 7,793 $ 8,154 $ 14,411 $ 13,798 _____________________________ (1) Reflects the price alignment amounts on variation margin for daily settled derivative contracts that are not designated as hedging instruments. The price alignment amounts on variation margin for daily settled derivative contracts that are designated as hedging instruments are recorded in the same line item as the earnings effect of the 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, Enterprise Credit Risk Management Policy, and Finance Agency regulations. Approximately 52 percent of the Bank's derivative contracts (based on notional value) have been cleared through third-party central clearinghouses (as of June 30, 2024, the notional balance of cleared transactions outstanding totaled $77.46 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 remainder of the Bank's derivative contracts have been transacted bilaterally with large financial institutions under master netting agreements or, to a much lesser extent, with member institutions. As of June 30, 2024, the notional balance of outstanding transactions (including mortgage delivery commitments) with non-member bilateral counterparties and member counterparties totaled $71.52 billion and $0.03 billion, respectively. Some of these institutions (or their affiliates) buy, sell, and distribute consolidated obligations. 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 12. 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, 2024 | |
Banking Regulation, Total Capital [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Capital At all times during the six months ended June 30, 2024, 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, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 1,225,565 $ 7,211,325 $ 1,496,484 $ 7,150,877 Total capital $ 5,049,263 $ 7,211,325 $ 5,130,584 $ 7,150,877 Total capital-to-assets ratio 4.00 % 5.71 % 4.00 % 5.58 % Leverage capital $ 6,311,579 $ 10,816,988 $ 6,413,231 $ 10,726,316 Leverage capital-to-assets ratio 5.00 % 8.57 % 5.00 % 8.36 % The Bank must also maintain a minimum capital stock-to-assets ratio of 2.0 percent, as measured on a daily average basis at each month end. The Bank was in compliance with this requirement at each of the month ends during the six months ended June 30, 2024 and 2023. Members are required to maintain an investment in Class B Capital 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, 2023, subject to a minimum of $1,000 and a maximum of $7,000,000. The activity-based investment requirement is 4.1 percent of outstanding advances and 0.1 percent of outstanding letters of credit, except as described below. On September 21, 2015, the Bank announced a Board-authorized reduction in the activity-based stock investment requirement from 4.1 percent to 2.0 percent for certain advances that were funded during the period from October 21, 2015 through December 31, 2015. To be eligible for the reduced activity-based investment requirement, advances funded during this period had to have a maturity of one year or greater, among other things. The standard activity-based stock investment requirement of 4.1 percent continued to apply to all other advances that were funded during the period from October 21, 2015 through December 31, 2015. On February 28, 2020, the Bank announced another Board-authorized reduction in the activity-based stock investment requirement from 4.1 percent to 2.0 percent for up to $5.0 billion of advances that were funded during the period from April 1, 2020 through December 31, 2020 and that had a maturity of one year or greater. Pursuant to several Board-authorized extensions and modifications to this program, the Bank's activity-based capital stock investment requirement was reduced from 4.1 percent to 2.0 percent for (1) advances that were funded during the period from August 1, 2020 through April 18, 2021 and that had a maturity of 28 days or greater and (2) advances that were funded during the period from April 19, 2021 through December 31, 2022 and had a maturity of 32 days or greater. Under the special advances offering described in this paragraph, the maximum balance of advances to which the reduced activity-based stock investment requirement could be applied was $5.0 billion. Except as described in this paragraph, the standard activity-based stock investment requirement of 4.1 percent continued to apply to all other advances that were funded during the period from April 1, 2020 through December 31, 2022. The activity-based investment requirement relating to letters of credit was implemented on April 19, 2021 and it applies only to letters of credit that are issued or renewed on and after that date. The stock requirement is applied to the issued amount of the letter of credit rather than, if applicable, the amount of the letter of credit that is used from time to time during the term of the letter of credit. Further, renewals for this purpose include amendments that extend the expiration date of the letter of credit. The Bank generally repurchases surplus stock quarterly. For the repurchases that occurred during the six months ended June 30, 2024, surplus stock was defined as the amount of stock held by a member shareholder in excess of 125 percent of the shareholder’s minimum investment requirement. For those repurchases, which occurred on March 26, 2024 and June 25, 2024, a member shareholder's surplus stock was not repurchased if: (1) the amount of that shareholder's surplus stock was $2,000,000 or less, (2) the shareholder elected to opt-out of the repurchase, or (3) the shareholder was on restricted collateral status (subject to certain exceptions). On March 26, 2024 and June 25, 2024, the Bank repurchased surplus stock totaling $166,651,000 and $130,259,000, respectively, none of which was classified as mandatorily redeemable capital stock at those dates. From time to time, the Bank may modify the definition of surplus stock or the timing and/or frequency of surplus stock repurchases. |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Jun. 30, 2024 | |
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 limited 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, 2024 and 2023 were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Service cost $ 6 $ 5 $ 11 $ 10 Interest cost 4 3 8 6 Amortization of prior service cost 5 5 10 10 Amortization of net actuarial gain (22) (24) (44) (48) Net periodic benefit credit $ (7) $ (11) $ (15) $ (22) |
Estimated Fair Values
Estimated Fair Values | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 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. For the six months ended June 30, 2024, 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 management’s best judgment of appropriate valuation methods. These estimates are based on pertinent information available to the Bank as of June 30, 2024 and December 31, 2023. Although management 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 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 that are measured at fair value on the statement of condition are described below. Trading and available-for-sale securities. To value its trading and available-for-sale securities, the Bank obtains prices from three 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 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, 2024 and December 31, 2023, three vendor prices were received for substantially all of the Bank’s trading and available-for-sale securities and the final prices for substantially all of those securities were computed by averaging the three 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. Derivative assets/liabilities . The fair values of the Bank’s interest rate swap and swaption 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 SOFR curve or the OIS curve and, for purposes of discounting, either the OIS curve for bilateral contracts or the SOFR curve for cleared contracts) and, for agreements containing options, swaption volatility). As the collateral (or variation margin in the case of daily settled contracts) and netting provisions of the Bank’s arrangements with its derivative counterparties significantly reduce the risk from nonperformance (see Note 12), 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 clearinghouse valuations (in the case of cleared derivatives) and non-binding dealer estimates (in the case of bilateral 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. The Bank estimates the fair values of mortgage delivery commitments based upon the prices for to-be-announced ("TBA") securities, which represent quoted market prices for forward-settling agency MBS. The prices are adjusted for differences in coupon, cost to carry, vintage, remittance type and product type between the Bank's mortgage loan commitments and the referenced TBA MBS. Other assets held at fair value. To value its mutual fund investments included in other assets, the Bank obtains quoted prices for the mutual funds. The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at June 30, 2024 (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 (2) Assets: Cash and due from banks $ 41,458 $ 41,458 $ 41,458 $ — $ — $ — Interest-bearing deposits 2,647,933 2,647,933 — 2,647,933 — — Securities purchased under agreements to resell 13,550,000 13,550,000 — 13,550,000 — — Federal funds sold 7,200,000 7,200,000 — 7,200,000 — — Trading securities (1) 2,335,256 2,335,256 — 2,335,256 — — Available-for-sale securities (1) 19,070,588 19,070,588 — 19,070,588 — — Held-to-maturity securities 238,534 233,243 — 233,243 — — Advances 75,225,134 75,272,794 — 75,272,794 — — Mortgage loans held for portfolio, net 5,409,439 4,901,082 — 4,901,082 — — Accrued interest receivable 397,954 397,954 — 397,954 — — Derivative assets (1) 33,060 33,060 — 943,155 — (910,095) Other assets held at fair value (1) 18,708 18,708 18,708 — — — Liabilities: Deposits 1,420,225 1,420,202 — 1,420,202 — — Consolidated obligations Discount notes 19,009,983 18,995,006 — 18,995,006 — — Bonds 96,906,629 96,414,514 — 96,414,514 — — Mandatorily redeemable capital stock 296 296 296 — — — Accrued interest payable 804,455 804,455 — 804,455 — — Derivative liabilities (1) 4,973 4,973 — 1,623,562 — (1,618,589) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of June 30, 2024. (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 (inclusive of variation margin for daily settled contracts) as well as any 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, 2023 (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 (2) Assets: Cash and due from banks $ 49,885 $ 49,885 $ 49,885 $ — $ — $ — Interest-bearing deposits 2,297,225 2,297,225 — 2,297,225 — — Securities purchased under agreements to resell 14,750,000 14,750,000 — 14,750,000 — — Federal funds sold 6,368,000 6,368,000 — 6,368,000 — — Trading securities (1) 1,271,943 1,271,943 — 1,271,943 — — Available-for-sale securities (1) 17,690,722 17,690,722 — 17,690,722 — — Held-to-maturity securities 253,302 247,126 — 247,126 — — Advances 79,951,855 79,963,694 — 79,963,694 — — Mortgage loans held for portfolio, net 5,088,642 4,701,659 — 4,701,659 — — Accrued interest receivable 426,243 426,243 — 426,243 — — Derivative assets (1) 17,604 17,604 — 768,240 — (750,636) Other assets held at fair value (1) 16,546 16,546 16,546 — — — Liabilities: Deposits 1,427,843 1,427,830 — 1,427,830 — — Consolidated obligations Discount notes 8,598,022 8,594,261 — 8,594,261 — — Bonds 109,536,207 108,972,660 — 108,972,660 — — Mandatorily redeemable capital stock 506 506 506 — — — Accrued interest payable 883,353 883,353 — 883,353 — — Derivative liabilities (1) 21,575 21,575 — 1,794,201 — (1,772,626) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of December 31, 2023. (2) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 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, 2024, the par amount of the other 10 FHLBanks’ outstanding consolidated obligations was approximately $1.074 trillion. 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, 2024 and December 31, 2023, the Bank had commitments to make additional advances totaling approximately $2,029,000 and $592,000, respectively. In addition, outstanding standby letters of credit totaled $32,128,414,000 and $33,308,221,000 at June 30, 2024 and December 31, 2023, 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 9). The Bank has entered into standby bond purchase agreements with a state housing finance agency within its district whereby, for a fee, the Bank agrees to serve as a standby liquidity provider. If required, the Bank will purchase and hold the housing finance agency's bonds until the designated marketing agent can find a suitable investor or the housing finance agency repurchases the bonds according to a schedule established by the agreement. Each standby bond purchase agreement includes the provisions under which the Bank would be required to purchase the bonds. At June 30, 2024 and December 31, 2023, the Bank had outstanding standby bond purchase agreements totaling $741,864,000 and $777,870,000, respectively. At June 30, 2024, standby bond purchase agreements totaling $39,788,000, $189,765,000, $208,011,000, $141,313,000 and $162,987,000 expire in 2024, 2025, 2026, 2027 and 2028, respectively. The Bank was not required to purchase any bonds under these agreements during the six months ended June 30, 2024 or the year ended December 31, 2023. At June 30, 2024 and December 31, 2023, the Bank had commitments to purchase conventional mortgage loans totaling $19,188,000 and $14,410,000, respectively, from certain of its members that participate in the MPF program. At June 30, 2024 and December 31, 2023, the Bank had commitments to issue $3,065,000,000 and $33,700,000 (par values), respectively, of consolidated obligation bonds, of which $65,000,000 and $25,000,000, respectively, were swapped to SOFR. In addition, as of June 30, 2024, the Bank had commitments to issue $30,020,000 (par value) of consolidated obligation discount notes, none of which were hedged. The Bank did not have any commitments to issue consolidated obligation discount notes as of December 31, 2023. 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, 2024 and December 31, 2023, the Bank had pledged cash collateral of $766,861,000 and $1,048,427,000, 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, 2024 and December 31, 2023, the Bank had pledged securities with carrying values (and fair values) of $674,895,000 and $889,096,000, respectively, to parties that had credit risk exposure to the Bank related to interest rate exchange agreements. None of the pledged securities are netted against derivative assets and liabilities in the statements 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, 2024 | |
Transactions with Shareholders [Abstract] | |
Transactions With Stockholders [Text Block] | Transactions with Shareholders An affiliate of one of the Bank’s derivative counterparties (Wells Fargo) acquired a member institution on October 1, 2006. Since the acquisition was completed, the Bank has continued to enter into interest rate exchange agreements with Wells Fargo in the normal course of business and under the same terms and conditions as before. In addition, the Bank maintains interest-bearing deposits with an affiliate of Wells Fargo. |
Transactions with Other FHLBank
Transactions with Other FHLBanks | 6 Months Ended |
Jun. 30, 2024 | |
Transactions with Other FHLBanks [Abstract] | |
Transactions with Other FHLBanks | Transactions with Other FHLBanks Occasionally, the Bank loans (or borrows) short-term federal funds to (or from) other FHLBanks. The Bank did not loan any short-term federal funds to other FHLBanks during the six months ended June 30, 2024 or 2023. During the six months ended June 30, 2024 and 2023, interest expense on borrowings from other FHLBanks totaled $4,000 and $518,000, respectively. The following table summarizes the Bank’s borrowings from other FHLBanks during the six months ended June 30, 2024 and 2023 (in thousands). Six Months Ended June 30, 2024 2023 Balance at January 1, $ — $ — Borrowings from: FHLBank of San Francisco — 300,000 FHLBank of Indianapolis 30,000 10,000 FHLBank of Boston — 1,000,000 Repayments to: FHLBank of San Francisco — (300,000) FHLBank of Indianapolis (30,000) (10,000) FHLBank of Boston — (1,000,000) 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. During the three months ended March 31, 2023, the Bank assumed one SOFR-indexed consolidated obligation bond with a par value of $1,000,000,000 from the FHLBank of Topeka. The bond matured and was repaid during the three months ended June 30, 2023. The Bank did not assume any debt from other FHLBanks during the six months ended June 30, 2024 or the three months ended June 30, 2023. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the components of AOCI for the three and six months ended June 30, 2024 and 2023 (in thousands). Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Net Unrealized Non-Credit Portion of Postretirement Total Three Months Ended June 30, 2024 Balance at April 1, 2024 $ 166,733 $ 69,852 $ — $ 1,094 $ 237,679 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (8,096) — — (8,096) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (17) (17) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 503 — — — 503 Unrealized gains on cash flow hedges — 6,068 — — 6,068 Total other comprehensive income (loss) 503 (2,028) — (17) (1,542) Balance at June 30, 2024 $ 167,236 $ 67,824 $ — $ 1,077 $ 236,137 Three Months Ended June 30, 2023 Balance at April 1, 2023 $ 25,028 $ 59,634 $ (3,358) $ 1,218 $ 82,522 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (7,636) — — (7,636) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (19) (19) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 113,299 — — — 113,299 Unrealized gains on cash flow hedges — 27,695 — — 27,695 Reversal of non-credit other-than-temporary impairment losses upon sale of held-to-maturity securities — — 3,338 — 3,338 Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 20 — 20 Total other comprehensive income (loss) 113,299 20,059 3,358 (19) 136,697 Balance at June 30, 2023 $ 138,327 $ 79,693 $ — $ 1,199 $ 219,219 _____________________________ (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) Net Unrealized Gains (Losses) Non-Credit Portion of Postretirement Total Six Months Ended June 30, 2024 Balance at January 1, 2024 $ 50,178 $ 57,560 $ — $ 1,111 $ 108,849 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (16,233) — — (16,233) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (34) (34) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 117,058 — — — 117,058 Unrealized gains on cash flow hedges — 26,497 — — 26,497 Total other comprehensive income (loss) 117,058 10,264 — (34) 127,288 Balance at June 30, 2024 $ 167,236 $ 67,824 $ — $ 1,077 $ 236,137 Six Months Ended June 30, 2023 Balance at January 1, 2023 $ 107,052 $ 77,665 $ (3,428) $ 1,237 $ 182,526 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (12,734) — — (12,734) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (38) (38) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 31,275 — — — 31,275 Unrealized gains on cash flow hedges — 14,762 — — 14,762 Reversal of non-credit other-than-temporary impairment losses upon sale of held-to-maturity securities — — 3,338 — 3,338 Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 90 — 90 Total other comprehensive income (loss) 31,275 2,028 3,428 (38) 36,693 Balance at June 30, 2023 $ 138,327 $ 79,693 $ — $ 1,199 $ 219,219 _____________________________ (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, 2024 | |
Basis of Presentation [Abstract] | |
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. 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. The application of hedge accounting generally requires the Bank to evaluate the effectiveness of the fair value 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 U.S. GAAP. The Bank has defined the market settlement convention to be five business days or less for advances. Fair value 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) and the net interest income/expense associated with that derivative are recorded in the same line item as the earnings effect of the hedged item (that is, interest income on advances, interest income on available-for-sale securities or interest expense on consolidated obligation bonds, as appropriate). Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in accumulated other comprehensive income ("AOCI") until earnings are affected by the variability of the cash flows of the hedged transaction, at which time these amounts are reclassified from AOCI to the income statement line where the earnings effect of the hedged item is reported (e.g., interest expense on consolidated obligation discount notes). 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, 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.” The Bank records the changes in fair value of all derivatives (and, in the case of fair value hedges, the hedged items) beginning on the trade date. Cash flows associated with all derivatives are reported as cash flows from operating activities in the statements of cash flows, unless the derivative contains an other-than-insignificant financing element, in which case its cash flows are reported as cash flows from financing activities. 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 (i) a hedging instrument in a fair value hedge or (ii) 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 highly effective in offsetting changes in the fair value or cash flows of a hedged item; (2) the derivative and/or the hedged item expires or is sold, terminated, or exercised; (3) it is no longer probable that a forecasted transaction will occur within the originally specified time frame; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designating the derivative as a hedging instrument is no longer appropriate. 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 any additional changes in the fair value of the derivative in current period earnings as a component of "net gains (losses) on derivatives and hedging activities." 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 or because the derivative is terminated, the Bank will 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. The amortization is recorded in the same line item as the earnings effect of the formerly hedged item. 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. When cash flow hedge accounting for a specific derivative is discontinued due to the Bank's determination that such derivative no longer qualifies for hedge accounting treatment or because the derivative is terminated, the Bank will reclassify the cumulative fair value gains or losses recorded in AOCI as of the discontinuance date from AOCI into earnings when earnings are affected by the original forecasted transaction. If the Bank expects at any time that continued reporting of a net loss in AOCI would lead to recognizing a net loss on the combination of the hedging instrument and hedged transaction in one or more future periods, the amount that is not expected to be recovered is immediately reclassified to earnings. These items are recorded in the same income statement line where the earnings effect of the hedged item is reported. In cases where the cash flow hedge is discontinued because the forecasted transaction is no longer probable (i.e., the forecasted transaction will not occur in the originally expected period or within an additional two-month period of time thereafter), any fair value gains or losses recorded in AOCI as of the determination date are immediately reclassified to earnings as a component of "net gains (losses) on derivatives and hedging activities." |
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 (i) a hedging instrument in a fair value hedge or (ii) 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. |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Trading securities as of June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 2024 December 31, 2023 U.S Treasury Notes $ 1,342,039 $ 1,271,943 U.S. Treasury Bills 993,217 — Total $ 2,335,256 $ 1,271,943 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-sale securities as of June 30, 2024 were as follows (in thousands): Amortized Gross Gross Estimated Debentures U.S. government-guaranteed obligations $ 84,275 $ — $ 24 $ 84,251 GSE obligations 3,033,029 27,013 1,394 3,058,648 3,117,304 27,013 1,418 3,142,899 GSE commercial MBS 15,786,048 151,721 10,080 15,927,689 Total $ 18,903,352 $ 178,734 $ 11,498 $ 19,070,588 Available-for-sale securities as of December 31, 2023 were as follows (in thousands): Amortized Gross Gross Estimated Debentures U.S. government-guaranteed obligations $ 263,673 $ 494 $ — $ 264,167 GSE obligations 3,083,853 35,229 4,076 3,115,006 3,347,526 35,723 4,076 3,379,173 GSE commercial MBS 14,293,018 59,940 41,409 14,311,549 Total $ 17,640,544 $ 95,663 $ 45,485 $ 17,690,722 |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table summarizes (in thousands) the available-for-sale securities with unrealized losses as of June 30, 2024. 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 Estimated Gross Estimated Gross Estimated Gross Debentures U.S. government-guaranteed obligations $ 84,251 $ 24 $ — $ — $ 84,251 $ 24 GSE debentures 34,815 1 24,868 1,393 59,683 1,394 GSE commercial MBS 749,980 4,615 488,382 5,465 1,238,362 10,080 Total $ 869,046 $ 4,640 $ 513,250 $ 6,858 $ 1,382,296 $ 11,498 The following table summarizes (in thousands) the available-for-sale securities with unrealized losses as of December 31, 2023. 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 Estimated Gross Estimated Gross Estimated Gross GSE debentures $ — $ — $ 73,799 $ 4,076 $ 73,799 $ 4,076 GSE commercial MBS 5,224,152 26,892 851,318 14,517 6,075,470 41,409 Total $ 5,224,152 $ 26,892 $ 925,117 $ 18,593 $ 6,149,269 $ 45,485 |
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, 2024 and December 31, 2023 are presented below (in thousands). June 30, 2024 December 31, 2023 Maturity Amortized Estimated Amortized Estimated Debentures Due in one year or less $ 1,355,828 $ 1,358,810 $ 1,256,186 $ 1,261,769 Due after one year through five years 1,685,910 1,706,229 1,967,570 1,991,058 Due after five years through ten years 75,566 77,860 123,770 126,346 3,117,304 3,142,899 3,347,526 3,379,173 GSE CMBS 15,786,048 15,927,689 14,293,018 14,311,549 Total $ 18,903,352 $ 19,070,588 $ 17,640,544 $ 17,690,722 |
Held-to-Maturity Securities (Ta
Held-to-Maturity Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Debt Securities, Held-to-maturity [Table Text Block] | Held-to-maturity securities as of June 30, 2024 were as follows (in thousands): Amortized Gross Gross Estimated GSE residential MBS $ 238,534 $ 72 $ 5,363 $ 233,243 Total $ 238,534 $ 72 $ 5,363 $ 233,243 Held-to-maturity securities as of December 31, 2023 were as follows (in thousands): Amortized Gross Gross Estimated U.S. government-guaranteed debenture $ 374 $ 1 $ — $ 375 GSE residential MBS 252,928 55 6,232 246,751 Total $ 253,302 $ 56 $ 6,232 $ 247,126 |
Categories of Investments, Marketable Securities, Held-to-maturity Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and estimated fair value of held-to-maturity securities by contractual maturity at June 30, 2024 and December 31, 2023 are presented below (in thousands). June 30, 2024 December 31, 2023 Maturity Amortized Estimated Amortized Estimated Debenture due in one year or less $ — $ — $ 374 $ 375 Mortgage-backed securities 238,534 233,243 252,928 246,751 Total $ 238,534 $ 233,243 $ 253,302 $ 247,126 |
Advances (Tables)
Advances (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Advances [Abstract] | |
Federal Home Loan Bank, Advances [Table Text Block] | At June 30, 2024 and December 31, 2023, the Bank had advances outstanding at interest rates ranging from 0.39 percent to 8.27 percent, as summarized below (dollars in thousands). June 30, 2024 December 31, 2023 Contractual Maturity Amount Weighted Average Amount Weighted Average Overdrawn demand deposit accounts $ 1,294 5.75 % $ — — % Due in one year or less 42,493,816 5.33 44,567,898 5.36 Due after one year through two years 6,780,104 4.64 4,689,293 4.40 Due after two years through three years 13,725,811 3.72 6,435,369 4.48 Due after three years through four years 6,649,026 4.80 12,535,123 3.58 Due after four years through five years 2,008,691 4.61 5,776,581 5.06 Due after five years through fifteen years 4,188,249 3.20 6,228,089 3.45 Due after fifteen years 27,485 2.48 28,254 2.39 Total par value 75,874,476 4.79 % 80,260,607 4.78 % Deferred net prepayment fees (2,564) (3,079) Commitment fees — (32) Hedging adjustments (646,778) (305,641) Total $ 75,225,134 $ 79,951,855 |
Schedule of Advances Classified by Contractual Maturity Date or Next Call Date [Table Text Block] | The following table summarizes advances outstanding at June 30, 2024 and December 31, 2023, 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, 2024 December 31, 2023 Overdrawn demand deposit accounts $ 1,294 $ — Due in one year or less 47,146,537 49,152,564 Due after one year through two years 5,837,556 4,125,832 Due after two years through three years 13,425,813 5,816,165 Due after three years through four years 3,522,260 12,279,074 Due after four years through five years 1,779,390 2,688,446 Due after five years 4,161,626 6,198,526 Total par value $ 75,874,476 $ 80,260,607 |
Schedule of Advances Classified by Contractual Maturity Date or Next Put Date [Table Text Block] | The following table summarizes advances outstanding at June 30, 2024 and December 31, 2023, by the earlier of contractual maturity or next possible put date (in thousands): Contractual Maturity or Next Put Date June 30, 2024 December 31, 2023 Overdrawn demand deposit accounts $ 1,294 $ — Due in one year or less 46,213,566 48,325,898 Due after one year through two years 6,602,104 5,213,793 Due after two years through three years 13,896,644 6,415,369 Due after three years through four years 6,632,359 12,947,623 Due after four years through five years 2,081,525 5,416,331 Due after five years 446,984 1,941,593 Total par value $ 75,874,476 $ 80,260,607 |
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, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Fixed-rate Due in one year or less $ 41,951,804 $ 40,590,309 Due after one year 27,762,747 29,984,969 Total fixed-rate 69,714,551 70,575,278 Variable-rate Due in one year or less 543,306 3,977,589 Due after one year 5,616,619 5,707,740 Total variable-rate 6,159,925 9,685,329 Total par value $ 75,874,476 $ 80,260,607 |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Mortgage Loans Held for Portfolio [Abstract] | |
Mortgage Loans Held For Portfolio [Table Text Block] | The following table presents information as of June 30, 2024 and December 31, 2023 for mortgage loans held for portfolio (in thousands): June 30, 2024 December 31, 2023 Fixed-rate medium-term* single-family mortgages $ 104,712 $ 108,718 Fixed-rate long-term single-family mortgages 5,251,914 4,932,497 Premiums 70,517 66,823 Discounts (18,283) (18,730) Deferred net derivative gains associated with mortgage delivery commitments 7,290 7,102 Total mortgage loans held for portfolio 5,416,150 5,096,410 Less: allowance for credit losses on mortgage loans (6,711) (7,768) Total mortgage loans held for portfolio, net of allowance for credit losses $ 5,409,439 $ 5,088,642 ________________________________________ *Medium-term is defined as an original term of 15 years or less. |
Accrued Interest (Tables)
Accrued Interest (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accrued Interest Receivable [Abstract] | |
Accrued Interest Receivable [Table Text Block] | The components of accrued interest receivable as of June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, 2024 December 31, 2023 Advances $ 259,970 $ 295,802 Investment securities Trading 11,772 9,734 Available-for-sale 72,931 70,460 Held-to-maturity 379 404 Mortgage loans held for portfolio 33,824 31,054 Interest-bearing deposits 9,889 9,425 Securities purchased under agreements to resell 5,992 6,530 Federal funds sold 3,197 2,834 Total $ 397,954 $ 426,243 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Allowance for Credit Losses [Abstract] | |
Financing Receivable, Past Due [Table Text Block] | The table below summarizes the amortized cost (excluding accrued interest receivable) by payment status for mortgage loans at June 30, 2024 and December 31, 2023 (dollars in thousands). June 30, 2024 Conventional Loans Originated Prior to 2019 Conventional Loans Originated in 2019-2023 Total Conventional Loans Government- Guaranteed/ Insured Loans (1) Total Mortgage loans: 30-59 days delinquent $ 15,180 $ 39,991 $ 55,171 $ 182 $ 55,353 60-89 days delinquent 4,902 8,928 13,830 12 13,842 90 days or more delinquent 7,060 9,713 16,773 75 16,848 Total past due 27,142 58,632 85,774 269 86,043 Total current loans 1,008,579 4,316,644 5,325,223 4,884 5,330,107 Total mortgage loans $ 1,035,721 $ 4,375,276 $ 5,410,997 $ 5,153 $ 5,416,150 December 31, 2023 Conventional Loans Originated Prior to 2018 Conventional Loans Originated in 2018-2022 Total Conventional Loans Government- Guaranteed/ Insured Loans (1) Total Mortgage loans: 30-59 days delinquent $ 7,926 $ 39,417 $ 47,343 $ 222 $ 47,565 60-89 days delinquent 2,796 14,736 17,532 15 17,547 90 days or more delinquent 4,261 10,915 15,176 62 15,238 Total past due 14,983 65,068 80,051 299 80,350 Total current loans 371,320 4,639,360 5,010,680 5,380 5,016,060 Total mortgage loans $ 386,303 $ 4,704,428 $ 5,090,731 $ 5,679 $ 5,096,410 _____________________________ (1) All of the Bank's government-guaranteed/insured loans were originated in years prior to 2004. The table below summarizes other delinquency statistics for mortgage loans at June 30, 2024 and December 31, 2023 (dollars in thousands). June 30, 2024 December 31, 2023 Total Conventional Loans Government- Total Total Conventional Loans Government- Total In process of foreclosure (1) $ 3,938 $ 18 $ 3,956 $ 3,404 $ 19 $ 3,423 Serious delinquency rate (2) 0.3 % 1.5 % 0.3 % 0.3 % 1.1 % 0.3 % Past due 90 days or more and still accruing interest (3) $ — $ 75 $ 75 $ — $ 62 $ 62 Nonaccrual loans (4) $ 23,331 $ — $ 23,331 $ 21,105 $ — $ 21,105 _____________________________ (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.` (4) The Bank did not have any specific allowance for credit losses on nonaccrual loans at June 30, 2024. |
Financing Receivable, Allowance for Credit Loss [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, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Balance, beginning of period $ 6,859 $ 5,245 $ 7,768 $ 4,865 Provision (reversal) for credit losses (148) 2,226 (1,057) 2,606 Balance, end of period $ 6,711 $ 7,471 $ 6,711 $ 7,471 |
us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock_SBB | The following table presents the activity in the allowance for credit losses on SBB loans during the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Balance, beginning of period $ 1,528 $ 1,291 $ 1,552 $ 1,255 Chargeoffs — (20) (83) (20) Provision for credit losses 154 79 (*) 213 115 (*) Balance, end of period $ 1,682 $ 1,350 $ 1,682 $ 1,350 (*) The provision for credit losses on SBB loans was recorded in "other, net" in other income (loss) during 2023. |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023 (in thousands, at par value). June 30, 2024 December 31, 2023 Fixed-rate $ 52,266,105 $ 69,150,410 Variable-rate SOFR-indexed 40,261,500 35,499,000 Step-up 5,890,750 6,445,750 Step-down 15,000 15,000 Total par value $ 98,433,355 $ 111,110,160 |
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, 2024 and December 31, 2023, by contractual maturity (dollars in thousands): June 30, 2024 December 31, 2023 Contractual Maturity Amount Weighted Average Amount Weighted Average Due in one year or less $ 63,840,880 4.81 % $ 79,593,685 4.99 % Due after one year through two years 14,126,000 2.94 8,366,470 3.25 Due after two years through three years 9,084,100 2.23 10,524,685 1.52 Due after three years through four years 3,295,370 3.65 6,076,530 2.39 Due after four years through five years 2,777,005 4.29 2,744,660 3.82 Due after five years 5,310,000 3.29 3,804,130 2.10 Total par value 98,433,355 4.17 % 111,110,160 4.25 % Premiums 12,712 15,026 Discounts (2,366) (1,351) Debt issuance costs (2,374) (2,314) Hedging adjustments (1,534,698) (1,585,314) Total $ 96,906,629 $ 109,536,207 |
Schedule of Consolidated Obligation Bonds by Call Feature [Table Text Block] | At June 30, 2024 and December 31, 2023, the Bank’s consolidated obligation bonds outstanding included the following (in thousands, at par value): June 30, 2024 December 31, 2023 Non-callable bonds $ 56,492,975 $ 53,052,780 Callable bonds 41,940,380 58,057,380 Total par value $ 98,433,355 $ 111,110,160 |
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, 2024 and December 31, 2023, by the earlier of contractual maturity or next possible call date (in thousands, at par value): Contractual Maturity or Next Call Date June 30, 2024 December 31, 2023 Due in one year or less $ 90,811,780 $ 104,490,185 Due after one year through two years 2,963,000 2,362,870 Due after two years through three years 2,872,200 2,282,685 Due after three years through four years 985,370 1,218,630 Due after four years through five years 740,005 629,660 Due after five years 61,000 126,130 Total par value $ 98,433,355 $ 111,110,160 |
Schedule of Short-term Debt [Table Text Block] | At June 30, 2024 and December 31, 2023, 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 June 30, 2024 $ 19,009,983 $ 19,288,937 5.09 % December 31, 2023 $ 8,598,022 $ 8,658,784 5.10 % |
Affordable Housing Program ("_2
Affordable Housing Program ("AHP") (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023 (in thousands): Six Months Ended June 30, 2024 2023 Balance, beginning of period $ 150,431 $ 76,794 AHP assessment 40,878 46,070 Voluntary AHP contributions 299 — Grants funded, net of recaptured amounts (24,354) (14,733) Balance, end of period $ 167,254 $ 108,131 Voluntary AHP contributions are recorded in voluntary grants, donations and Affordable Housing Program contributions on the statement of income. |
Assets and Liabilities Subjec_2
Assets and Liabilities Subject to Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023 (in thousands). For daily settled derivative contracts, the variation margin payments/receipts are included in the gross amounts of derivative assets and liabilities. 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, 2024 Assets Derivatives Bilateral derivatives $ 922,329 $ (901,989) $ 20,340 $ (12,409) (2) $ 7,931 Cleared derivatives 20,826 (8,106) 12,720 — 12,720 Total derivatives 943,155 (910,095) 33,060 (12,409) 20,651 Securities purchased under agreements to resell 13,550,000 — 13,550,000 (13,550,000) — Total assets $ 14,493,155 $ (910,095) $ 13,583,060 $ (13,562,409) $ 20,651 Liabilities Derivatives Bilateral derivatives $ 1,618,785 $ (1,613,839) $ 4,946 $ (1,899) (2) $ 3,047 Cleared derivatives 4,777 (4,750) 27 (27) (3) — Total liabilities $ 1,623,562 $ (1,618,589) $ 4,973 $ (1,926) $ 3,047 December 31, 2023 Assets Derivatives Bilateral derivatives $ 760,465 $ (744,226) $ 16,239 $ (3,644) (2) $ 12,595 Cleared derivatives 7,775 (6,410) 1,365 — 1,365 Total derivatives 768,240 (750,636) 17,604 (3,644) 13,960 Securities purchased under agreements to resell 14,750,000 — 14,750,000 (14,750,000) — Total assets $ 15,518,240 $ (750,636) $ 14,767,604 $ (14,753,644) $ 13,960 Liabilities Derivatives Bilateral derivatives $ 1,780,309 $ (1,767,740) $ 12,569 $ (1,061) (2) $ 11,508 Cleared derivatives 13,892 (4,886) 9,006 (9,006) (3) — Total liabilities $ 1,794,201 $ (1,772,626) $ 21,575 $ (10,067) $ 11,508 _____________________________ (1) Any overcollateralization or any excess variation margin associated with daily settled contracts at an individual clearinghouse/clearing member or bilateral counterparty level is not included in the determination of the net unsecured amount. (2) Includes collateral pledged by member counterparties and securities received or pledged as a result of the initial margin requirements imposed upon the Bank and its bilateral counterparties. The amount of non-cash collateral for uncleared derivatives included in the determination of the net amount is limited to the amount needed to secure the Bank's or the counterparties' uncleared exposure. At June 30, 2024 and December 31, 2023, the Bank had pledged excess non-cash collateral with fair values of $117,110,000 and $120,667,000, respectively, and the Bank had received excess non-cash collateral with fair values of $71,888,000 and $81,340,000, respectively, from its bilateral counterparties. (3) Consists of securities pledged by the Bank. In addition to the amount needed to secure the counterparties' exposure to the Bank, the Bank had pledged securities with aggregate fair values of $555,859,000 and $758,362,000 at June 30, 2024 and December 31, 2023, respectively, to further secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 (inclusive of variation margin on daily settled contracts) and the amounts offset against those values in the statement of condition at June 30, 2024 and December 31, 2023 (in thousands). June 30, 2024 December 31, 2023 Notional Amount of Estimated Fair Value Notional Amount of Estimated Fair Value Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments Interest rate swaps Advances (1) $ 45,980,087 $ 117,501 $ 8,099 $ 52,539,282 $ 78,178 $ 70,360 Available-for-sale securities (1) 19,616,122 308,359 28,295 17,987,464 138,600 66,469 Consolidated obligation bonds (1) 53,080,465 145,532 1,582,205 70,233,175 258,148 1,654,346 Consolidated obligation discount notes (2) 1,066,000 1,022 — 1,066,000 49 116 Total derivatives designated as hedging instruments 119,742,674 572,414 1,618,599 141,825,921 474,975 1,791,291 Derivatives not designated as hedging instruments Interest rate swaps Advances 5,108,500 100 — 1,108,500 238 — Available-for-sale securities 2,028 1 — 2,049 — — Mortgage loans held for portfolio 950,995 5,104 268 812,975 3,690 2,028 Consolidated obligation bonds 718,445 1,117 434 1,021,445 8,401 474 Consolidated obligation discount notes 4,623,500 — 101 1,521,000 19 104 Trading securities 400,000 15 — 400,000 — 146 Counterparty exposure 15,300,000 362,266 3,874 15,300,000 275,027 — Intermediary transactions 18,558 113 100 18,558 123 108 Other 400,000 — 185 400,000 — 50 Interest rate swaptions Available-for-sale securities 1,150,000 1,444 — 1,150,000 3,058 — Mortgage loans held for portfolio 575,000 581 — 550,000 2,642 — Mortgage delivery commitments 19,188 — 1 14,410 67 — Total derivatives not designated as hedging instruments 29,266,214 370,741 4,963 22,298,937 293,265 2,910 Total derivatives before collateral and netting adjustments $ 149,008,888 943,155 1,623,562 $ 164,124,858 768,240 1,794,201 Cash collateral and related accrued interest (50,662) (762,506) (14,738) (1,038,247) Cash received or remitted in excess of variation margin requirements (3,323) 27 120 1,639 Netting adjustments (856,110) (856,110) (736,018) (736,018) Total collateral and netting adjustments (3) (910,095) (1,618,589) (750,636) (1,772,626) Net derivative balances reported in statements of condition $ 33,060 $ 4,973 $ 17,604 $ 21,575 _____________________________ (1) Derivatives designated as fair value hedges. (2) Derivatives designated as cash flow hedges. (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 any cash collateral held or placed with those same counterparties. |
Net Gains (Losses) on Fair Value and Cash Flow Hedging Relationships [Table Text Block] | The following table presents the components of net gains (losses) on qualifying fair value and cash flow hedging relationships for the three and six months ended June 30, 2024 and 2023 (in thousands). Gains and losses on derivatives in fair value hedging relationships include the change in fair value of the derivatives and the net interest income/expense associated with those derivatives. Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Other Comprehensive Income (Loss) Three Months Ended June 30, 2024 Total amount of the financial statement line item $ 1,143,057 $ 290,414 $ (1,337,457) $ (200,394) $ (1,542) Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 152,158 $ 120,540 $ (138,459) $ — $ — Hedged items 18,817 4,043 (136,339) — — Net gains (losses) on fair value hedging relationships $ 170,975 $ 124,583 $ (274,798) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 8,096 $ (8,096) Recognized in OCI — — — — 6,068 Net gains (losses) on cash flow hedging relationships $ — $ — $ — $ 8,096 $ (2,028) Three Months Ended June 30, 2023 Total amount of the financial statement line item $ 1,731,345 $ 245,361 $ (1,491,843) $ (684,811) $ 136,697 Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 763,258 $ 433,594 $ (610,842) $ — $ — Hedged items (604,809) (325,132) 330,285 — — Net gains (losses) on fair value hedging relationships $ 158,449 $ 108,462 $ (280,557) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 7,636 $ (7,636) Recognized in OCI — — — — 27,695 Net gains on cash flow hedging relationships $ — $ — $ — $ 7,636 $ 20,059 Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Consolidated Obligation Discount Notes Other Comprehensive Income (Loss) Six Months Ended June 30, 2024 Total amount of the financial statement line item $ 2,292,998 $ 571,115 $ (2,779,996) $ (303,790) $ 127,288 Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 692,514 $ 497,436 $ (522,322) $ — $ — Hedged items (342,153) (246,702) (50,617) — — Net gains (losses) on fair value hedging relationships $ 350,361 $ 250,734 $ (572,939) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 16,233 $ (16,233) Recognized in OCI — — — — 26,497 Net gains on cash flow hedging relationships $ — $ — $ — $ 16,233 $ 10,264 Six Months Ended June 30, 2023 Total amount of the financial statement line item $ 2,871,532 $ 447,113 $ (2,318,046) $ (1,256,041) $ 36,693 Gains (losses) on fair value hedging relationships included in the financial statement line item Interest rate contracts Derivatives $ 622,001 $ 221,000 $ (379,921) $ — $ — Hedged items (382,311) (38,554) (136,985) — — Net gains (losses) on fair value hedging relationships $ 239,690 $ 182,446 $ (516,906) $ — $ — Gains (losses) on cash flow hedging relationships included in the financial statement line item Interest rate contracts Reclassified from AOCI into interest expense $ — $ — $ — $ 12,734 $ (12,734) Recognized in OCI — — — — 14,762 Net gains on cash flow hedging relationships $ — $ — $ — $ 12,734 $ 2,028 |
Cumulative Basis Adjustments for Fair Value Hedges [Table Text Block] | The following table presents the cumulative basis adjustments on hedged items either designated or previously designated as fair value hedges and the related amortized cost of those items as of June 30, 2024 and December 31, 2023 (in thousands). Line Item in Statement of Condition of Hedged Item Amortized Cost of Hedged Asset/(Liability) (1) Basis Adjustments for Active Hedging Relationships Included in Amortized Cost Basis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost Total Fair Value Hedging Basis Adjustments (2) June 30, 2024 Advances $ 45,912,037 $ (636,297) $ (10,481) $ (646,778) Available-for-sale securities 18,903,352 (852,038) (9,357) (861,395) Consolidated obligation bonds (52,401,507) 1,532,456 2,242 1,534,698 December 31, 2023 Advances $ 53,387,467 $ (283,161) $ (22,480) $ (305,641) Available-for-sale securities 17,640,544 (604,482) (12,031) (616,513) Consolidated obligation bonds (69,859,709) 1,579,847 5,467 1,585,314 _____________________________ (1) Reflects the amortized cost of hedged items in active or discontinued fair value hedging relationships, which includes fair value hedging basis adjustments. (2) Reflects the cumulative life-to-date unamortized hedging gains (losses) on the hedged items. |
Net Gains (Losses) on Derivatives and Hedging Activities Recorded in Non-interest Income [Table Text Block] | The following table presents the components of net gains (losses) on derivatives and hedging activities that are reported in other income (loss) for the three and six months ended June 30, 2024 and 2023 (in thousands). Gain (Loss) Recognized in Gain (Loss) Recognized in Other Income (Loss) for the Other Income (Loss) for the Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Derivatives not designated as hedging instruments Interest rate swaps $ (475) $ 4,118 $ 1,763 $ 11,150 Net interest income (expense) on interest rate swaps 3,669 1,907 6,421 (2,536) Interest rate swaptions (332) (3,167) (3,880) (1,976) Mortgage delivery commitments 21 2,563 578 2,050 Total net gains related to derivatives not designated as hedging instruments 2,883 5,421 4,882 8,688 Price alignment amount on variation margin for daily settled derivative contracts (1) 4,910 2,733 9,529 5,110 Net gains on derivatives and hedging activities reported in other income (loss) $ 7,793 $ 8,154 $ 14,411 $ 13,798 _____________________________ (1) Reflects the price alignment amounts on variation margin for daily settled derivative contracts that are not designated as hedging instruments. The price alignment amounts on variation margin for daily settled derivative contracts that are designated as hedging instruments are recorded in the same line item as the earnings effect of the hedged item. |
Capital (Tables)
Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Banking Regulation, Total 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, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Required Actual Required Actual Regulatory capital requirements: Risk-based capital $ 1,225,565 $ 7,211,325 $ 1,496,484 $ 7,150,877 Total capital $ 5,049,263 $ 7,211,325 $ 5,130,584 $ 7,150,877 Total capital-to-assets ratio 4.00 % 5.71 % 4.00 % 5.58 % Leverage capital $ 6,311,579 $ 10,816,988 $ 6,413,231 $ 10,726,316 Leverage capital-to-assets ratio 5.00 % 8.57 % 5.00 % 8.36 % |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Employee Retirement Plans [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The Bank sponsors a retirement benefits program that includes health care and limited 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, 2024 and 2023 were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Service cost $ 6 $ 5 $ 11 $ 10 Interest cost 4 3 8 6 Amortization of prior service cost 5 5 10 10 Amortization of net actuarial gain (22) (24) (44) (48) Net periodic benefit credit $ (7) $ (11) $ (15) $ (22) |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at June 30, 2024 (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 (2) Assets: Cash and due from banks $ 41,458 $ 41,458 $ 41,458 $ — $ — $ — Interest-bearing deposits 2,647,933 2,647,933 — 2,647,933 — — Securities purchased under agreements to resell 13,550,000 13,550,000 — 13,550,000 — — Federal funds sold 7,200,000 7,200,000 — 7,200,000 — — Trading securities (1) 2,335,256 2,335,256 — 2,335,256 — — Available-for-sale securities (1) 19,070,588 19,070,588 — 19,070,588 — — Held-to-maturity securities 238,534 233,243 — 233,243 — — Advances 75,225,134 75,272,794 — 75,272,794 — — Mortgage loans held for portfolio, net 5,409,439 4,901,082 — 4,901,082 — — Accrued interest receivable 397,954 397,954 — 397,954 — — Derivative assets (1) 33,060 33,060 — 943,155 — (910,095) Other assets held at fair value (1) 18,708 18,708 18,708 — — — Liabilities: Deposits 1,420,225 1,420,202 — 1,420,202 — — Consolidated obligations Discount notes 19,009,983 18,995,006 — 18,995,006 — — Bonds 96,906,629 96,414,514 — 96,414,514 — — Mandatorily redeemable capital stock 296 296 296 — — — Accrued interest payable 804,455 804,455 — 804,455 — — Derivative liabilities (1) 4,973 4,973 — 1,623,562 — (1,618,589) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of June 30, 2024. (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 (inclusive of variation margin for daily settled contracts) as well as any 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, 2023 (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 (2) Assets: Cash and due from banks $ 49,885 $ 49,885 $ 49,885 $ — $ — $ — Interest-bearing deposits 2,297,225 2,297,225 — 2,297,225 — — Securities purchased under agreements to resell 14,750,000 14,750,000 — 14,750,000 — — Federal funds sold 6,368,000 6,368,000 — 6,368,000 — — Trading securities (1) 1,271,943 1,271,943 — 1,271,943 — — Available-for-sale securities (1) 17,690,722 17,690,722 — 17,690,722 — — Held-to-maturity securities 253,302 247,126 — 247,126 — — Advances 79,951,855 79,963,694 — 79,963,694 — — Mortgage loans held for portfolio, net 5,088,642 4,701,659 — 4,701,659 — — Accrued interest receivable 426,243 426,243 — 426,243 — — Derivative assets (1) 17,604 17,604 — 768,240 — (750,636) Other assets held at fair value (1) 16,546 16,546 16,546 — — — Liabilities: Deposits 1,427,843 1,427,830 — 1,427,830 — — Consolidated obligations Discount notes 8,598,022 8,594,261 — 8,594,261 — — Bonds 109,536,207 108,972,660 — 108,972,660 — — Mandatorily redeemable capital stock 506 506 506 — — — Accrued interest payable 883,353 883,353 — 883,353 — — Derivative liabilities (1) 21,575 21,575 — 1,794,201 — (1,772,626) ___________________________ (1) Financial instruments measured at fair value on a recurring basis as of December 31, 2023. (2) |
Financial Services, Federal Hom
Financial Services, Federal Home Loan Banks (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Federal Home Loan Banks [Abstract] | |
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, 2024 and 2023 (in thousands). Six Months Ended June 30, 2024 2023 Balance at January 1, $ — $ — Borrowings from: FHLBank of San Francisco — 300,000 FHLBank of Indianapolis 30,000 10,000 FHLBank of Boston — 1,000,000 Repayments to: FHLBank of San Francisco — (300,000) FHLBank of Indianapolis (30,000) (10,000) FHLBank of Boston — (1,000,000) Balance at June 30, $ — $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in the components of AOCI for the three and six months ended June 30, 2024 and 2023 (in thousands). Net Unrealized Gains (Losses) on Available-for-Sale Securities (1) Net Unrealized Non-Credit Portion of Postretirement Total Three Months Ended June 30, 2024 Balance at April 1, 2024 $ 166,733 $ 69,852 $ — $ 1,094 $ 237,679 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (8,096) — — (8,096) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (17) (17) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 503 — — — 503 Unrealized gains on cash flow hedges — 6,068 — — 6,068 Total other comprehensive income (loss) 503 (2,028) — (17) (1,542) Balance at June 30, 2024 $ 167,236 $ 67,824 $ — $ 1,077 $ 236,137 Three Months Ended June 30, 2023 Balance at April 1, 2023 $ 25,028 $ 59,634 $ (3,358) $ 1,218 $ 82,522 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (7,636) — — (7,636) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (19) (19) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 113,299 — — — 113,299 Unrealized gains on cash flow hedges — 27,695 — — 27,695 Reversal of non-credit other-than-temporary impairment losses upon sale of held-to-maturity securities — — 3,338 — 3,338 Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 20 — 20 Total other comprehensive income (loss) 113,299 20,059 3,358 (19) 136,697 Balance at June 30, 2023 $ 138,327 $ 79,693 $ — $ 1,199 $ 219,219 _____________________________ (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) Net Unrealized Gains (Losses) Non-Credit Portion of Postretirement Total Six Months Ended June 30, 2024 Balance at January 1, 2024 $ 50,178 $ 57,560 $ — $ 1,111 $ 108,849 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (16,233) — — (16,233) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (34) (34) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 117,058 — — — 117,058 Unrealized gains on cash flow hedges — 26,497 — — 26,497 Total other comprehensive income (loss) 117,058 10,264 — (34) 127,288 Balance at June 30, 2024 $ 167,236 $ 67,824 $ — $ 1,077 $ 236,137 Six Months Ended June 30, 2023 Balance at January 1, 2023 $ 107,052 $ 77,665 $ (3,428) $ 1,237 $ 182,526 Reclassifications from AOCI to net income Gains on cash flow hedges included in interest expense — (12,734) — — (12,734) Amortization of prior service costs and net actuarial gains recognized in other income (loss) — — — (38) (38) Other amounts of other comprehensive income (loss) Net unrealized gains on available-for-sale securities 31,275 — — — 31,275 Unrealized gains on cash flow hedges — 14,762 — — 14,762 Reversal of non-credit other-than-temporary impairment losses upon sale of held-to-maturity securities — — 3,338 — 3,338 Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities — — 90 — 90 Total other comprehensive income (loss) 31,275 2,028 3,428 (38) 36,693 Balance at June 30, 2023 $ 138,327 $ 79,693 $ — $ 1,199 $ 219,219 _____________________________ (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. |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Trading securities | $ 2,335,256 | $ 1,271,943 | |
US Treasury Notes [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Trading securities | 1,342,039 | 1,271,943 | |
US Treasury Bill Securities [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Trading securities | 993,217 | 0 | |
Other Liabilities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt Securities, Trading | $ 149,796,000 | ||
Securities held at end of period | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt Securities, Trading, Unrealized Gain (Loss) | $ (5,005) | $ 588 |
Available-for-Sale Securities_2
Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 18,903,352 | $ 17,640,544 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 178,734 | 95,663 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 11,498 | 45,485 | |
Available-for-sale securities | [1] | 19,070,588 | 17,690,722 |
Debt Securities, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 869,046 | 5,224,152 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,640 | 26,892 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 513,250 | 925,117 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6,858 | 18,593 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,382,296 | 6,149,269 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 11,498 | 45,485 | |
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 84,275 | 263,673 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 494 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 24 | 0 | |
Available-for-sale securities | 84,251 | 264,167 | |
Debt Securities, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 84,251 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 24 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position | 84,251 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 24 | ||
US Government-sponsored Enterprises Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 3,033,029 | 3,083,853 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 27,013 | 35,229 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,394 | 4,076 | |
Available-for-sale securities | 3,058,648 | 3,115,006 | |
Debt Securities, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 34,815 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 24,868 | 73,799 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,393 | 4,076 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 59,683 | 73,799 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,394 | 4,076 | |
Non-mortgage-backed securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 3,117,304 | 3,347,526 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 27,013 | 35,723 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,418 | 4,076 | |
Available-for-sale securities | 3,142,899 | 3,379,173 | |
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 1,355,828 | 1,256,186 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 1,685,910 | 1,967,570 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 75,566 | 123,770 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 1,358,810 | 1,261,769 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 1,706,229 | 1,991,058 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 77,860 | 126,346 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Multifamily [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 15,786,048 | 14,293,018 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 151,721 | 59,940 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 10,080 | 41,409 | |
Available-for-sale securities | 15,927,689 | 14,311,549 | |
Debt Securities, Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 749,980 | 5,224,152 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,615 | 26,892 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 488,382 | 851,318 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,465 | 14,517 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,238,362 | 6,075,470 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 10,080 | 41,409 | |
Other Liabilities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities | 412,517 | 148,865 | |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 72,931 | $ 70,460 | |
[1] Amortized cost: $18,903,352 and $17,640,544 at June 30, 2024 and December 31, 2023, respectively. |
Held-to-Maturity Securities (De
Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | May 04, 2023 | ||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | $ 253,302 | ||||||
Held-to-maturity securities | [1] | $ 238,534 | $ 238,534 | 253,302 | |||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 72 | 72 | 56 | ||||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 5,363 | 5,363 | 6,232 | ||||
Debt Securities, Held-to-maturity, Fair Value | 233,243 | 233,243 | 247,126 | ||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 379 | 379 | 404 | ||||
Proceeds from sales of held-to-maturity securities | 0 | $ 29,025 | |||||
Realized Gain on sales of Held-to-Maturity securities | $ 1,081 | ||||||
Proceeds from Sale of Held-To-Maturity Securities | $ 29,025 | ||||||
Realized gains on sales of held-to-maturity securities | 0 | $ 1,081 | 0 | $ 1,081 | |||
US Government Agencies Debt Securities [Member] | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Held-to-maturity securities | 374 | ||||||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1 | ||||||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | ||||||
Debt Securities, Held-to-maturity, Fair Value | 375 | ||||||
Non-mortgage-backed securities [Member] | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 0 | 0 | 374 | ||||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 0 | 0 | 375 | ||||
Mortgage Backed Securities [Member] | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Held-to-maturity securities | 238,534 | 238,534 | 252,928 | ||||
Debt Securities, Held-to-maturity, Fair Value | 233,243 | 233,243 | 246,751 | ||||
Held-to-maturity Securities, Premium (Discounts), Net | (52) | (52) | (57) | ||||
Single Family [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Held-to-maturity securities | 238,534 | 238,534 | |||||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 72 | 72 | 55 | ||||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 5,363 | 5,363 | 6,232 | ||||
Debt Securities, Held-to-maturity, Fair Value | $ 233,243 | $ 233,243 | $ 246,751 | ||||
[1] Fair values: $233,243 and $247,126 at June 30, 2024 and December 31, 2023, respectively. |
Advances Redemption Terms (Deta
Advances Redemption Terms (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Advances by Redemption Terms [Line Items] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 1,294 | $ 0 |
Weighted Average Interest Rate on Overdrawn Demand Deposit | 5.75% | 0% |
Federal Home Loan Bank, Advances, Maturities Summary, in Next Rolling Twelve Months | $ 42,493,816 | $ 44,567,898 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Next Twelve Rolling Months | 5.33% | 5.36% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Two | $ 6,780,104 | $ 4,689,293 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Two | 4.64% | 4.40% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Three | $ 13,725,811 | $ 6,435,369 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Three | 3.72% | 4.48% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Four | $ 6,649,026 | $ 12,535,123 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Four | 4.80% | 3.58% |
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Five | $ 2,008,691 | $ 5,776,581 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Five | 4.61% | 5.06% |
Federal Home Loan Bank, Advances, Maturities Summary in Rolling Year Six Through Rolling Year Fifteen | $ 4,188,249 | $ 6,228,089 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Six Through Rolling Year Fifteen | 3.20% | 3.45% |
Federal Home Loan Bank, Advances, Maturities Summary, after Rolling Year Fifteen | $ 27,485 | $ 28,254 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing after Rolling Year Fifteen | 2.48% | 2.39% |
Federal Home Loan Bank Advances Par Value | $ 75,874,476 | $ 80,260,607 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 4.79% | 4.78% |
Deferred Prepayment Fees | $ (2,564) | $ (3,079) |
Federal Home Loan Bank, Advances, Commitment Fees | 0 | (32) |
Federal Home Loan Bank Advances, Valuation Adjustments For Hedging Activities | (646,778) | (305,641) |
Federal Home Loan Bank Advances | $ 75,225,134 | $ 79,951,855 |
Advances Outstanding by the Ear
Advances Outstanding by the Earlier of Contractual Maturity or Next Call Date (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Advances Classified by Contractual Maturity Date or Next Call Date [Line Items] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 1,294 | $ 0 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Next Rolling Twelve Months | 47,146,537 | 49,152,564 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Two | 5,837,556 | 4,125,832 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Three | 13,425,813 | 5,816,165 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Four | 3,522,260 | 12,279,074 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Five | 1,779,390 | 2,688,446 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, after Rolling Year Five | 4,161,626 | 6,198,526 |
Federal Home Loan Bank Advances Par Value | $ 75,874,476 | $ 80,260,607 |
Advances Outstanding by the E_2
Advances Outstanding by the Earlier of Contractual Maturity or Next Put Date (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Advances by Earlier of Contractual Maturity or Next Put Date [Line Items] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 1,294 | $ 0 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, due in Next Rolling Twelve Months | 46,213,566 | 48,325,898 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Two | 6,602,104 | 5,213,793 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Three | 13,896,644 | 6,415,369 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Four | 6,632,359 | 12,947,623 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Five | 2,081,525 | 5,416,331 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, after Rolling Year Five | 446,984 | 1,941,593 |
Federal Home Loan Bank Advances Par Value | $ 75,874,476 | $ 80,260,607 |
Advances Interest Rate Payment
Advances Interest Rate Payment Terms (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Advances by Interest Rate Payment Terms [Line Items] | ||
Federal Home Loan Bank, Advances, Fixed Rate, under One Year | $ 41,951,804 | $ 40,590,309 |
Federal Home Loan Bank, Advances, Fixed Rate, after One Year | 27,762,747 | 29,984,969 |
Federal Home Loan Bank, Advances, Fixed Rate | 69,714,551 | 70,575,278 |
Federal Home Loan Bank, Advances, Floating Rate, under One Year | 543,306 | 3,977,589 |
Federal Home Loan Bank, Advances, Floating Rate, after One Year | 5,616,619 | 5,707,740 |
Federal Home Loan Bank, Advances, Floating Rate | 6,159,925 | 9,685,329 |
Federal Home Loan Bank Advances Par Value | $ 75,874,476 | $ 80,260,607 |
Advances Narrative (Details)
Advances Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Advances [Line Items] | |||||
Percent Of Fixed Rate Advances Swapped To Adjustable Rate | 73% | 73% | 76% | ||
Gross Prepayment Fees on Advances Received | $ 48 | $ 75 | $ 84 | $ 85 | |
Federal Home Loan Bank Advances Par Value | $ 75,874,476 | $ 75,874,476 | $ 80,260,607 | ||
Minimum [Member] | |||||
Advances [Line Items] | |||||
Federal Home Loan Bank Advances, Interest Rate | 0.39% | 0.39% | 0.39% | ||
Maximum [Member] | |||||
Advances [Line Items] | |||||
Federal Home Loan Bank Advances, Interest Rate | 8.27% | 8.27% | 8.27% | ||
Federal Home Loan Bank Advances Callable Option [Member] | |||||
Advances [Line Items] | |||||
Federal Home Loan Bank Advances Par Value | $ 6,242,000 | $ 6,242,000 | $ 6,237,407 | ||
Federal Home Loan Bank Advances Putable Option [Member] | |||||
Advances [Line Items] | |||||
Federal Home Loan Bank Advances Par Value | 4,566,750 | 4,566,750 | 5,130,000 | ||
Federal Home Loan Bank Advances Receivable [Member] | |||||
Advances [Line Items] | |||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 259,970 | $ 259,970 | $ 295,802 |
Mortgage Loans Held for Portf_3
Mortgage Loans Held for Portfolio (Details) $ in Thousands | 6 Months Ended | ||||||
Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Mortgage Loans on Real Estate [Line Items] | |||||||
Mortgage Loans On Real Estate, Original Contractual Terms | 15 | ||||||
Loans and Leases Receivable, Unamortized Premiums | $ 70,517 | $ 66,823 | |||||
Loans and Leases Receivable, Unamortized Discounts | (18,283) | (18,730) | |||||
Loans And Leases Receivable, Net Deferred Loan Costs | 7,290 | 7,102 | |||||
Mortgage Loans, Gross | 5,416,150 | 5,096,410 | |||||
Loans and Leases Receivable, Net Amount | 5,409,439 | 5,088,642 | |||||
Loans Receivable With Fixed Rates Of Interest Medium Term [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Loans and Leases Receivable, Unpaid Principal Balance | [1] | 104,712 | 108,718 | ||||
Loans Receivable With Fixed Rates Of Interest Long Term [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Loans and Leases Receivable, Unpaid Principal Balance | 5,251,914 | 4,932,497 | |||||
Government Loan [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Loans and Leases Receivable, Unpaid Principal Balance | 5,139 | 5,662 | |||||
Conventional Mortgage Loan [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Loans and Leases Receivable, Unpaid Principal Balance | 5,351,487 | 5,035,553 | |||||
Conventional Mortgage Loan [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Loans and Leases Receivable, Allowance | (6,711) | $ (6,859) | (7,768) | $ (7,471) | $ (5,245) | $ (4,865) | |
Real Estate Loan [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 33,824 | $ 31,054 | |||||
[1] *Medium-term is defined as an original term of 15 years or less. |
Accrued Interest (Details)
Accrued Interest (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 397,954 | $ 426,243 |
Advances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 259,970 | 295,802 |
Trading [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 11,772 | 9,734 |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 72,931 | 70,460 |
Held-to-Maturity Securities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 379 | 404 |
Real Estate Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 33,824 | 31,054 |
Interest-bearing Deposits [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 9,889 | 9,425 |
Securities Purchased under Agreements to Resell [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 5,992 | 6,530 |
Federal Funds Sold [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 3,197 | $ 2,834 |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ 5,363 | $ 5,363 | |||
Real Estate Acquired Through Foreclosure | 1,112 | 1,112 | $ 705 | ||
Receivables [Abstract] | |||||
Total mortgage loans | 5,416,150 | 5,416,150 | 5,096,410 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 3,956 | $ 3,956 | $ 3,423 | ||
Serious delinquency rate | 0.30% | 0.30% | 0.30% | ||
Past due 90 days or more and still accruing interest | $ 75 | $ 75 | $ 62 | ||
Non-accrual loans | 23,331 | 23,331 | 21,105 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (reversal) for credit losses | 6 | $ 2,226 | (844) | $ 2,606 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6,858 | 6,858 | 18,593 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 11,498 | 11,498 | 45,485 | ||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 253,302 | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 11,498 | 11,498 | 45,485 | ||
SBB Loans | 12,865 | 12,865 | 11,872 | ||
US Government-sponsored Enterprises Debt Securities [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,393 | 1,393 | 4,076 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,394 | 1,394 | 4,076 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1,394 | 1,394 | 4,076 | ||
Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,035,721 | 1,035,721 | 386,303 | ||
Financing Receivable, Originated, Current Fiscal Year and Four Preceding Fiscal Years | 4,375,276 | 4,375,276 | 4,704,428 | ||
Receivables [Abstract] | |||||
Total mortgage loans | 5,410,997 | 5,410,997 | 5,090,731 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 3,938 | $ 3,938 | $ 3,404 | ||
Serious delinquency rate | 0.30% | 0.30% | 0.30% | ||
Past due 90 days or more and still accruing interest | $ 0 | $ 0 | $ 0 | ||
Non-accrual loans | 23,331 | 23,331 | 21,105 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 6,859 | 5,245 | 7,768 | 4,865 | |
Provision (reversal) for credit losses | (148) | 2,226 | (1,057) | 2,606 | |
Balance, end of period | 6,711 | 7,471 | 6,711 | 7,471 | |
Small Business Boost | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 1,528 | 1,291 | 1,552 | 1,255 | |
Charge-offs | 0 | 20 | 83 | 20 | |
Provision (reversal) for credit losses | 154 | 79 | 213 | 115 | |
Balance, end of period | 1,682 | $ 1,350 | 1,682 | $ 1,350 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 55,353 | 55,353 | 47,565 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 15,180 | 15,180 | 7,926 | ||
Financing Receivable, Originated, Current Fiscal Year and Four Preceding Fiscal Years | 39,991 | 39,991 | 39,417 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 55,171 | 55,171 | 47,343 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 13,842 | 13,842 | 17,547 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,902 | 4,902 | 2,796 | ||
Financing Receivable, Originated, Current Fiscal Year and Four Preceding Fiscal Years | 8,928 | 8,928 | 14,736 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 13,830 | 13,830 | 17,532 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 16,848 | 16,848 | 15,238 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,060 | 7,060 | 4,261 | ||
Financing Receivable, Originated, Current Fiscal Year and Four Preceding Fiscal Years | 9,713 | 9,713 | 10,915 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 16,773 | 16,773 | 15,176 | ||
US Government Agency Insured Loans [Member] | |||||
Receivables [Abstract] | |||||
Total mortgage loans | 5,153 | 5,153 | 5,679 | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 18 | $ 18 | $ 19 | ||
Serious delinquency rate | 1.50% | 1.50% | 1.10% | ||
Past due 90 days or more and still accruing interest | $ 75 | $ 75 | $ 62 | ||
Non-accrual loans | 0 | 0 | 0 | ||
US Government Agency Insured Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 182 | 182 | 222 | ||
US Government Agency Insured Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 12 | 12 | 15 | ||
US Government Agency Insured Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 75 | 75 | 62 | ||
Multifamily [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,465 | 5,465 | 14,517 | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 10,080 | 10,080 | 41,409 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 10,080 | 10,080 | 41,409 | ||
Nonperforming Financial Instruments [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 86,043 | 86,043 | 80,350 | ||
Interest payments applied to principal on Non-Accrual Loans | 5,542 | 5,542 | 5,051 | ||
Nonperforming Financial Instruments [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 27,142 | 27,142 | 14,983 | ||
Financing Receivable, Originated, Current Fiscal Year and Four Preceding Fiscal Years | 58,632 | 58,632 | 65,068 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 85,774 | 85,774 | 80,051 | ||
Nonperforming Financial Instruments [Member] | US Government Agency Insured Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 269 | 269 | 299 | ||
Performing Financial Instruments [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 5,330,107 | 5,330,107 | 5,016,060 | ||
Performing Financial Instruments [Member] | Conventional Mortgage Loan [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,008,579 | 1,008,579 | 371,320 | ||
Financing Receivable, Originated, Current Fiscal Year and Four Preceding Fiscal Years | 4,316,644 | 4,316,644 | 4,639,360 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | 5,325,223 | 5,325,223 | 5,010,680 | ||
Performing Financial Instruments [Member] | US Government Agency Insured Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Loans and Leases Receivable, Net of Deferred Income | $ 4,884 | $ 4,884 | $ 5,380 |
Consolidated Obligations (Detai
Consolidated Obligations (Details) - USD ($) $ in Billions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Short-term and Long-term Debt [Line Items] | ||
Percent of Fixed Rate Long Term Debt Swapped to An Adjustable Rate | 92% | 94% |
FHLBanks [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Debt, Gross | $ 1,192 | $ 1,204 |
FHL Bank of Dallas [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Debt, Gross | $ 117.7 | $ 119.8 |
Consolidated Obligations Intere
Consolidated Obligations Interest Rate Payment Terms (Details) - Unsecured Debt [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Debt, Gross | $ 98,433,355 | $ 111,110,160 |
Variable Rate SOFR | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 40,261,500 | 35,499,000 |
Fixed Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 52,266,105 | 69,150,410 |
Step Up [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | 5,890,750 | 6,445,750 |
Step Down [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Gross | $ 15,000 | $ 15,000 |
Consolidated Obligations Redemp
Consolidated Obligations Redemption Terms (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument, Redemption [Line Items] | ||
Bonds | $ 96,906,629 | $ 109,536,207 |
Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt, Gross | 98,433,355 | 111,110,160 |
Debt Instrument, Unamortized Premium | 12,712 | 15,026 |
Debt Instrument, Unamortized Discount | (2,366) | (1,351) |
Unamortized Debt Issuance Expense | (2,374) | (2,314) |
Debt Valuation Adjustment for Hedging Activities | (1,534,698) | (1,585,314) |
Bonds | 96,906,629 | 109,536,207 |
Contractual Maturity [Member] | Unsecured Debt [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 63,840,880 | $ 79,593,685 |
Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate | 4.81% | 4.99% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | $ 14,126,000 | $ 8,366,470 |
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate | 2.94% | 3.25% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | $ 9,084,100 | $ 10,524,685 |
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate | 2.23% | 1.52% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | $ 3,295,370 | $ 6,076,530 |
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate | 3.65% | 2.39% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | $ 2,777,005 | $ 2,744,660 |
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate | 4.29% | 3.82% |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 5,310,000 | $ 3,804,130 |
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate | 3.29% | 2.10% |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.17% | 4.25% |
Consolidated Obligations Callab
Consolidated Obligations Callable/Non-callable (Details) - Unsecured Debt [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Long-term Debt Callable or Non-Callable [Line Items] | ||
Debt, Gross | $ 98,433,355 | $ 111,110,160 |
Non Callable [Member] | ||
Long-term Debt Callable or Non-Callable [Line Items] | ||
Debt, Gross | 56,492,975 | 53,052,780 |
Callable [Member] | ||
Long-term Debt Callable or Non-Callable [Line Items] | ||
Debt, Gross | $ 41,940,380 | $ 58,057,380 |
Consolidated Obligations Contra
Consolidated Obligations Contractual Maturity or Next Call Date (Details) - Unsecured Debt [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Consolidated Obligations by Contractual Maturity or Next Call Date [Line Items] | ||
Debt, Gross | $ 98,433,355 | $ 111,110,160 |
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 | 90,811,780 | 104,490,185 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 2,963,000 | 2,362,870 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 2,872,200 | 2,282,685 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 985,370 | 1,218,630 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 740,005 | 629,660 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 61,000 | 126,130 |
Debt, Gross | $ 98,433,355 | $ 111,110,160 |
Consolidated Obligations Discou
Consolidated Obligations Discount Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Short-term Debt [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Discount Notes | $ 19,009,983 | $ 8,598,022 |
Discount Notes [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Face Amount | $ 19,288,937 | $ 8,658,784 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.09% | 5.10% |
Affordable Housing Program ("_3
Affordable Housing Program ("AHP") (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Affordable Housing Program [Roll Forward] | ||||
Balance, beginning of period | $ 150,431 | $ 76,794 | ||
AHP assessment | $ 20,809 | $ 26,648 | 40,878 | 46,070 |
AHP Voluntary Contribution Expense | 299 | 0 | ||
Grants funded, net of recaptured amounts | (24,354) | (14,733) | ||
Balance, end of period | $ 167,254 | $ 108,131 | $ 167,254 | $ 108,131 |
Assets and Liabilities Subjec_3
Assets and Liabilities Subject to Offsetting (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Offsetting Assets and Liabilities [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 943,155 | $ 768,240 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (910,095) | (750,636) |
Derivative Assets | 33,060 | 17,604 | |
Derivative, Collateral, Obligation to Return Securities | [2] | (12,409) | (3,644) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 20,651 | 13,960 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (1,618,589) | (1,772,626) |
Derivative Liabilities | 4,973 | 21,575 | |
Securities Purchased under Agreements to Resell, Gross | 13,550,000 | 14,750,000 | |
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral | 0 | 0 | |
Securities Purchased under Agreements to Resell | 13,550,000 | 14,750,000 | |
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities | [2] | (13,550,000) | (14,750,000) |
Securities Purchased under Agreements to Resell, Amount Not Offset Against Collateral | 0 | 0 | |
Offsetting Assets, Gross | 14,493,155 | 15,518,240 | |
Assets, Amounts Offset Against Collateral | (910,095) | (750,636) | |
Offsetting Assets, Total | 13,583,060 | 14,767,604 | |
Offsetting Assets, Collateral Not Offset in the Statement of Condition | [2] | (13,562,409) | (14,753,644) |
Offsetting Assets, Amount Not Offset Against Collateral | 20,651 | 13,960 | |
Offsetting Liabilities, Gross | 1,623,562 | 1,794,201 | |
Liabilities, Amounts Offset Against Collateral | (1,618,589) | (1,772,626) | |
Offsetting Liabilities, Total | 4,973 | 21,575 | |
Offsetting Liabilities, Collateral Not Offset In the Statement of Condition | [2] | (1,926) | (10,067) |
Offsetting Liabilities, Amount Not Offset Against Collateral | 3,047 | 11,508 | |
Over the Counter [Member] | |||
Offsetting Assets and Liabilities [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 922,329 | 760,465 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (901,989) | (744,226) | |
Derivative Assets | 20,340 | 16,239 | |
Derivative, Collateral, Obligation to Return Securities | [2],[3] | (12,409) | (3,644) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 7,931 | 12,595 | |
Derivative Liability, Fair Value, Gross Liability | 1,618,785 | 1,780,309 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (1,613,839) | (1,767,740) | |
Derivative Liabilities | 4,946 | 12,569 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 3,047 | 11,508 | |
Derivative, Collateral, Right to Reclaim Securities That Can Not Be Sold or Repledged | [2],[3] | (1,899) | (1,061) |
Excess Non-Cash Collateral Received | 71,888 | 81,340 | |
Excess Non-Cash Collateral Pledged | 117,110 | 120,667 | |
Exchange Cleared [Member] | |||
Offsetting Assets and Liabilities [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 20,826 | 7,775 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (8,106) | (6,410) | |
Derivative Assets | 12,720 | 1,365 | |
Derivative, Collateral, Obligation to Return Securities | [2] | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 12,720 | 1,365 | |
Derivative Liability, Fair Value, Gross Liability | 4,777 | 13,892 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (4,750) | (4,886) | |
Derivative Liabilities | 27 | 9,006 | |
Derivative Liabilities, Non-Cash, Collateral Pledged to Counterparties | [2],[4] | (27) | (9,006) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | |
Derivative Liabilities, Additional Net Exposure, Collateral Pledged to Counterparties in Excess of Net Liabilities | 555,859 | $ 758,362 | |
Minimum [Member] | Non-member Counterparty [Member] | |||
Offsetting Assets and Liabilities [Line Items] | |||
Collateral Thresholds | 50 | ||
Maximum [Member] | Non-member Counterparty [Member] | |||
Offsetting Assets and Liabilities [Line Items] | |||
Collateral Thresholds | $ 500 | ||
[1] 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 any cash collateral held or placed with those same counterparties. Any overcollateralization or any excess variation margin associated with daily settled contracts at an individual clearinghouse/clearing member or bilateral counterparty level is not included in the determination of the net unsecured amount. Includes collateral pledged by member counterparties and securities received or pledged as a result of the initial margin requirements imposed upon the Bank and its bilateral counterparties. The amount of non-cash collateral for uncleared derivatives included in the determination of the net amount is limited to the amount needed to secure the Bank's or the counterparties' uncleared exposure. At June 30, 2024 and December 31, 2023, the Bank had pledged excess non-cash collateral with fair values of $117,110,000 and $120,667,000, respectively, and the Bank had received excess non-cash collateral with fair values of $71,888,000 and $81,340,000, respectively, from its bilateral counterparties. Consists of securities pledged by the Bank. In addition to the amount needed to secure the counterparties' exposure to the Bank, the Bank had pledged securities with aggregate fair values of $555,859,000 and $758,362,000 at June 30, 2024 and December 31, 2023, respectively, to further secure its cleared derivatives, which is a result of the initial margin requirements imposed upon the Bank. |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Derivatives in Statement of Condition) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 149,008,888 | $ 164,124,858 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 943,155 | 768,240 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,623,562 | 1,794,201 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (50,662) | (14,738) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (762,506) | (1,038,247) | |
Derivative Asset Fair Value Cash Received or Remitted Exceeding Variation Margin Requirement | (3,323) | 120 | |
Derivative Liability, Fair Value Cash Received or Remitted Exceeding Variation Margin Requirement | 27 | 1,639 | |
Derivative Asset, Fair Value, Gross Liability | (856,110) | (736,018) | |
Derivative Liability, Fair Value, Gross Asset | (856,110) | (736,018) | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (910,095) | (750,636) |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (1,618,589) | (1,772,626) |
Derivative assets | 33,060 | 17,604 | |
Derivative liabilities | 4,973 | 21,575 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 119,742,674 | 141,825,921 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 572,414 | 474,975 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,618,599 | 1,791,291 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Advances [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [2] | 45,980,087 | 52,539,282 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [2] | 117,501 | 78,178 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [2] | 8,099 | 70,360 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [2] | 19,616,122 | 17,987,464 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [2] | 308,359 | 138,600 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [2] | 28,295 | 66,469 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Consolidated Obligation Bonds [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [2] | 53,080,465 | 70,233,175 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [2] | 145,532 | 258,148 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [2] | 1,582,205 | 1,654,346 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Consolidated Obligation Discount Notes [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [3] | 1,066,000 | 1,066,000 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [3] | 1,022 | 49 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 0 | 116 |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 29,266,214 | 22,298,937 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 370,741 | 293,265 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4,963 | 2,910 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Advances [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 5,108,500 | 1,108,500 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 100 | 238 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 2,028 | 2,049 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1 | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Mortgages [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 950,995 | 812,975 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5,104 | 3,690 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 268 | 2,028 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Consolidated Obligation Bonds [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 718,445 | 1,021,445 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,117 | 8,401 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 434 | 474 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Consolidated Obligation Discount Notes [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 4,623,500 | 1,521,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 19 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 101 | 104 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Counterparty exposure [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 15,300,000 | 15,300,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 362,266 | 275,027 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 3,874 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Intermediary Transactions [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 18,558 | 18,558 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 113 | 123 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 100 | 108 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 400,000 | 400,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 185 | 50 | |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Mortgage Receivable [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 19,188 | 14,410 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 67 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 1,150,000 | 1,150,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,444 | 3,058 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaption [Member] | Mortgages [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 575,000 | 550,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 581 | 2,642 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |
Not Designated as Hedging Instrument, Trading [Member] | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 400,000 | 400,000 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 15 | 0 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 0 | $ 146 | |
[1] 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 any cash collateral held or placed with those same counterparties. Derivatives designated as fair value hedges. Derivatives designated as cash flow hedges. |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Net gains (losses) on fair value and cash flow hedges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Advances | $ 1,143,057 | $ 1,731,345 | $ 2,292,998 | $ 2,871,532 |
Available-for-sale securities | 290,414 | 245,361 | 571,115 | 447,113 |
Interest Expense, Other Long-term Debt | (1,337,457) | (1,491,843) | (2,779,996) | (2,318,046) |
Interest Expense, Other Short-term Borrowings | (200,394) | (684,811) | (303,790) | (1,256,041) |
Total other comprehensive income (loss) | (1,542) | 136,697 | 127,288 | 36,693 |
Unrealized gains on cash flow hedges | 6,068 | 27,695 | 26,497 | 14,762 |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Comprehensive Income (Loss) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (8,096) | (7,636) | (16,233) | (12,734) |
Unrealized gains on cash flow hedges | 6,068 | 27,695 | 26,497 | 14,762 |
Net Gain (Loss) on Cash Flow Hedging Relationship | (2,028) | 20,059 | 10,264 | 2,028 |
Advances [Member] | Interest Rate Contract [Member] | Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 152,158 | 763,258 | 692,514 | 622,001 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 18,817 | (604,809) | (342,153) | (382,311) |
Gain (Loss) On Fair Value Hedging Relationship | 170,975 | 158,449 | 350,361 | 239,690 |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | Interest Rate Contract [Member] | Interest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 120,540 | 433,594 | 497,436 | 221,000 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 4,043 | (325,132) | (246,702) | (38,554) |
Gain (Loss) On Fair Value Hedging Relationship | 124,583 | 108,462 | 250,734 | 182,446 |
Consolidated Obligation Bonds [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (138,459) | (610,842) | (522,322) | (379,921) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (136,339) | 330,285 | (50,617) | (136,985) |
Gain (Loss) On Fair Value Hedging Relationship | (274,798) | (280,557) | (572,939) | (516,906) |
Consolidated Obligation Discount Notes [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 8,096 | 7,636 | 16,233 | 12,734 |
Net Gain (Loss) on Cash Flow Hedging Relationship | $ 8,096 | $ 7,636 | $ 16,233 | $ 12,734 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Advances [Member] | |||
ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock [Line Items] | |||
Hedged Asset, Fair Value Hedge | [1] | $ 45,912,037 | $ 53,387,467 |
HedgedAssetActiveFairValueHedgeCumulativeIncreaseDecrease | (636,297) | (283,161) | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (10,481) | (22,480) | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | [2] | (646,778) | (305,641) |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |||
ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock [Line Items] | |||
Hedged Asset, Fair Value Hedge | [1] | 18,903,352 | 17,640,544 |
HedgedAssetActiveFairValueHedgeCumulativeIncreaseDecrease | (852,038) | (604,482) | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (9,357) | (12,031) | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | [2] | (861,395) | (616,513) |
Consolidated Obligation Bonds [Member] | |||
ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock [Line Items] | |||
Hedged Liability, Fair Value Hedge | [1] | 52,401,507 | 69,859,709 |
HedgedLiabilityActiveFairValueHedgeCumulativeIncreaseDecrease | (1,532,456) | (1,579,847) | |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (2,242) | (5,467) | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | [2] | $ (1,534,698) | $ (1,585,314) |
[1] Reflects the amortized cost of hedged items in active or discontinued fair value hedging relationships, which includes fair value hedging basis adjustments. Reflects the cumulative life-to-date unamortized hedging gains (losses) on the hedged items. |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Net gains (losses) on derivatives and hedging activities in other income (loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 2,883 | $ 5,421 | $ 4,882 | $ 8,688 | |
Derivative Instruments, Other Gain (Loss) | [1] | 4,910 | 2,733 | 9,529 | 5,110 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 7,793 | 8,154 | 14,411 | 13,798 | |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (475) | 4,118 | 1,763 | 11,150 | |
Not Designated as Hedging Instrument, Economic Hedge [Member] | NetInterestSettlements [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 3,669 | 1,907 | 6,421 | (2,536) | |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Swaption [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (332) | (3,167) | (3,880) | (1,976) | |
Mortgage Receivable [Member] | Forward Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 21 | $ 2,563 | $ 578 | $ 2,050 | |
[1] Reflects the price alignment amounts on variation margin for daily settled derivative contracts that are not designated as hedging instruments. The price alignment amounts on variation margin for daily settled derivative contracts that are designated as hedging instruments are recorded in the same line item as the earnings effect of the hedged item. |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 149,008,888,000 | $ 164,124,858,000 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 32,153,000 | |
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years 7 months | |
Over the Counter [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 71,520,000,000 | |
Exchange Cleared [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 77,460,000,000 | |
Percent of Derivative Contract | 52% | |
Member Counterparties [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 30,000,000 |
Capital (Details)
Capital (Details) - USD ($) | Jun. 30, 2024 | Jun. 25, 2024 | Mar. 26, 2024 | Dec. 31, 2023 | Aug. 01, 2020 | Apr. 01, 2020 | Oct. 21, 2015 |
Capital [Line Items] | |||||||
Minimum Capital Stock to Assets Ratio, Percent Required | 2% | 2% | |||||
Federal Home Loan Bank, Risk-Based Capital, Required | $ 1,225,565,000 | $ 1,496,484,000 | |||||
Federal Home Loan Bank, Risk-Based Capital, Actual | 7,211,325,000 | 7,150,877,000 | |||||
Federal Home Loan Bank, Regulatory Capital, Required | 5,049,263,000 | 5,130,584,000 | |||||
Federal Home Loan Bank, Regulatory Capital, Actual | $ 7,211,325,000 | $ 7,150,877,000 | |||||
Regulatory Capital Ratio, Required | 4% | 4% | |||||
Federal Home Loan Bank, Regulatory Capital Ratio, Actual | 5.71% | 5.58% | |||||
Federal Home Loan Bank, Leverage Capital, Required | $ 6,311,579,000 | $ 6,413,231,000 | |||||
Federal Home Loan Bank, Leverage Capital, Actual | $ 10,816,988,000 | $ 10,726,316,000 | |||||
Leverage Ratio, Required | 5% | 5% | |||||
Leverage Ratio, Actual | 8.57% | 8.36% | |||||
Membership Investment Requirement, Percent of Members Total Assets as of Previous Calendar Year | 0.04% | ||||||
Membership Investment Requirement, Minimum Dollar Amount | $ 1,000 | ||||||
Membership Investment Requirement, Maximum Dollar Amount | $ 7,000,000 | ||||||
Activity Based Investment Requirement, Percent of Outstanding Advances | 4.10% | 4.10% | |||||
Activity Based % Requirement, Special Advances Program | 2% | ||||||
Surplus Stock Threshold Percentage | 125% | 125% | 125% | ||||
Minimum Stock Surplus Required For Repurchase | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | ||||
Repurchased Surplus Stock, Total | 130,259,000 | 166,651,000 | |||||
RepurchasedSurplusStockMRCSPortion | $ 266,000 | $ 4,000 | |||||
Activity Based Investment Requirement, Percent of Outstanding Advances 2020 | 4.10% | ||||||
Activity Based % Special Advances Program 2020 | 2% | ||||||
2020 Special Advance Offering, Maximum Balance | $ 5,000,000,000 | ||||||
Activity Based Investment Requirement, Percent of Outstanding Advances 2020 Modification | 4.10% | ||||||
Activity Based % Requirement, Special Advances Program 2020 Modification | 2% | ||||||
Activity Based Investment Requirement, Percent of Outstanding LOCs | 0.10% |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 6 | $ 5 | $ 11 | $ 10 |
Interest cost | 4 | 3 | 8 | 6 |
Amortization of prior service cost | 5 | 5 | 10 | 10 |
Amortization of net actuarial gain | (22) | (24) | (44) | (48) |
Net periodic benefit credit | $ (7) | $ (11) | $ (15) | $ (22) |
Fair Value Measures and Discl_2
Fair Value Measures and Disclosures (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | $ 41,458 | $ 49,885 | |
Trading securities | 2,335,256 | 1,271,943 | |
Available-for-sale securities | [1] | 19,070,588 | 17,690,722 |
Debt Securities, Held-to-maturity | [2] | 238,534 | 253,302 |
Debt Securities, Held-to-maturity, Fair Value | 233,243 | 247,126 | |
Accrued interest receivable (Note 8) | 397,954 | 426,243 | |
Derivative assets | 33,060 | 17,604 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [3] | (910,095) | (750,636) |
Other Assets, Fair Value Disclosure | 18,708 | 16,546 | |
Mandatorily redeemable capital stock | 296 | 506 | |
Accrued interest payable | 804,455 | 883,353 | |
Derivative liabilities | 4,973 | 21,575 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [3] | (1,618,589) | (1,772,626) |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 41,458 | 49,885 | |
Interest-bearing Deposits, Fair Value Disclosure | 0 | 0 | |
Securities Purchased under Agreements to Resell, Fair Value Disclosure | 0 | 0 | |
Federal Funds Sold, Fair Value Disclosure | 0 | 0 | |
Trading securities | 0 | 0 | |
Available-for-sale securities | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | |
Federal Home Loan Bank Advances, Fair Value Disclosure | 0 | 0 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Accrued interest receivable (Note 8) | 0 | 0 | |
Derivative assets | 0 | 0 | |
Other Assets, Fair Value Disclosure | 18,708 | 16,546 | |
Deposits, Fair Value Disclosure | 0 | 0 | |
Mandatorily redeemable capital stock | 296 | 506 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term Debt, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing Deposits, Fair Value Disclosure | 2,647,933 | 2,297,225 | |
Securities Purchased under Agreements to Resell, Fair Value Disclosure | 13,550,000 | 14,750,000 | |
Federal Funds Sold, Fair Value Disclosure | 7,200,000 | 6,368,000 | |
Trading securities | 2,335,256 | 1,271,943 | |
Available-for-sale securities | 19,070,588 | 17,690,722 | |
Debt Securities, Held-to-maturity, Fair Value | 233,243 | 247,126 | |
Federal Home Loan Bank Advances, Fair Value Disclosure | 75,272,794 | 79,963,694 | |
Loans Receivable, Fair Value Disclosure | 4,901,082 | 4,701,659 | |
Accrued interest receivable (Note 8) | 397,954 | 426,243 | |
Derivative assets | 943,155 | 768,240 | |
Other Assets, Fair Value Disclosure | 0 | 0 | |
Deposits, Fair Value Disclosure | 1,420,202 | 1,427,830 | |
Mandatorily redeemable capital stock | 0 | 0 | |
Accrued interest payable | 804,455 | 883,353 | |
Derivative liabilities | 1,623,562 | 1,794,201 | |
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 96,414,514 | 108,972,660 | |
Fair Value, Inputs, Level 2 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term Debt, Fair Value | 18,995,006 | 8,594,261 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 0 | 0 | |
Interest-bearing Deposits, Fair Value Disclosure | 0 | 0 | |
Securities Purchased under Agreements to Resell, Fair Value Disclosure | 0 | 0 | |
Federal Funds Sold, Fair Value Disclosure | 0 | 0 | |
Trading securities | 0 | 0 | |
Available-for-sale securities | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | |
Federal Home Loan Bank Advances, Fair Value Disclosure | 0 | 0 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Accrued interest receivable (Note 8) | 0 | 0 | |
Derivative assets | 0 | 0 | |
Other Assets, Fair Value Disclosure | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | |
Mandatorily redeemable capital stock | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Consolidated Obligation Discount Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term Debt, Fair Value | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 41,458 | 49,885 | |
Interest-bearing Deposits, Fair Value Disclosure | 2,647,933 | 2,297,225 | |
Securities Purchased under Agreements to Resell, Fair Value Disclosure | 13,550,000 | 14,750,000 | |
Federal Funds Sold, Fair Value Disclosure | 7,200,000 | 6,368,000 | |
Trading securities | 2,335,256 | 1,271,943 | |
Available-for-sale securities | 19,070,588 | 17,690,722 | |
Debt Securities, Held-to-maturity, Fair Value | 233,243 | 247,126 | |
Federal Home Loan Bank Advances, Fair Value Disclosure | 75,272,794 | 79,963,694 | |
Loans Receivable, Fair Value Disclosure | 4,901,082 | 4,701,659 | |
Accrued interest receivable (Note 8) | 397,954 | 426,243 | |
Derivative assets | 33,060 | 17,604 | |
Other Assets, Fair Value Disclosure | 18,708 | 16,546 | |
Deposits, Fair Value Disclosure | 1,420,202 | 1,427,830 | |
Mandatorily redeemable capital stock | 296 | 506 | |
Accrued interest payable | 804,455 | 883,353 | |
Derivative liabilities | 4,973 | 21,575 | |
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 96,414,514 | 108,972,660 | |
Estimate of Fair Value Measurement [Member] | Consolidated Obligation Discount Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term Debt, Fair Value | 18,995,006 | 8,594,261 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 41,458 | 49,885 | |
Interest-bearing Deposits, Fair Value Disclosure | 2,647,933 | 2,297,225 | |
Securities Purchased under Agreements to Resell, Fair Value Disclosure | 13,550,000 | 14,750,000 | |
Federal Funds Sold, Fair Value Disclosure | 7,200,000 | 6,368,000 | |
Trading securities | 2,335,256 | 1,271,943 | |
Available-for-sale securities | 19,070,588 | 17,690,722 | |
Debt Securities, Held-to-maturity | 238,534 | 253,302 | |
Federal Home Loan Bank Advances, Fair Value Disclosure | 75,225,134 | 79,951,855 | |
Loans Receivable, Fair Value Disclosure | 5,409,439 | 5,088,642 | |
Accrued interest receivable (Note 8) | 397,954 | 426,243 | |
Derivative assets | 33,060 | 17,604 | |
Other Assets, Fair Value Disclosure | 18,708 | 16,546 | |
Deposits, Fair Value Disclosure | 1,420,225 | 1,427,843 | |
Mandatorily redeemable capital stock | 296 | 506 | |
Accrued interest payable | 804,455 | 883,353 | |
Derivative liabilities | 4,973 | 21,575 | |
Reported Value Measurement [Member] | Consolidated Obligation Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 96,906,629 | 109,536,207 | |
Reported Value Measurement [Member] | Consolidated Obligation Discount Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term Debt, Fair Value | $ 19,009,983 | $ 8,598,022 | |
[1] Amortized cost: $18,903,352 and $17,640,544 at June 30, 2024 and December 31, 2023, respectively. Fair values: $233,243 and $247,126 at June 30, 2024 and December 31, 2023, respectively. Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions as well as any cash collateral held or placed with those same counterparties. |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 766,861 | $ 1,048,427 |
Derivative, Collateral, Right to Reclaim Securities | 674,895 | 889,096 |
Other FHLBanks [Member] | ||
Commitments and Contingencies [Line Items] | ||
Debt, Gross | 1,074,000,000 | |
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | ||
Commitments and Contingencies [Line Items] | ||
Derivative, Collateral, Right to Reclaim Securities | 609,676 | 821,812 |
Asset Pledged as Collateral with Right | ||
Commitments and Contingencies [Line Items] | ||
Derivative, Collateral, Right to Reclaim Securities | 555,886 | 767,368 |
Loan Origination Commitments [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 2,029 | 592 |
Standby Letters of Credit [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 32,128,414 | 33,308,221 |
Financial Standby Letter of Credit [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring in 2024 | 39,788 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring in 2025 | 189,765 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring in 2026 | 208,011 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring in 2027 | 141,313 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring in 2028 | 162,987 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 741,864 | 777,870 |
Consolidated Obligation Bonds [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 3,065,000 | 33,700 |
Consolidated Obligation Discount Notes [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 30,020 | |
Conventional Mortgage Loan [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 19,188 | 14,410 |
Interest Rate Swap [Member] | Consolidated Obligation Bonds [Member] | ||
Commitments and Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 65,000 | $ 25,000 |
Transactions with Other FHLBa_2
Transactions with Other FHLBanks (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Borrowings from Other FHLBanks [Roll Forward] | |||
Loans from other FHLBanks, Beginning of period | $ 0 | $ 0 | $ 0 |
Loans from other FHLBanks, End of period | 0 | 0 | |
Loans Made to Other FHLBanks [Roll Forward] | |||
Interest Expense, Loans from Other Federal Home Loan Banks | 4 | 518 | |
FHLB of San Francisco [Member] | |||
Borrowings from Other FHLBanks [Roll Forward] | |||
Proceeds from FHLBank Borrowings, Financing Activities | 0 | 300,000 | |
Payments of FHLBank Borrowings, Financing Activities | 0 | (300,000) | |
FHLB of Boston [Member] | |||
Borrowings from Other FHLBanks [Roll Forward] | |||
Proceeds from FHLBank Borrowings, Financing Activities | 0 | 1,000,000 | |
Payments of FHLBank Borrowings, Financing Activities | 0 | (1,000,000) | |
FHLBank of Indianapolis [Member] | |||
Borrowings from Other FHLBanks [Roll Forward] | |||
Proceeds from FHLBank Borrowings, Financing Activities | 30,000 | 10,000 | |
Payments of FHLBank Borrowings, Financing Activities | $ (30,000) | $ (10,000) | |
Federal Home Loan Bank of Topeka | |||
Loans Made to Other FHLBanks [Roll Forward] | |||
Par value of bonds transferred from other Federal Home Loan Banks | $ 1,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | $ 108,849 | ||||
Reclassifications from accumulated other comprehensive income (loss) to net income | |||||
Reclassification adjustment for gains on cash flow hedges included in net income | $ (8,096) | $ (7,636) | (16,233) | $ (12,734) | |
Other amounts of other comprehensive income (loss) | |||||
Net unrealized gains (losses) on available-for-sale securities | 503 | 113,299 | 117,058 | 31,275 | |
Unrealized gains on cash flow hedges | 6,068 | 27,695 | 26,497 | 14,762 | |
Reversal of non-credit other-than-temporary impairment losses upon sale of held-to-maturity securities | 0 | 3,338 | 0 | 3,338 | |
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 0 | 20 | 0 | 90 | |
Total other comprehensive income (loss) | (1,542) | 136,697 | 127,288 | 36,693 | |
Accumulated other comprehensive income (loss), End of period | 236,137 | 236,137 | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | [1] | 166,733 | 25,028 | 50,178 | 107,052 |
Other amounts of other comprehensive income (loss) | |||||
Net unrealized gains (losses) on available-for-sale securities | [1] | 503 | 113,299 | 117,058 | 31,275 |
Total other comprehensive income (loss) | [1] | 503 | 113,299 | 117,058 | 31,275 |
Accumulated other comprehensive income (loss), End of period | [1] | 167,236 | 138,327 | 167,236 | 138,327 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | 69,852 | 59,634 | 57,560 | 77,665 | |
Reclassifications from accumulated other comprehensive income (loss) to net income | |||||
Reclassification adjustment for gains on cash flow hedges included in net income | (8,096) | (7,636) | (16,233) | (12,734) | |
Other amounts of other comprehensive income (loss) | |||||
Unrealized gains on cash flow hedges | 6,068 | 27,695 | 26,497 | 14,762 | |
Total other comprehensive income (loss) | (2,028) | 20,059 | 10,264 | 2,028 | |
Accumulated other comprehensive income (loss), End of period | 67,824 | 79,693 | 67,824 | 79,693 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | 1,094 | 1,218 | 1,111 | 1,237 | |
Reclassifications from accumulated other comprehensive income (loss) to net income | |||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (17) | (19) | (34) | (38) | |
Other amounts of other comprehensive income (loss) | |||||
Total other comprehensive income (loss) | (17) | (19) | (34) | (38) | |
Accumulated other comprehensive income (loss), End of period | 1,077 | 1,199 | 1,077 | 1,199 | |
AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | 237,679 | 82,522 | 108,849 | 182,526 | |
Reclassifications from accumulated other comprehensive income (loss) to net income | |||||
Reclassification adjustment for gains on cash flow hedges included in net income | (8,096) | (7,636) | (16,233) | (12,734) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (17) | (19) | (34) | (38) | |
Other amounts of other comprehensive income (loss) | |||||
Net unrealized gains (losses) on available-for-sale securities | 503 | 113,299 | 117,058 | 31,275 | |
Unrealized gains on cash flow hedges | 6,068 | 27,695 | 26,497 | 14,762 | |
Reversal of non-credit other-than-temporary impairment losses upon sale of held-to-maturity securities | 3,338 | 3,338 | |||
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 20 | 90 | |||
Total other comprehensive income (loss) | (1,542) | 136,697 | 127,288 | 36,693 | |
Accumulated other comprehensive income (loss), End of period | 236,137 | 219,219 | 236,137 | 219,219 | |
Held-to-Maturity Securities [Member] | AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive income (loss), Start of period | 0 | (3,358) | 0 | (3,428) | |
Other amounts of other comprehensive income (loss) | |||||
Reversal of non-credit other-than-temporary impairment losses upon sale of held-to-maturity securities | 3,338 | 3,338 | |||
Accretion of non-credit portion of other-than-temporary impairment losses to the carrying value of held-to-maturity securities | 20 | 90 | |||
Total other comprehensive income (loss) | 0 | 3,358 | 0 | 3,428 | |
Accumulated other comprehensive income (loss), End of period | $ 0 | $ 0 | $ 0 | $ 0 | |
[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. |