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Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Trading Securities The following table presents trading securities as of September 30, 2020 and December 31, 2019.
(in thousands)September 30, 2020December 31, 2019
U.S. Treasury obligations$1,028,642 $3,390,772 
GSE and TVA obligations258,906 240,878 
Total$1,287,548 $3,631,650 
Net Gains (Losses) on Trading Securities
The following table presents net gains (losses) on trading securities for the third quarter and first nine months of 2020 and 2019.
 Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Net unrealized gains (losses) on trading securities held at period-end
$(3,447)$5,429 $28,640 $22,840 
Net unrealized and realized gains (losses) on trading securities sold/matured during the period
(1,876)12 25,228 515 
Net gains (losses) on trading securities$(5,323)$5,441 $53,868 $23,355 
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] The following tables present AFS securities as of September 30, 2020 and December 31, 2019.
 September 30, 2020
(in thousands)
Amortized Cost (1)
Allowance for Credit Losses (2)
Gross Unrealized GainsGross Unrealized LossesFair Value
Non-MBS:     
GSE and TVA obligations
$1,607,356 $— $51,315 $— $1,658,671 
State or local agency obligations234,097 — 13,793 — 247,890 
Total non-MBS$1,841,453 $— $65,108 $— $1,906,561 
MBS:     
U.S. obligations single-family MBS$651,330 $— $7,490 $(133)$658,687 
GSE single-family MBS 3,675,908 — 28,991 (362)3,704,537 
GSE multifamily MBS 3,608,683 — 11,649 (4,719)3,615,613 
Private label MBS232,906 (1,691)36,749 (340)267,624 
Total MBS$8,168,827 $(1,691)$84,879 $(5,554)$8,246,461 
Total AFS securities$10,010,280 $(1,691)$149,987 $(5,554)$10,153,022 
 December 31, 2019
(in thousands)
Amortized Cost (1)
OTTI Recognized in AOCIGross Unrealized GainsGross Unrealized LossesFair Value
Non-MBS:     
GSE and TVA obligations
$1,508,264 $— $42,435 $— $1,550,699 
State or local agency obligations238,496 — 9,398 — 247,894 
Total non-MBS$1,746,760 $— $51,833 $— $1,798,593 
MBS:     
U.S. obligations single-family MBS$805,294 $— $3,590 $(1,298)$807,586 
GSE single-family MBS 4,053,700 — 9,574 (7,415)4,055,859 
GSE multifamily MBS 4,120,532 — 4,581 (15,528)4,109,585 
Private label MBS274,624 — 51,704 (182)326,146 
Total MBS$9,254,150 $— $69,449 $(24,423)$9,299,176 
Total AFS securities$11,000,910 $— $121,282 $(24,423)$11,097,769 
Notes:
(1) Includes adjustments made to the cost basis of an investment for accretion, amortization, OTTI and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $19.3 million and $24.4 million at September 30, 2020 and December 31, 2019.
(2) Due to the adoption of ASU 2016-13, effective January 1, 2020, the Bank recorded an ACL for expected credit losses on AFS securities.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]
The following tables summarize the AFS securities with unrealized losses as of September 30, 2020 and December 31, 2019. The unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.
 September 30, 2020
 Less than 12 MonthsGreater than 12 MonthsTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
MBS:      
U.S. obligations single-family MBS$— $— $56,485 $(133)$56,485 $(133)
GSE single-family MBS 49,120 (86)228,764 (276)277,884 (362)
GSE multifamily MBS 214,578 (269)2,487,327 (4,450)2,701,905 (4,719)
Private label MBS1,799 (22)2,611 (318)4,410 (340)
Total MBS$265,497 $(377)$2,775,187 $(5,177)$3,040,684 $(5,554)
Total$265,497 $(377)$2,775,187 $(5,177)$3,040,684 $(5,554)
 December 31, 2019
 Less than 12 MonthsGreater than 12 MonthsTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
MBS:
U.S. obligations single-family MBS$492,038 $(1,022)$46,104 $(276)$538,142 $(1,298)
GSE single-family MBS 2,458,728 (6,318)221,806 (1,097)2,680,534 (7,415)
GSE multifamily MBS 2,515,001 (10,683)1,181,509 (4,845)3,696,510 (15,528)
Private label MBS— — 2,979 (182)2,979 (182)
Total MBS$5,465,767 $(18,023)$1,452,398 $(6,400)$6,918,165 $(24,423)
Total$5,465,767 $(18,023)$1,452,398 $(6,400)$6,918,165 $(24,423)
Investments Classified by Contractual Maturity Date [Table Text Block] The amortized cost and fair value of AFS securities by contractual maturity as of September 30, 2020 and December 31, 2019 are presented below. Expected maturities of some securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.
(in thousands)September 30, 2020December 31, 2019
Year of MaturityAmortized CostFair ValueAmortized CostFair Value
Non-MBS:
Due in one year or less$65,371 $65,586 $— $— 
Due after one year through five years545,669 557,360 525,301 534,642 
Due after five years through ten years795,744 823,978 700,613 719,672 
Due after ten years434,669 459,637 520,846 544,279 
Total non-MBS1,841,453 1,906,561 1,746,760 1,798,593 
MBS8,168,827 8,246,461 9,254,150 9,299,176 
Total AFS securities$10,010,280 $10,153,022 $11,000,910 $11,097,769 
he amortized cost and fair value of HTM securities by contractual maturity as of September 30, 2020 and December 31, 2019 are presented below. Expected maturities of some securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.
(in thousands)September 30, 2020December 31, 2019
Year of MaturityAmortized CostFair ValueAmortized CostFair Value
Non-MBS:    
Due in one year or less$— $— $— $— 
Due after one year through five years— — — — 
Due after five years through ten years— — 31,925 31,381 
Due after ten years— — 62,385 59,535 
Total non-MBS— — 94,310 90,916 
MBS1,967,036 2,047,354 2,301,381 2,349,372 
Total HTM securities$1,967,036 $2,047,354 $2,395,691 $2,440,288 
Debt Securities, Held-to-maturity [Table Text Block] The following tables present HTM securities as of September 30, 2020 and December 31, 2019.
 September 30, 2020
(in thousands)
Amortized Cost (1)
Gross Unrealized Holding GainsGross Unrealized Holding LossesFair Value
MBS:   
U.S. obligations single-family MBS$176,039 $1,384 $— $177,423 
GSE single-family MBS1,158,572 26,140 (709)1,184,003 
GSE multifamily MBS531,098 55,058 — 586,156 
Private label MBS101,327 301 (1,856)99,772 
Total MBS$1,967,036 $82,883 $(2,565)$2,047,354 
Total HTM securities (2)
$1,967,036 $82,883 $(2,565)$2,047,354 
 December 31, 2019
(in thousands)
Amortized Cost (1)
Gross Unrealized Holding GainsGross Unrealized Holding LossesFair Value
Non-MBS:    
State or local agency obligations$94,310 $— $(3,394)$90,916 
MBS:   
U.S. obligations single-family MBS$250,195 $1,087 $(78)$251,204 
GSE single-family MBS1,156,545 20,896 (254)1,177,187 
GSE multifamily MBS770,823 26,231 (252)796,802 
Private label MBS123,818 881 (520)124,179 
Total MBS$2,301,381 $49,095 $(1,104)$2,349,372 
Total HTM securities $2,395,691 $49,095 $(4,498)$2,440,288 
Notes:
(1) Includes adjustments made to the cost basis of an investment for accretion and amortization and excludes accrued interest receivable of $4.5 million and $6.2 million at September 30, 2020 and December 31, 2019.
(2) Due to the adoption of ASU 2016-13, effective January 1, 2020, the Bank was required to record an ACL on HTM securities. However, no credit loss was determined for these securities as of September 30, 2020.
Schedule of Interest Rate Payment Terms For Investments [Table Text Block] The following table details interest payment terms at September 30, 2020 and December 31, 2019.
(in thousands)September 30, 2020December 31, 2019
Amortized cost of AFS non-MBS:  
 Fixed-rate
$1,841,453 $1,746,760 
 Variable-rate
— — 
Total non-MBS$1,841,453 $1,746,760 
Amortized cost of AFS MBS:  
Fixed-rate$1,619,573 $1,444,111 
Variable-rate6,549,254 7,810,039 
Total MBS$8,168,827 $9,254,150 
Total amortized cost of AFS securities$10,010,280 $11,000,910 
The following table details interest rate payment terms at September 30, 2020 and December 31, 2019.
(in thousands)September 30, 2020December 31, 2019
Amortized cost of HTM non-MBS:  
Fixed-rate$— $— 
Variable-rate— 94,310 
Total non-MBS$— $94,310 
Amortized cost of HTM MBS:  
Fixed-rate
$1,659,123 $1,878,151 
Variable-rate
307,913 423,230 
Total MBS$1,967,036 $2,301,381 
Total HTM securities$1,967,036 $2,395,691 
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] The following table presents a rollforward of the ACL on AFS securities for the three and nine months ended September 30, 2020.
(in thousands)Private label MBS
September 30, 2020
Three months ended Nine months ended
Balance, beginning of period$1,574 $— 
Additional increases (decreases) for securities in which a previous allowance or credit loss was recorded
117 1,691 
Balance, end of period$1,691 $1,691