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Mortgage Loans Held for Portfolio (Tables)
 9 Months Ended
Sep. 30, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule of Mortgage Loans Held for Portfolio
The following table presents balances as of September 30, 2020 and December 31, 2019 for mortgage loans held for portfolio.
(in thousands)September 30, 2020December 31, 2019
Fixed-rate long-term single-family mortgages (1)
$4,818,470 $4,863,177 
Fixed-rate medium-term single-family mortgages (1)
178,619 167,156 
Total par value4,997,089 5,030,333 
Premiums87,883 82,108 
Discounts(2,776)(3,616)
Hedging adjustments14,203 13,632 
Total mortgage loans held for portfolio (2)
$5,096,399 $5,122,457 
Allowance for credit losses on mortgage loans(6,654)(7,832)
Mortgage loans held for portfolio, net$5,089,745 $5,114,625 
Note:
(1) Long-term is defined as greater than 15 years. Medium-term is defined as a term of 15 years or less.
(2) Amounts exclude accrued interest receivable of $27.2 million and $26.9 million at September 30, 2020 and December 31, 2019.

The following table details the par value of mortgage loans held for portfolio outstanding categorized by type as of September 30, 2020 and December 31, 2019.
(in thousands)September 30, 2020December 31, 2019
Conventional loans$4,831,899 $4,856,543 
Government-guaranteed/insured loans165,190 173,790 
Total par value$4,997,089 $5,030,333 
Financing Receivable Credit Quality Indicators [Table Text Block] The following table presents the payment status for conventional mortgage loans at September 30, 2020 and December 31, 2019.
September 30, 2020
(in thousands)Origination Year
Payment Status, at amortized cost (1)
Prior to 20162016 to 2020Total
Past due 30-59 days$15,526 $26,498 $42,024 
Past due 60-89 days7,299 23,754 31,053 
Past due 90 days or more24,825 82,906 107,731 
Total past due loans$47,650 $133,158 $180,808 
Current loans1,230,149 3,515,988 4,746,137 
Total conventional loans (2)
$1,277,799 $3,649,146 $4,926,945 
Payment Status, at recorded investment (1)
December 31, 2019
Past due 30-59 days$43,872 
Past due 60-89 days8,601 
Past due 90 days or more12,826 
Total past due loans$65,299 
Current loans4,904,683 
Total conventional loans$4,969,982 
Note:
(1) The recorded investment at December 31, 2019 includes accrued interest receivable whereas the amortized cost at September 30, 2020 excludes accrued interest receivable.
(2) Includes approximately $128.8 million par value of loans in a forbearance or repayment plan as a result of COVID-19, of which approximately $1.2 million was current, $16.1 million was 30-59 days past due, $23.0 million was 60-89 days past due, and $88.5 million was 90 days or more past due at September 30, 2020.
Financing Receivable, Past Due [Table Text Block] The following table presents the delinquency statistics for the Bank’s mortgage loans at September 30, 2020 and December 31, 2019.
September 30, 2020
(dollars in thousands)Conventional MPF Loans
Government-Guaranteed or Insured Loans (2)
Total
In process of foreclosures, included above (1)
$9,872 $3,026 $12,898 
Serious delinquency rate (2)
2.3 %5.7 %2.4 %
Past due 90 days or more still accruing interest$— $7,893 $7,893 
Loans on nonaccrual status (3)
$123,935 $— $123,935 
December 31, 2019
(dollars in thousands)Conventional MPF Loans
Government-Guaranteed or Insured Loans (2)
Total
In process of foreclosures, included above (1)
$4,740 $1,110 $5,850 
Serious delinquency rate (2)
0.3 %1.9 %0.3 %
Past due 90 days or more still accruing interest$— $3,363 $3,363 
Loans on nonaccrual status (3)
$14,890 $— $14,890 
Note:
(1) Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status.
(2) Loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total loan portfolio class.
(3) All conventional mortgage loans on non-accrual status had an associated ACL or available credit enhancements to absorb expected credit losses.
Financing Receivable, Allowance for Credit Loss [Table Text Block] ollforward of ACL
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Balance, beginning of period$5,900 $8,493 $7,832 $7,309 
Adjustment for cumulative effect of accounting change - adoption of ASU 2016-13(1)
— — (3,875)— 
(Charge-offs) Recoveries, net (2)
(584)(172)(428)(85)
Provision for credit losses1,338 (61)3,125 1,036 
Balance, September 30$6,654 $8,260 $6,654 $8,260 
Note:
(1) As a result of adopting ASU 2016-13, the reduction to the Bank's ACL of $3.9 million was largely offset by a reversal of CE receivable of $3.8 million, resulting in a net impact of adoption of $0.1 million.
(2) Net charge-offs that the Bank does not expect to recover through CE receivable.