Federally Chartered Corporation | ||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
— | — | — |
o | Large accelerated filer | o | Accelerated filer | Emerging growth company | |||||||||||||
x | Smaller reporting company |
Part I - FINANCIAL INFORMATION | |||||
Item 1: Financial Statements (unaudited) | |||||
Notes to Financial Statements (unaudited) | |||||
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||
Risk Management | |||||
Item 3: Quantitative and Qualitative Disclosures about Market Risk | |||||
Item 4: Controls and Procedures | |||||
Part II - OTHER INFORMATION | |||||
Item 1: Legal Proceedings | |||||
Item 1A: Risk Factors | |||||
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds | |||||
Item 3: Defaults upon Senior Securities | |||||
Item 4: Mine Safety Disclosures | |||||
Item 5: Other Information | |||||
Item 6: Exhibits | |||||
Signatures |
Three months ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(dollars in millions) | Average Balance | Interest Income/ Expense | Avg. Yield/ Rate (%) | Average Balance | Interest Income/ Expense | Avg. Yield/ Rate (%) | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Securities purchased under agreements to resell | $ | 6,674.4 | $ | 89.2 | 5.30 | $ | 2,732.3 | $ | 15.6 | 2.26 | |||||||||||||
Federal funds sold | 3,332.4 | 44.6 | 5.31 | 4,898.3 | 27.2 | 2.20 | |||||||||||||||||
Interest-bearing deposits(1) | 4,109.7 | 54.9 | 5.29 | 2,121.4 | 11.6 | 2.18 | |||||||||||||||||
Investment securities(2) | 14,611.3 | 203.1 | 5.51 | 13,352.9 | 88.0 | 2.62 | |||||||||||||||||
Advances(3) | 75,486.5 | 1,071.0 | 5.63 | 42,424.8 | 271.0 | 2.53 | |||||||||||||||||
Mortgage loans held for portfolio(4) | 4,629.0 | 37.5 | 3.22 | 4,627.2 | 34.1 | 2.93 | |||||||||||||||||
Total interest-earning assets | 108,843.3 | 1,500.3 | 5.47 | 70,156.9 | 447.5 | 2.53 | |||||||||||||||||
Other assets | 1,324.8 | 545.3 | |||||||||||||||||||||
Total assets | $ | 110,168.1 | $ | 70,702.2 | |||||||||||||||||||
Liabilities and capital: | |||||||||||||||||||||||
Deposits(1) | $ | 780.4 | $ | 10.3 | 5.26 | $ | 723.9 | $ | 3.9 | 2.15 | |||||||||||||
Consolidated obligation discount notes | 16,899.0 | 220.2 | 5.17 | 28,149.8 | 142.5 | 2.01 | |||||||||||||||||
Consolidated obligation bonds | 84,592.9 | 1,079.9 | 5.06 | 36,646.3 | 194.4 | 2.10 | |||||||||||||||||
Other borrowings | 29.1 | 0.6 | 8.19 | 97.1 | 0.9 | 3.54 | |||||||||||||||||
Total interest-bearing liabilities | 102,301.4 | 1,311.0 | 5.08 | 65,617.1 | 341.7 | 2.07 | |||||||||||||||||
Other liabilities | 2,450.0 | 1,264.1 | |||||||||||||||||||||
Total capital | 5,416.7 | 3,821.0 | |||||||||||||||||||||
Total liabilities and capital | $ | 110,168.1 | $ | 70,702.2 | |||||||||||||||||||
Net interest spread | 0.39 | 0.46 | |||||||||||||||||||||
Impact of noninterest-bearing funds | 0.30 | 0.14 | |||||||||||||||||||||
Net interest income/net interest margin(5) | $ | 189.3 | 0.69 | $ | 105.8 | 0.60 |
Nine months ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(dollars in millions) | Average Balance | Interest Income/ Expense | Avg. Yield/ Rate (%) | Average Balance | Interest Income/ Expense | Avg. Yield/ Rate (%) | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Securities purchased under agreements to resell | $ | 5,825.5 | $ | 218.0 | 5.00 | $ | 1,898.8 | $ | 20.3 | 1.43 | |||||||||||||
Federal funds sold | 4,046.2 | 148.9 | 4.92 | 4,378.9 | 36.4 | 1.11 | |||||||||||||||||
Interest-bearing deposits(1) | 4,008.9 | 150.6 | 5.02 | 1,530.1 | 15.0 | 1.31 | |||||||||||||||||
Investment securities(2) | 14,176.5 | 548.4 | 5.17 | 13,490.8 | 171.0 | 1.69 | |||||||||||||||||
Advances(3) | 78,818.6 | 3,120.9 | 5.29 | 28,384.5 | 382.0 | 1.80 | |||||||||||||||||
Mortgage loans held for portfolio(4) | 4,588.7 | 108.8 | 3.17 | 4,672.4 | 99.9 | 2.86 | |||||||||||||||||
Total interest-earning assets | 111,464.4 | 4,295.6 | 5.15 | 54,355.5 | 724.6 | 1.78 | |||||||||||||||||
Other assets | 1,439.8 | 753.4 | |||||||||||||||||||||
Total assets | $ | 112,904.2 | $ | 55,108.9 | |||||||||||||||||||
Liabilities and capital: | |||||||||||||||||||||||
Deposits(1) | $ | 664.3 | $ | 24.5 | 4.94 | $ | 867.0 | $ | 5.6 | 0.86 | |||||||||||||
Consolidated obligation discount notes | 26,220.4 | 943.6 | 4.81 | 20,775.9 | 181.7 | 1.17 | |||||||||||||||||
Consolidated obligation bonds | 78,073.5 | 2,779.0 | 4.76 | 29,114.5 | 318.8 | 1.46 | |||||||||||||||||
Other borrowings | 31.7 | 1.8 | 7.72 | 47.7 | 1.5 | 4.20 | |||||||||||||||||
Total interest-bearing liabilities | 104,989.9 | 3,748.9 | 4.77 | 50,805.1 | 507.6 | 1.34 | |||||||||||||||||
Other liabilities | 2,450.9 | 1,044.2 | |||||||||||||||||||||
Total capital | 5,463.4 | 3,259.6 | |||||||||||||||||||||
Total liabilities and capital | $ | 112,904.2 | $ | 55,108.9 | |||||||||||||||||||
Net interest spread | 0.38 | 0.44 | |||||||||||||||||||||
Impact of noninterest-bearing funds | 0.28 | 0.09 | |||||||||||||||||||||
Net interest income/net interest margin(5) | $ | 546.7 | 0.66 | $ | 217.0 | 0.53 |
Increase (Decrease) in Interest Income/Expense Due to Changes in Rate/Volume 2023 compared to 2022 | ||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
(in millions) | Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||
Securities purchased under agreements to resell | $ | 38.1 | $ | 35.5 | $ | 73.6 | $ | 89.5 | $ | 108.2 | $ | 197.7 | ||||||||
Federal funds sold | (11.0) | 28.4 | 17.4 | (2.9) | 115.4 | 112.5 | ||||||||||||||
Interest-bearing deposits | 17.1 | 26.2 | 43.3 | 49.4 | 86.2 | 135.6 | ||||||||||||||
Investment securities | 9.0 | 106.1 | 115.1 | 9.1 | 368.3 | 377.4 | ||||||||||||||
Advances | 311.7 | 488.3 | 800.0 | 1,308.6 | 1,430.3 | 2,738.9 | ||||||||||||||
Mortgage loans held for portfolio | — | 3.4 | 3.4 | (1.8) | 10.7 | 8.9 | ||||||||||||||
Total interest-earning assets | $ | 364.9 | $ | 687.9 | $ | 1,052.8 | $ | 1,451.9 | $ | 2,119.1 | $ | 3,571.0 | ||||||||
Deposits | $ | 0.3 | $ | 6.1 | $ | 6.4 | $ | (1.6) | $ | 20.5 | $ | 18.9 | ||||||||
Consolidated obligation discount notes | (75.1) | 152.8 | 77.7 | 59.1 | 702.8 | 761.9 | ||||||||||||||
Consolidated obligation bonds | 426.8 | 458.7 | 885.5 | 1,052.2 | 1,408.0 | 2,460.2 | ||||||||||||||
Other borrowings | (0.9) | 0.6 | (0.3) | (0.6) | 0.9 | 0.3 | ||||||||||||||
Total interest-bearing liabilities | $ | 351.1 | $ | 618.2 | $ | 969.3 | $ | 1,109.1 | $ | 2,132.2 | $ | 3,241.3 | ||||||||
Total increase (decrease) in net interest income | $ | 13.8 | $ | 69.7 | $ | 83.5 | $ | 342.8 | $ | (13.1) | $ | 329.7 |
Three months ended September 30, 2023 | ||||||||||||||||||||
(in millions) | Advances | Investments | Mortgage Loans | Bonds | Discount Notes | Total | ||||||||||||||
Amortization/accretion of hedging activities in net interest income | $ | 0.1 | $ | (0.1) | $ | (0.1) | $ | — | $ | — | $ | (0.1) | ||||||||
Gains (losses) on designated fair value hedges | — | (0.2) | — | (0.4) | 2.3 | 1.7 | ||||||||||||||
Net interest settlements included in net interest income | 91.2 | 47.4 | — | (179.9) | (4.7) | (46.0) | ||||||||||||||
Total effect on net interest income | $ | 91.3 | $ | 47.1 | $ | (0.1) | $ | (180.3) | $ | (2.4) | $ | (44.4) | ||||||||
Nine months ended September 30, 2023 | ||||||||||||||||||||
(in millions) | Advances | Investments | Mortgage Loans | Bonds | Discount Notes | Total | ||||||||||||||
Amortization/accretion of hedging activities in net interest income | $ | 0.2 | $ | (0.1) | $ | (0.4) | $ | — | $ | — | $ | (0.3) | ||||||||
Gains (losses) on designated fair value hedges | — | 0.5 | — | (0.4) | (2.0) | (1.9) | ||||||||||||||
Net interest settlements included in net interest income | 226.0 | 138.9 | — | (450.5) | (6.8) | (92.4) | ||||||||||||||
Total effect on net interest income | $ | 226.2 | $ | 139.3 | $ | (0.4) | $ | (450.9) | $ | (8.8) | $ | (94.6) |
Three months ended September 30, 2022 | ||||||||||||||||||||
(in millions) | Advances | Investments | Mortgage Loans | Bonds | Discount Notes | Total | ||||||||||||||
Amortization/accretion of hedging activities in net interest income | $ | — | $ | — | $ | (0.3) | $ | — | $ | — | $ | (0.3) | ||||||||
Gains (losses) on designated fair value hedges | — | 1.2 | — | 0.6 | 0.1 | 1.9 | ||||||||||||||
Net interest settlements included in net interest income | 7.5 | 13.9 | — | (21.0) | 1.9 | 2.3 | ||||||||||||||
Total effect on net interest income | $ | 7.5 | $ | 15.1 | $ | (0.3) | $ | (20.4) | $ | 2.0 | $ | 3.9 | ||||||||
Nine months ended September 30, 2022 | ||||||||||||||||||||
(in millions) | Advances | Investments | Mortgage Loans | Bonds | Discount Notes | Total | ||||||||||||||
Amortization/accretion of hedging activities in net interest income | $ | — | $ | (0.1) | $ | (1.2) | $ | 0.1 | $ | — | $ | (1.2) | ||||||||
Gains (losses) on designated fair value hedges | (0.1) | 3.2 | — | 0.5 | 0.1 | $ | 3.7 | |||||||||||||
Net interest settlements included in net interest income | (41.8) | (5.4) | — | 31.1 | 1.9 | $ | (14.2) | |||||||||||||
Total effect on net interest income | $ | (41.9) | $ | (2.3) | $ | (1.2) | $ | 31.7 | $ | 2.0 | $ | (11.7) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net gains (losses) on investment securities | $ | (2.4) | $ | (8.3) | $ | (1.1) | $ | (28.2) | ||||||
Net gains (losses) on derivatives | 7.3 | 6.6 | 21.2 | 15.3 | ||||||||||
Standby letters of credit fees | 8.1 | 6.5 | 22.2 | 17.8 | ||||||||||
Other, net | 1.0 | 0.1 | 2.5 | 0.5 | ||||||||||
Total noninterest income (loss) | $ | 14.0 | $ | 4.9 | $ | 44.8 | $ | 5.4 |
Three months ended September 30, 2023 | |||||||||||||||||||||||
(in millions) | Advances | Investments | Mortgage Loans | Bonds | Discount Notes | Other | Total | ||||||||||||||||
Net gains (losses) on derivatives: | |||||||||||||||||||||||
Gains (losses) on derivatives not receiving hedge accounting, including net interest settlements | $ | 6.3 | $ | 6.3 | $ | 2.6 | $ | (7.3) | $ | — | $ | — | $ | 7.9 | |||||||||
Other(1) | — | — | — | — | — | (0.6) | (0.6) | ||||||||||||||||
Total net gains (losses) on derivatives | $ | 6.3 | $ | 6.3 | $ | 2.6 | $ | (7.3) | $ | — | $ | (0.6) | $ | 7.3 | |||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||
(in millions) | Advances | Investments | Mortgage Loans | Bonds | Discount Notes | Other | Total | ||||||||||||||||
Net gains (losses) on derivatives: | |||||||||||||||||||||||
Gains (losses) on derivatives not receiving hedge accounting, including net interest settlements | $ | 20.1 | $ | 13.9 | $ | 2.6 | $ | (14.2) | $ | 0.1 | $ | — | $ | 22.5 | |||||||||
Other (1) | — | — | — | — | — | (1.3) | (1.3) | ||||||||||||||||
Total net gains (losses) on derivatives | $ | 20.1 | $ | 13.9 | $ | 2.6 | $ | (14.2) | $ | 0.1 | $ | (1.3) | $ | 21.2 |
Three months ended September 30, 2022 | |||||||||||||||||||||||
(in millions) | Advances | Investments | Mortgage Loans | Bonds | Discount Notes | Other | Total | ||||||||||||||||
Net gains (losses) on derivatives: | |||||||||||||||||||||||
Gains (losses) on derivatives not receiving hedge accounting, including net interest settlements | $ | 4.9 | $ | 14.0 | $ | 0.8 | $ | (9.9) | $ | (3.0) | $ | — | $ | 6.8 | |||||||||
Other (1) | — | — | — | — | — | (0.1) | (0.1) | ||||||||||||||||
Total net gains (losses) on derivatives | $ | 4.9 | $ | 14.0 | $ | 0.8 | $ | (9.9) | $ | (3.0) | $ | (0.1) | $ | 6.7 | |||||||||
Nine months ended September 30, 2022 | |||||||||||||||||||||||
(in millions) | Advances | Investments | Mortgage Loans | Bonds | Discount Notes | Other | Total | ||||||||||||||||
Net gains (losses) on derivatives: | |||||||||||||||||||||||
Gains (losses) on derivatives not receiving hedge accounting, including net interest settlements | $ | 8.1 | $ | 40.3 | $ | 1.6 | $ | (27.2) | $ | (6.9) | $ | — | $ | 15.9 | |||||||||
Other (1) | — | — | — | — | — | (0.5) | (0.5) | ||||||||||||||||
Total net gains (losses) on derivatives | $ | 8.1 | $ | 40.3 | $ | 1.6 | $ | (27.2) | $ | (6.9) | $ | (0.5) | $ | 15.4 |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||
Fixed-rate | ||||||||
Due in 1 year or less(1) | $ | 15,404.1 | $ | 23,242.9 | ||||
Due after 1 year through 3 years | 9,847.3 | 5,116.8 | ||||||
Due after 3 years through 5 years | 3,511.6 | 1,780.2 | ||||||
Due after 5 years through 15 years | 79.5 | 54.7 | ||||||
Thereafter | 74.7 | 74.8 | ||||||
Total par value | $ | 28,917.2 | $ | 30,269.4 | ||||
Fixed-rate, callable or prepayable(2) | ||||||||
Due in 1 year or less | $ | 250.0 | $ | — | ||||
Due after 1 year through 3 years | — | 250.0 | ||||||
Total par value | $ | 250.0 | $ | 250.0 | ||||
Variable-rate | ||||||||
Due in 1 year or less(1) | $ | 20,289.1 | $ | 5,247.6 | ||||
Due after 1 year through 3 years | 26,028.1 | 29,076.5 | ||||||
Due after 3 years through 5 years | 10.0 | 4,010.0 | ||||||
Total par value | $ | 46,327.2 | $ | 38,334.1 | ||||
Variable-rate, callable or prepayable(2) | ||||||||
Due in 1 year or less | $ | 10.0 | $ | 85.0 | ||||
Due after 1 year through 3 years | 380.0 | 40.0 | ||||||
Total par value | $ | 390.0 | $ | 125.0 | ||||
Other(3) | ||||||||
Due in 1 year or less | $ | 219.1 | $ | 96.9 | ||||
Due after 1 year through 3 years | 406.3 | 74.3 | ||||||
Due after 3 years through 5 years | 158.0 | 42.1 | ||||||
Due after 5 years through 15 years | 25.9 | 36.4 | ||||||
Thereafter | — | 0.7 | ||||||
Total par value | $ | 809.3 | $ | 250.4 | ||||
Total par balance | $ | 76,693.7 | $ | 69,228.9 |
Member Classification | September 30, 2023 | September 30, 2022 | ||||||
Super-Regional | 3 | 2 | ||||||
Regional | 4 | 3 | ||||||
Mid-size | 37 | 39 | ||||||
CFI | 120 | 114 | ||||||
Credit Union | 43 | 39 | ||||||
Insurance | 18 | 23 | ||||||
Total borrowing members during the period | 225 | 220 | ||||||
Total membership | 280 | 284 | ||||||
Percentage of members borrowing during the period | 80.4 | % | 77.5 | % |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||
Member Classification | ||||||||
Super-Regional | $ | 50,325.0 | $ | 48,750.0 | ||||
Regional | 10,612.7 | 6,495.0 | ||||||
Mid-size | 9,450.0 | 7,410.0 | ||||||
CFI | 3,006.5 | 2,904.2 | ||||||
Credit Union | 2,133.0 | 2,121.8 | ||||||
Insurance | 638.3 | 1,001.7 | ||||||
Non-member | 528.2 | 546.2 | ||||||
Total | $ | 76,693.7 | $ | 69,228.9 |
September 30, 2023 | December 31, 2022 | |||||||||||||
(in millions) | FLA | Available CE | FLA | Available CE | ||||||||||
MPF Original | $ | 8.4 | $ | 74.3 | $ | 8.1 | $ | 72.2 | ||||||
MPF 35 | 18.5 | 131.7 | 17.7 | 122.8 | ||||||||||
MPF Plus | 14.9 | 1.3 | 14.9 | 1.6 | ||||||||||
Total | $ | 41.8 | $ | 207.3 | $ | 40.7 | $ | 196.6 |
Nine months ended September 30, | ||||||||
(dollars in millions) | 2023 | 2022 | ||||||
Average mortgage loans outstanding during the period (UPB) | $ | 4,526.7 | $ | 4,593.0 | ||||
(Charge-offs) Recoveries, net(1) | $ | — | $ | 0.3 | ||||
Net charge-offs (recoveries) to average loans outstanding during the period | — | % | (0.01) | % | ||||
(dollars in millions) | September 30, 2023 | December 31, 2022 | ||||||
Mortgage loans held for portfolio (UPB) | $ | 4,608.3 | $ | 4,528.7 | ||||
Nonaccrual loans (UPB) | $ | 20.7 | $ | 21.3 | ||||
ACL on mortgage loans held for portfolio | $ | 3.0 | $ | 3.2 | ||||
ACL to mortgage loans held for portfolio | 0.06 | % | 0.07 | % | ||||
Nonaccrual loans to mortgage loans held for portfolio | 0.45 | % | 0.47 | % | ||||
ACL to nonaccrual loans | 14.33 | % | 15.24 | % |
Carrying Value | ||||||||
(in millions) | September 30, 2023 | December 31, 2022 | ||||||
Trading securities: | ||||||||
Non-MBS: | ||||||||
Government-sponsored enterprises (GSE) | $ | 212.6 | $ | 214.0 | ||||
Total trading securities | $ | 212.6 | $ | 214.0 | ||||
Yield on trading securities | 3.18 | % | 3.18 | % | ||||
AFS securities: | ||||||||
Non-MBS: | ||||||||
U.S. Treasury obligations | $ | 3,525.7 | $ | 5,232.5 | ||||
GSE and Tennessee Valley Authority (TVA) obligations | 987.4 | 1,125.7 | ||||||
State or local agency obligations | 160.0 | 170.3 | ||||||
MBS: | ||||||||
U.S. obligations single-family | 1,341.9 | 483.0 | ||||||
GSE single-family | 1,946.0 | 1,881.0 | ||||||
GSE multifamily | 5,561.7 | 3,155.8 | ||||||
Private label | 126.9 | 142.3 | ||||||
Total AFS securities | $ | 13,649.6 | $ | 12,190.6 | ||||
Yield on AFS securities | 4.02 | % | 2.83 | % | ||||
HTM securities: | ||||||||
MBS: | ||||||||
U.S. obligations single-family | $ | 542.4 | $ | 162.4 | ||||
GSE single-family | 399.3 | 435.1 | ||||||
GSE multifamily | 258.9 | 305.3 | ||||||
Private label | 46.8 | 53.7 | ||||||
Total HTM securities | $ | 1,247.4 | $ | 956.5 | ||||
Yield on HTM securities | 4.20 | % | 3.32 | % | ||||
Total investment securities | $ | 15,109.6 | $ | 13,361.1 | ||||
Yield on investment securities | 4.02 | % | 2.87 | % |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||
Discount Notes | ||||||||
Overnight | $ | 100.0 | $ | 880.0 | ||||
Due after 1 day through 30 days | 4,893.1 | 6,497.8 | ||||||
Due after 30 days through 90 days | 5,116.1 | 21,764.8 | ||||||
Due after 90 days though 1 Year | 2,515.8 | 4,864.5 | ||||||
Total par value | $ | 12,625.0 | $ | 34,007.1 | ||||
Fixed-rate, non-callable | ||||||||
Due in 1 year or less | $ | 21,403.3 | $ | 11,341.5 | ||||
Due after 1 year through 3 years | 4,928.6 | 7,130.1 | ||||||
Due after 3 years through 5 years | 1,917.4 | 999.1 | ||||||
Thereafter | 1,109.2 | 1,412.1 | ||||||
Total par value | $ | 29,358.5 | $ | 20,882.8 | ||||
Fixed-rate, callable | ||||||||
Due in 1 year or less | $ | 20,715.0 | $ | 4,137.5 | ||||
Due after 1 year through 3 years | 8,270.5 | 6,552.0 | ||||||
Due after 3 years through 5 years | 3,836.0 | 6,419.0 | ||||||
Thereafter | 1,966.0 | 1,992.0 | ||||||
Total par value | $ | 34,787.5 | $ | 19,100.5 | ||||
Variable- rate, non-callable | ||||||||
Due in 1 year or less | $ | 10,729.5 | $ | 14,148.0 | ||||
Due after 1 year through 3 years | 6,590.9 | 260.0 | ||||||
Total par value | $ | 17,320.4 | $ | 14,408.0 | ||||
Variable- rate, callable | ||||||||
Due in 1 year or less | $ | 4,280.0 | $ | — | ||||
Total par value | $ | 4,280.0 | $ | — | ||||
Step-up, non-callable | ||||||||
Due in 1 year or less | $ | 115.0 | $ | 90.0 | ||||
Due after 1 year through 3 years | 421.0 | 101.0 | ||||||
Due after 3 years through 5 years | 60.0 | 320.0 | ||||||
Thereafter | — | 15.0 | ||||||
Total par value | $ | 596.0 | $ | 526.0 | ||||
Step-up, callable | ||||||||
Due in 1 year or less | $ | 238.0 | $ | 1,031.0 | ||||
Due after 1 year through 3 years | 794.0 | 712.0 | ||||||
Due after 3 years through 5 years | 270.0 | 670.0 | ||||||
Thereafter | 185.0 | 185.0 | ||||||
Total par value | $ | 1,487.0 | $ | 2,598.0 | ||||
Total par balance | $ | 100,454.4 | $ | 91,522.4 | ||||
Other Adjustments (1) | $ | (1,091.5) | $ | (1,305.5) | ||||
Total consolidated obligations | $ | 99,362.9 | $ | 90,216.9 |
(dollars in millions) | September 30, 2023 | December 31, 2022 | |||||||||||||||
Commercial banks | 126 | $ | 3,461.3 | 130 | $ | 3,045.3 | |||||||||||
Savings institutions | 48 | 172.6 | 49 | 172.9 | |||||||||||||
Insurance companies | 39 | 87.2 | 38 | 91.8 | |||||||||||||
Credit unions | 65 | 119.2 | 63 | 118.0 | |||||||||||||
Community Development Financial Institution (CDFI) | 2 | 0.3 | 2 | 0.4 | |||||||||||||
Total member institutions / total GAAP capital stock | 280 | $ | 3,840.6 | 282 | $ | 3,428.4 | |||||||||||
Mandatorily redeemable capital stock | 28.0 | 27.8 | |||||||||||||||
Total capital stock | $ | 3,868.6 | $ | 3,456.2 |
(dollars in millions) | September 30, 2023 | |||||||
Member | Capital Stock | % of Total | ||||||
PNC Bank, N.A., Wilmington, DE (1) | $ | 1,465.0 | 37.9 | % | ||||
TD Bank, N.A., Wilmington, DE | $ | 450.8 | 11.7 | % | ||||
(dollars in millions) | December 31, 2022 | |||||||
Member | Capital Stock | % of Total | ||||||
PNC Bank, N.A., Wilmington, DE(1) | $ | 1,308.0 | 38.2 | % | ||||
TD Bank, N.A., Wilmington, DE | $ | 533.1 | 15.6 | % | ||||
(in millions) | September 30, 2023 | December 31, 2022 | ||||||
Unrestricted Retained Earnings | $ | 1,191.0 | $ | 1,037.2 | ||||
Restricted Retained Earnings (RRE) | 590.0 | 499.0 | ||||||
Total Retained Earnings | $ | 1,781.0 | $ | 1,536.2 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Dividends (in millions) | $ | 81.2 | $ | 24.4 | $ | 210.3 | $ | 49.0 | ||||||
Dividends per share | $ | 2.16 | $ | 1.03 | $ | 5.43 | $ | 2.73 | ||||||
Dividend payout ratio (1) | 52.04 | % | 32.78 | % | 46.21 | % | 37.52 | % | ||||||
Weighted average dividend rate | 7.75 | % | 5.55 | % | 7.68 | % | 5.83 | % | ||||||
Average Fed Funds rate | 5.26 | % | 1.04 | % | 4.93 | % | 2.20 | % | ||||||
Dividend spread to Fed Funds | 2.49 | % | 4.51 | % | 2.75 | % | 3.63 | % |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||
Permanent capital: | ||||||||
Capital stock (1) | $ | 3,868.6 | $ | 3,456.2 | ||||
Retained earnings | 1,781.0 | 1,536.2 | ||||||
Total permanent capital | $ | 5,649.6 | $ | 4,992.4 | ||||
RBC requirement: | ||||||||
Credit risk capital | $ | 222.9 | $ | 211.8 | ||||
Market risk capital | 352.0 | 127.5 | ||||||
Operations risk capital | 172.5 | 101.8 | ||||||
Total RBC requirement | $ | 747.4 | $ | 441.1 | ||||
Excess permanent capital over RBC requirement | $ | 4,902.2 | $ | 4,551.3 |
(in years) | Down 200 basis points | Down 100 basis points | Base Case | Up 100 basis points | Up 200 basis points | ||||||||||||
Duration of Equity: | |||||||||||||||||
September 30, 2023 | 1.0 | 0.9 | 0.9 | 1.0 | 1.2 | ||||||||||||
December 31, 2022 | 0.7 | 0.9 | 1.0 | 1.1 | 1.3 |
ROE Spread Volatility Increase/(Decline) | ||||||||||||||||||||
(in basis points) | Down 200 bps Parallel Shock | Down 100 bps Parallel Shock | Down 100 bps Longer Term Rate Shock | 100 bps Steeper | 100 bps Flatter | Up 200 bps Parallel Shock | ||||||||||||||
September 30, 2023 | (33) | N/A | (1) | (36) | (9) | (26) | ||||||||||||||
December 31, 2022 | N/A | 1 | (1) | 2 | (7) | (24) |
September 30, 2023 | ||||||||
(dollars in millions) | TCE | % of Total | ||||||
PNC Bank, National Association, DE(1) | $ | 36,229.5 | 33.5 | % | ||||
TD Bank, National Association, DE(2) | 28,350.3 | 26.2 | ||||||
Ally Bank, UT (3) | 7,838.3 | 7.3 | ||||||
Santander Bank, National Association, DE(4) | 7,105.8 | 6.6 | ||||||
First National Bank of Pennsylvania | 3,689.9 | 3.4 | ||||||
$ | 83,213.8 | 77.0 | % | |||||
Other financial institutions | 24,917.4 | 23.0 | ||||||
Total TCE outstanding | $ | 108,131.2 | 100.0 | % |
September 30, 2023 | ||||||||
(dollars in millions) | Advance Balance | % of Total | ||||||
PNC Bank, National Association, DE(1) | $ | 36,000.0 | 46.9 | % | ||||
Ally Bank, UT(2) | 7,825.0 | 10.2 | ||||||
Santander Bank, National Association, DE(3) | 7,017.7 | 9.2 | ||||||
TD Bank, National Association, DE(4) | 6,500.0 | 8.5 | ||||||
First National Bank of Pennsylvania | 2,865.0 | 3.7 | ||||||
$ | 60,207.7 | 78.5 | % | |||||
Other borrowers | 16,486.0 | 21.5 | ||||||
Total advances | $ | 76,693.7 | 100.0 | % |
September 30, 2023 | ||||||||||||||||||||||||||
(dollars in millions) | Blanket Lien | Listing | Delivery | Total | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||
One-to-four single-family residential mortgage loans | $ | 112,711.1 | 43.9 | % | $ | 111.8 | 5.5 | % | $ | 653.9 | 24.3 | % | $ | 113,476.8 | 43.4 | % | ||||||||||
High quality investment securities | 15,501.8 | 6.0 | 1,533.7 | 75.1 | 1,143.1 | 42.5 | 18,178.6 | 7.0 | ||||||||||||||||||
ORERC/CFI eligible collateral | 101,187.6 | 39.4 | 367.6 | 18.0 | 718.3 | 26.7 | 102,273.5 | 39.1 | ||||||||||||||||||
Multi-family residential mortgage loans | 27,278.7 | 10.7 | 28.8 | 1.4 | 175.2 | 6.5 | 27,482.7 | 10.5 | ||||||||||||||||||
Total eligible collateral value | $ | 256,679.2 | 100.0 | % | $ | 2,041.9 | 100.0 | % | $ | 2,690.5 | 100.0 | % | $ | 261,411.6 | 100.0 | % | ||||||||||
Total TCE | $ | 105,544.6 | 97.6 | % | $ | 603.1 | 0.6 | % | $ | 1,983.5 | 1.8 | % | $ | 108,131.2 | 100.0 | % | ||||||||||
Number of members | 172 | 86.9 | % | 15 | 7.6 | % | 11 | 5.6 | % | 198 | 100.0 | % |
December 31, 2022 | ||||||||||||||||||||||||||
(dollars in millions) | Blanket Lien | Listing | Delivery | Total | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||
One-to-four single-family residential mortgage loans | $ | 109,992.7 | 46.5 | % | $ | 111.9 | 5.0 | % | $ | 1.2 | 0.1 | % | $ | 110,105.8 | 45.9 | % | ||||||||||
High quality investment securities | 6,935.0 | 2.9 | 1,651.8 | 73.3 | 1,031.2 | 96.8 | 9,618.0 | 4.0 | ||||||||||||||||||
ORERC/CFI eligible collateral | 96,224.4 | 40.7 | 407.8 | 18.1 | 32.9 | 3.1 | 96,665.1 | 40.3 | ||||||||||||||||||
Multi-family residential mortgage loans | 23,189.4 | 9.9 | 81.9 | 3.6 | — | — | 23,271.3 | 9.8 | ||||||||||||||||||
Total eligible collateral value | $ | 236,341.5 | 100.0 | % | $ | 2,253.4 | 100.0 | % | $ | 1,065.3 | 100.0 | % | $ | 239,660.2 | 100.0 | % | ||||||||||
Total TCE | $ | 93,225.6 | 98.1 | % | $ | 1,108.8 | 1.2 | % | $ | 691.7 | 0.7 | % | $ | 95,026.1 | 100.0 | % | ||||||||||
Number of members | 168 | 85.3 | % | 16 | 8.1 | % | 13 | 6.6 | % | 197 | 100.0 | % |
September 30, 2023(1) | |||||||||||||||||||||||
Long-Term Rating | |||||||||||||||||||||||
(in millions) | AAA | AA | A | BBB | Below Investment Grade | Unrated | Total | ||||||||||||||||
Money market investments: | |||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | — | $ | 2,610.4 | $ | 424.9 | $ | — | $ | — | $ | 3,035.3 | |||||||||
Securities purchased under agreements to resell | 1,300.0 | — | 1,480.0 | 600.0 | — | — | 3,380.0 | ||||||||||||||||
Federal funds sold | — | 2,011.0 | 1,525.0 | — | — | — | 3,536.0 | ||||||||||||||||
Total money market investments | 1,300.0 | 2,011.0 | 5,615.4 | 1,024.9 | — | — | 9,951.3 | ||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. Treasury obligations | — | 3,525.7 | — | — | — | — | 3,525.7 | ||||||||||||||||
GSE and TVA obligations | — | 1,200.0 | — | — | — | — | 1,200.0 | ||||||||||||||||
State or local agency obligations | 14.8 | 145.2 | — | — | — | — | 160.0 | ||||||||||||||||
Total non-MBS | 14.8 | 4,870.9 | — | — | — | — | 4,885.7 | ||||||||||||||||
U.S. obligations single-family MBS | — | 1,884.3 | — | — | — | — | 1,884.3 | ||||||||||||||||
GSE single-family MBS | — | 2,345.3 | — | — | — | — | 2,345.3 | ||||||||||||||||
GSE multifamily MBS | — | 5,820.6 | — | — | — | — | 5,820.6 | ||||||||||||||||
Private label MBS | 5.1 | 3.8 | 10.7 | 12.0 | 37.8 | 104.2 | 173.6 | ||||||||||||||||
Total MBS | 5.1 | 10,054.0 | 10.7 | 12.0 | 37.8 | 104.2 | 10,223.8 | ||||||||||||||||
Total investments | $ | 1,319.9 | $ | 16,935.9 | $ | 5,626.1 | $ | 1,036.9 | $ | 37.8 | $ | 104.2 | $ | 25,060.8 |
December 31, 2022 (1) | |||||||||||||||||||||||
Long-Term Rating | |||||||||||||||||||||||
(in millions) | AAA | AA | A | BBB | Below Investment Grade | Unrated | Total | ||||||||||||||||
Money market investments: | |||||||||||||||||||||||
Interest-bearing deposits | $ | — | $ | — | $ | 2,129.8 | $ | 336.2 | $ | — | $ | — | $ | 2,466.0 | |||||||||
Securities purchased under agreements to resell | 3,200.0 | — | — | — | — | — | 3,200.0 | ||||||||||||||||
Federal funds sold | — | 1,475.0 | 1,575.0 | — | — | — | 3,050.0 | ||||||||||||||||
Total money market investments | 3,200.0 | 1,475.0 | 3,704.8 | 336.2 | — | — | 8,716.0 | ||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. Treasury obligations | — | 5,232.5 | — | — | — | — | 5,232.5 | ||||||||||||||||
GSE and TVA obligations | — | 1,339.8 | — | — | — | — | 1,339.8 | ||||||||||||||||
State or local agency obligations | 15.6 | 154.7 | — | — | — | — | 170.3 | ||||||||||||||||
Total non-MBS | 15.6 | 6,727.0 | — | — | — | — | 6,742.6 | ||||||||||||||||
U.S. obligations single-family MBS | — | 645.3 | — | — | — | — | 645.3 | ||||||||||||||||
GSE single-family MBS | — | 2,316.2 | — | — | — | — | 2,316.2 | ||||||||||||||||
GSE multifamily MBS | — | 3,461.1 | — | — | — | — | 3,461.1 | ||||||||||||||||
Private label MBS | 5.8 | 4.5 | 12.2 | 13.4 | 43.6 | 116.4 | 195.9 | ||||||||||||||||
Total MBS | 5.8 | 6,427.1 | 12.2 | 13.4 | 43.6 | 116.4 | 6,618.5 | ||||||||||||||||
Total investments | $ | 3,221.4 | $ | 14,629.1 | $ | 3,717.0 | $ | 349.6 | $ | 43.6 | $ | 116.4 | $ | 22,077.1 |
(in millions) | ||||||||
Carrying Value (1) (2) | September 30, 2023 | December 31, 2022 | ||||||
Interest-bearing deposits | $ | 3,035.3 | $ | 2,466.0 | ||||
Federal funds sold | 3,536.0 | 3,050.0 | ||||||
Total | $ | 6,571.3 | $ | 5,516.0 |
(in millions) | ||||||||||||||
September 30, 2023 (1) (2) | ||||||||||||||
Carrying Value | ||||||||||||||
Domicile of Counterparty | Investment Grade (3) (4) | |||||||||||||
AA | A | BBB | Total | |||||||||||
Domestic | $ | 711.0 | $ | 3,110.4 | $ | 424.9 | $ | 4,246.3 | ||||||
U.S. branches and agency offices of foreign commercial banks: | ||||||||||||||
Australia | — | 525.0 | — | 525.0 | ||||||||||
Canada | 1,300.0 | 500.0 | — | 1,800.0 | ||||||||||
Total U.S. branches and agency offices of foreign commercial banks | $ | 1,300.0 | $ | 1,025.0 | $ | — | $ | 2,325.0 | ||||||
Total unsecured investment credit exposure | $ | 2,011.0 | $ | 4,135.4 | $ | 424.9 | $ | 6,571.3 |
(in millions) | ||||||||||||||
December 31, 2022 (1) (2) | ||||||||||||||
Carrying Value | ||||||||||||||
Domicile of Counterparty | Investment Grade (3) (4) | |||||||||||||
AA | A | BBB | Total | |||||||||||
Domestic | $ | 250.0 | $ | 2,131.0 | $ | 335.0 | $ | 2,716.0 | ||||||
U.S. branches and agency offices of foreign commercial banks: | ||||||||||||||
Australia | — | 675.0 | — | 675.0 | ||||||||||
Canada | 850.0 | — | — | 850.0 | ||||||||||
Finland | 375.0 | — | — | 375.0 | ||||||||||
Germany | — | 150.0 | — | 150.0 | ||||||||||
Netherlands | — | 750.0 | — | 750.0 | ||||||||||
Total U.S. branches and agency offices of foreign commercial banks | $ | 1,225.0 | $ | 1,575.0 | $ | — | $ | 2,800.0 | ||||||
Total unsecured investment credit exposure | $ | 1,475.0 | $ | 3,706.0 | $ | 335.0 | $ | 5,516.0 |
(in millions) | September 30, 2023 | |||||||||||||
Credit Rating(1) | Notional Amount | Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparties | Net Credit Exposure to Counterparties | ||||||||||
Non-member counterparties | ||||||||||||||
Asset positions with credit exposure: | ||||||||||||||
Uncleared derivatives | ||||||||||||||
A | $ | 4,563.5 | $ | 24.0 | $ | (22.9) | $ | 1.1 | ||||||
Cleared derivatives | 7,685.6 | — | 28.0 | 28.0 | ||||||||||
Liability positions with credit exposure: | ||||||||||||||
Uncleared derivatives | ||||||||||||||
A | $ | 19,613.0 | $ | (391.8) | $ | 398.4 | $ | 6.6 | ||||||
BBB | 10,889.0 | (214.8) | 216.3 | 1.5 | ||||||||||
Cleared derivatives | 41,441.4 | — | 388.4 | 388.4 | ||||||||||
Total derivative positions with credit exposure to non-member counterparties | $ | 84,192.5 | $ | (582.6) | $ | 1,008.2 | $ | 425.6 | ||||||
Member institutions(2) | 24.9 | — | — | — | ||||||||||
Total | $ | 84,217.4 | $ | (582.6) | $ | 1,008.2 | $ | 425.6 | ||||||
Derivative positions without credit exposure | 4,266.0 | |||||||||||||
Total notional | $ | 88,483.4 |
(in millions) | December 31, 2022 | |||||||||||||
Credit Rating(1) | Notional Amount | Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparties | Net Credit Exposure to Counterparties | ||||||||||
Non-member counterparties | ||||||||||||||
Asset positions with credit exposure: | ||||||||||||||
Uncleared derivatives | ||||||||||||||
A | $ | 250.0 | $ | 0.9 | $ | (0.6) | $ | 0.3 | ||||||
Cleared derivatives | 12,157.3 | 12.7 | 170.4 | 183.1 | ||||||||||
Liability positions with credit exposure: | ||||||||||||||
Uncleared derivatives | ||||||||||||||
AA | $ | 50.0 | $ | (0.4) | $ | 0.6 | $ | 0.2 | ||||||
A | 3,409.3 | (129.5) | 131.3 | 1.8 | ||||||||||
Cleared derivatives(2) | 35,358.3 | — | 43.7 | 43.7 | ||||||||||
Total derivative positions with credit exposure to non-member counterparties | $ | 51,224.9 | $ | (116.3) | $ | 345.4 | $ | 229.1 | ||||||
Member institutions(2) | 10.3 | — | — | — | ||||||||||
Total | $ | 51,235.2 | $ | (116.3) | $ | 345.4 | $ | 229.1 | ||||||
Derivative positions without credit exposure | 20,966.6 | |||||||||||||
Total notional | $ | 72,201.8 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Interest income: | ||||||||||||||
Advances | $ | $ | $ | $ | ||||||||||
Interest-bearing deposits | ||||||||||||||
Securities purchased under agreements to resell | ||||||||||||||
Federal funds sold | ||||||||||||||
Trading securities | ||||||||||||||
Available-for-sale (AFS) securities | ||||||||||||||
Held-to-maturity (HTM) securities | ||||||||||||||
Mortgage loans held for portfolio | ||||||||||||||
Total interest income | ||||||||||||||
Interest expense: | ||||||||||||||
Consolidated obligations - discount notes | ||||||||||||||
Consolidated obligations - bonds | ||||||||||||||
Deposits | ||||||||||||||
Mandatorily redeemable capital stock and other borrowings | ||||||||||||||
Total interest expense | ||||||||||||||
Net interest income | ||||||||||||||
Provision for credit losses | ||||||||||||||
Net interest income after provision for credit losses | ||||||||||||||
Noninterest income (loss): | ||||||||||||||
Net gains (losses) on investment securities (Note 2) | ( | ( | ( | ( | ||||||||||
Net gains (losses) on derivatives (Note 5) | ||||||||||||||
Standby letters of credit fees | ||||||||||||||
Other, net | ||||||||||||||
Total noninterest income (loss) | ||||||||||||||
Other expense: | ||||||||||||||
Compensation and benefits | ||||||||||||||
Other operating | ||||||||||||||
Finance Agency | ||||||||||||||
Office of Finance | ||||||||||||||
Total other expense | ||||||||||||||
Income before assessments | ||||||||||||||
Affordable Housing Program (AHP) assessment | ||||||||||||||
Net income | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net income | $ | $ | $ | $ | ||||||||||
Other comprehensive income (loss): | ||||||||||||||
Net unrealized gains (losses) on AFS securities | ( | ( | ( | ( | ||||||||||
Realized (gains) losses on AFS securities included in net income | ( | ( | ( | |||||||||||
Pension and post-retirement benefits | ( | ( | ||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||
Total comprehensive income (loss) | $ | $ | $ | $ | ( |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | $ | ||||||
Interest-bearing deposits (Note 2) | ||||||||
Securities purchased under agreements to resell (Note 2) | ||||||||
Federal funds sold (Note 2) | ||||||||
Investment securities: (Note 2) | ||||||||
Trading securities | ||||||||
AFS securities, net; amortized cost of $ | ||||||||
HTM securities; fair value of $ | ||||||||
Total investment securities | ||||||||
Advances (Note 3) | ||||||||
Mortgage loans held for portfolio, net (Note 4) | ||||||||
Banking on Business (BOB) loans, net | ||||||||
Accrued interest receivable | ||||||||
Derivative assets (Note 5) | ||||||||
Other assets | ||||||||
Total assets | $ | $ |
LIABILITIES AND CAPITAL | ||||||||
Liabilities | ||||||||
Deposits | $ | $ | ||||||
Consolidated obligations: (Note 6) | ||||||||
Discount notes | ||||||||
Bonds | ||||||||
Total consolidated obligations | ||||||||
Mandatorily redeemable capital stock (Note 7) | ||||||||
Accrued interest payable | ||||||||
AHP payable | ||||||||
Derivative liabilities (Note 5) | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Note 10) | ||||||||
Capital (Note 7) | ||||||||
Capital stock - Class B putable ($ | ||||||||
Retained earnings: | ||||||||
Unrestricted | ||||||||
Restricted | ||||||||
Total retained earnings | ||||||||
Accumulated Other Comprehensive Income (Loss) (AOCI) | ( | ( | ||||||
Total capital | ||||||||
Total liabilities and capital | $ | $ |
Nine months ended September 30, | ||||||||
(in thousands) | 2023 | 2022 | ||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization (accretion) | ( | |||||||
Net change in derivative and hedging activities | ( | |||||||
Net realized losses (gains) from sales of AFS securities | ( | ( | ||||||
Net change in fair value adjustments on trading securities | ||||||||
Other adjustments, net | ||||||||
Net change in: | ||||||||
Accrued interest receivable | ( | ( | ||||||
Other assets | ( | |||||||
Accrued interest payable | ||||||||
Other liabilities | ( | |||||||
Total adjustments | ||||||||
Net cash provided by (used in) operating activities | $ | $ | ||||||
INVESTING ACTIVITIES | ||||||||
Net change in: | ||||||||
Interest-bearing deposits (including $( | $ | ( | $ | ( | ||||
Securities purchased under agreements to resell | ( | ( | ||||||
Federal funds sold | ( | ( | ||||||
Trading securities: | ||||||||
Purchases | ( | |||||||
AFS securities: | ||||||||
Proceeds (includes $ | ||||||||
Purchases | ( | ( | ||||||
HTM securities: | ||||||||
Proceeds | ||||||||
Purchases | ( | ( | ||||||
Advances: | ||||||||
Repaid | ||||||||
Originated | ( | ( | ||||||
Mortgage loans held for portfolio: | ||||||||
Principal collected | ||||||||
Purchases | ( | ( | ||||||
Other investing activities, net | ( | |||||||
Net cash provided by (used in) investing activities | $ | ( | $ | ( | ||||
Federal Home Loan Bank of Pittsburgh Statements of Cash Flows (unaudited) | ||||||||
(continued) | ||||||||
Nine months ended September 30, | ||||||||
(in thousands) | 2023 | 2022 | ||||||
FINANCING ACTIVITIES | ||||||||
Net change in deposits | $ | $ | ( | |||||
Net proceeds from issuance of consolidated obligations: | ||||||||
Discount notes | ||||||||
Bonds | ||||||||
Payments for maturing and retiring consolidated obligations: | ||||||||
Discount notes | ( | ( | ||||||
Bonds | ( | ( | ||||||
Proceeds from issuance of capital stock | ||||||||
Payments for repurchase/redemption of capital stock | ( | ( | ||||||
Payments for repurchase/redemption of mandatorily redeemable capital stock | ( | ( | ||||||
Cash dividends paid | ( | ( | ||||||
Net cash provided by (used in) financing activities | $ | $ | ||||||
Net increase (decrease) in cash and due from banks | $ | $ | ( | |||||
Cash and due from banks at beginning of the period | ||||||||
Cash and due from banks at end of the period | $ | $ | ||||||
Supplemental disclosures: | ||||||||
Cash activities: | ||||||||
Interest paid | $ | $ | ||||||
AHP payments, net | ||||||||
Non-cash activities: | ||||||||
Capital stock reclassified to mandatorily redeemable capital stock |
Capital Stock - Putable | Retained Earnings | ||||||||||||||||||||||
(in thousands) | Shares | Par Value | Unrestricted | Restricted | Total | AOCI | Total Capital | ||||||||||||||||
June 30, 2022 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Comprehensive income (loss) | — | — | ( | ||||||||||||||||||||
Issuance of capital stock | — | — | — | — | |||||||||||||||||||
Repurchase/redemption of capital stock | ( | ( | — | — | — | — | ( | ||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock | ( | ( | — | — | — | — | ( | ||||||||||||||||
Cash dividends | — | — | ( | — | ( | — | ( | ||||||||||||||||
September 30, 2022 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||
June 30, 2023 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||
Comprehensive income (loss) | — | — | ( | ||||||||||||||||||||
Issuance of capital stock | — | — | — | — | |||||||||||||||||||
Repurchase/redemption of capital stock | ( | ( | — | — | — | — | ( | ||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock | ( | ( | — | — | — | — | ( | ||||||||||||||||
Cash dividends | — | — | ( | — | ( | — | ( | ||||||||||||||||
September 30, 2023 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||
Capital Stock - Putable | Retained Earnings | ||||||||||||||||||||||
(in thousands) | Shares | Par Value | Unrestricted | Restricted | Total | AOCI | Total Capital | ||||||||||||||||
December 31, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Comprehensive income (loss) | — | — | ( | ( | |||||||||||||||||||
Issuance of capital stock | — | — | — | — | |||||||||||||||||||
Repurchase/redemption of capital stock | ( | ( | — | — | — | — | ( | ||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock | ( | ( | — | — | — | — | ( | ||||||||||||||||
Cash dividends | — | — | ( | — | ( | — | ( | ||||||||||||||||
September 30, 2022 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||
December 31, 2022 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||
Comprehensive income (loss) | — | — | ( | ||||||||||||||||||||
Issuance of capital stock | — | — | — | — | |||||||||||||||||||
Repurchase/redemption of capital stock | ( | ( | — | — | — | — | ( | ||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock | ( | ( | — | — | — | — | ( | ||||||||||||||||
Cash dividends | — | — | ( | — | ( | — | ( | ||||||||||||||||
September 30, 2023 | $ | $ | $ | $ | $ | ( | $ |
Standard | Description | Effective Date | Effect on the Financial Statements or Other Significant Matters | ||||||||
ASU 2020-04: Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended | This ASU provides temporary optional guidance to ease the potential burden in accounting for reference rate reform with optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. | This guidance became effective for the Bank beginning March 12, 2020, through December 31, 2024. | The Bank’s financial instruments impacted by reference rate reform met the criteria for the Bank to elect certain practical expedients and exceptions to GAAP. As a result, contract modifications were deemed to be minor and impacted derivatives will continue to apply hedge accounting. These elections did not have a material impact on the Bank’s financial condition, results of operations, or cash flows. | ||||||||
ASU 2022-01: Fair Value Hedging – Portfolio Layer Method | This ASU expands the current last-of-layer method to apply fair value hedging by allowing multiple hedged layers of a single closed portfolio under the method. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. Additionally, among other things, this ASU: • expands the scope of the portfolio layer method to include nonprepayable assets • specifies eligible hedging instruments in a single-layer hedge • provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, and; • specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. | This ASU was effective for the Bank beginning on January 1, 2023. | The adoption of this ASU did not have an impact on the Bank's financial statements. The Bank will continue to assess opportunities enabled by the new guidance to expand its risk management strategies. | ||||||||
ASU 2022-02: Troubled Debt Restructurings and Vintage Disclosures | This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit losses methodology while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Additionally, this guidance requires disclosure of current-period gross write-offs by year of origination for financing receivables. | This ASU was effective for the Bank beginning on January 1, 2023. | The adoption of this ASU did not have a material impact on the Bank's financial statements, including the Bank’s MPF portfolio. |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
GSE obligations | $ | $ | ||||||
Total | $ | $ | ||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net unrealized gains (losses) on trading securities held at period-end | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Net gains (losses) on trading securities | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, 2023 | |||||||||||||||||
(in thousands) | Amortized Cost (1) | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Non-MBS: | |||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | $ | ( | $ | |||||||||||
GSE and TVA obligations | ( | ||||||||||||||||
State or local agency obligations | ( | ||||||||||||||||
Total non-MBS | $ | $ | $ | $ | ( | $ | |||||||||||
MBS: | |||||||||||||||||
U.S. obligations single-family | $ | $ | $ | $ | ( | $ | |||||||||||
GSE single-family | ( | ||||||||||||||||
GSE multifamily | ( | ||||||||||||||||
Private label | ( | ( | |||||||||||||||
Total MBS | $ | $ | ( | $ | $ | ( | $ | ||||||||||
Total AFS securities | $ | $ | ( | $ | $ | ( | $ |
December 31, 2022 | |||||||||||||||||
(in thousands) | Amortized Cost (1) | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Non-MBS: | |||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | $ | ( | $ | |||||||||||
GSE and TVA obligations | ( | ||||||||||||||||
State or local agency obligations | ( | ||||||||||||||||
Total non-MBS | $ | $ | $ | $ | ( | $ | |||||||||||
MBS: | |||||||||||||||||
U.S. obligations single-family | $ | $ | $ | $ | ( | $ | |||||||||||
GSE single-family | ( | ||||||||||||||||
GSE multifamily | ( | ||||||||||||||||
Private label | ( | ( | |||||||||||||||
Total MBS | $ | $ | ( | $ | $ | ( | $ | ||||||||||
Total AFS securities | $ | $ | ( | $ | $ | ( | $ |
September 30, 2023 | ||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | ||||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||
Non-MBS: | ||||||||||||||||||||
U.S. Treasury obligations | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
GSE and TVA obligations | ( | ( | ( | |||||||||||||||||
State or local agency obligations | ( | ( | ( | |||||||||||||||||
Total non-MBS | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
MBS: | ||||||||||||||||||||
U.S. obligations single-family | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
GSE single-family | ( | ( | ( | |||||||||||||||||
GSE multifamily | ( | ( | ( | |||||||||||||||||
Private label | ( | ( | ( | |||||||||||||||||
Total MBS | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2022 | ||||||||||||||||||||
Less than 12 Months | Greater than 12 Months | Total | ||||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||
Non-MBS: | ||||||||||||||||||||
U.S. Treasury obligations | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
GSE and TVA obligations | ( | ( | ||||||||||||||||||
State or local agency obligations | ( | ( | ||||||||||||||||||
Total non-MBS | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
MBS: | ||||||||||||||||||||
U.S. obligations single-family | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
GSE single-family | ( | ( | ( | |||||||||||||||||
GSE multifamily | ( | ( | ( | |||||||||||||||||
Private label | ( | ( | ( | |||||||||||||||||
Total MBS | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||
Year of Maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
Non-MBS: | ||||||||||||||
Due in one year or less | $ | $ | $ | $ | ||||||||||
Due after one year through five years | ||||||||||||||
Due after five years through ten years | ||||||||||||||
Due after ten years | ||||||||||||||
Total non-MBS | ||||||||||||||
MBS | ||||||||||||||
Total AFS securities | $ | $ | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Amortized cost of AFS non-MBS: | ||||||||
Fixed-rate | $ | $ | ||||||
Variable-rate | ||||||||
Total non-MBS | $ | $ | ||||||
Amortized cost of AFS MBS: | ||||||||
Fixed-rate | $ | $ | ||||||
Variable-rate | ||||||||
Total MBS | $ | $ | ||||||
Total amortized cost of AFS securities | $ | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Proceeds from sale of AFS securities | $ | $ | $ | $ | ||||||||||
Gross gains on AFS securities | $ | $ | $ | $ | ||||||||||
Gross losses on AFS securities | ||||||||||||||
Net realized gains(losses) from sale of AFS securities | $ | $ | $ | $ |
September 30, 2023 | ||||||||||||||
(in thousands) | Amortized Cost (1) | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||
MBS: | ||||||||||||||
U.S. obligations single-family | $ | $ | $ | ( | $ | |||||||||
GSE single-family | ( | |||||||||||||
GSE multifamily | ( | |||||||||||||
Private label | ( | |||||||||||||
Total MBS | $ | $ | $ | ( | $ | |||||||||
Total HTM securities | $ | $ | $ | ( | $ |
December 31, 2022 | ||||||||||||||
(in thousands) | Amortized Cost (1) | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||
MBS: | ||||||||||||||
U.S. obligations single-family | $ | $ | $ | ( | $ | |||||||||
GSE single-family | ( | |||||||||||||
GSE multifamily | ( | |||||||||||||
Private label | ( | |||||||||||||
Total MBS | $ | $ | $ | ( | $ | |||||||||
Total HTM securities | $ | $ | $ | ( | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Amortized cost of HTM MBS: | ||||||||
Fixed-rate | $ | $ | ||||||
Variable-rate | ||||||||
Total MBS | $ | $ | ||||||
Total HTM securities | $ | $ |
Private label MBS | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Balance, beginning of period | $ | $ | $ | $ | ||||||||||
Increases (decreases) for securities in which a previous ACL or OTTI was recorded | ||||||||||||||
Balance, end of period | $ | $ | $ | $ |
(dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||
Year of Redemption | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | ||||||||||
Due in 1 year or less | $ | % | $ | % | ||||||||||
Due after 1 year through 2 years | ||||||||||||||
Due after 2 years through 3 years | ||||||||||||||
Due after 3 years through 4 years | ||||||||||||||
Due after 4 years through 5 years | ||||||||||||||
Thereafter | ||||||||||||||
Total par value | % | % | ||||||||||||
Deferred prepayment fees | ( | ( | ||||||||||||
Hedging adjustments | ( | ( | ||||||||||||
Total book value (1) | $ | $ |
Year of Redemption or Next Call Date | ||||||||
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Due in 1 year or less | $ | $ | ||||||
Due after 1 year through 2 years | ||||||||
Due after 2 years through 3 years | ||||||||
Due after 3 years through 4 years | ||||||||
Due after 4 years through 5 years | ||||||||
Thereafter | ||||||||
Total par value | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Fixed-rate – overnight | $ | $ | ||||||
Fixed-rate – term: | ||||||||
Due in 1 year or less | ||||||||
Thereafter | ||||||||
Total fixed-rate | ||||||||
Variable-rate: | ||||||||
Due in 1 year or less | ||||||||
Thereafter | ||||||||
Total variable-rate | ||||||||
Total par value | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Fixed-rate long-term single-family mortgages (1) | $ | $ | ||||||
Fixed-rate medium-term single-family mortgages (1) | ||||||||
Total par value | ||||||||
Premiums | ||||||||
Discounts | ( | ( | ||||||
Hedging adjustments | ||||||||
Total mortgage loans held for portfolio (2) | $ | $ | ||||||
Allowance for credit losses on mortgage loans | ( | ( | ||||||
Mortgage loans held for portfolio, net | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Conventional loans | $ | $ | ||||||
Government-guaranteed/insured loans | ||||||||
Total par value | $ | $ |
September 30, 2023 | |||||||||||
(in thousands) | Origination Year | ||||||||||
Payment Status, at amortized cost (1) | Prior to 2019 | 2019 to 2023 | Total | ||||||||
Past due 30-59 days | $ | $ | $ | ||||||||
Past due 60-89 days | |||||||||||
Past due 90 days or more | |||||||||||
Total past due loans | $ | $ | $ | ||||||||
Current loans | |||||||||||
Total conventional loans | $ | $ | $ | ||||||||
December 31, 2022 | |||||||||||
Origination Year | |||||||||||
Payment Status, at amortized cost (1) | Prior to 2018 | 2018 to 2022 | Total | ||||||||
Past due 30-59 days | $ | $ | $ | ||||||||
Past due 60-89 days | |||||||||||
Past due 90 days or more | |||||||||||
Total past due loans | $ | $ | $ | ||||||||
Current loans | |||||||||||
Total conventional loans | $ | $ | $ |
September 30, 2023 | |||||||||||
(dollars in thousands) (1) | Conventional MPF Loans | Government-Guaranteed or Insured Loans | Total | ||||||||
In process of foreclosures, included above (2) | $ | $ | $ | ||||||||
Serious delinquency rate (3) | % | % | % | ||||||||
Past due 90 days or more still accruing interest | $ | $ | $ | ||||||||
Loans on nonaccrual status | $ | $ | $ | ||||||||
December 31, 2022 | |||||||||||
(dollars in thousands) (1) | Conventional MPF Loans | Government-Guaranteed or Insured Loans | Total | ||||||||
In process of foreclosures, included above (2) | $ | $ | $ | ||||||||
Serious delinquency rate (3) | % | % | % | ||||||||
Past due 90 days or more still accruing interest | $ | $ | $ | ||||||||
Loans on nonaccrual status | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Balance, beginning of period | $ | $ | $ | $ | ||||||||||
(Charge-offs) Recoveries, net (1) | ( | |||||||||||||
Provision (reversal) for credit losses | ( | ( | ( | |||||||||||
Balance, end of period | $ | $ | $ | $ |
September 30, 2023 | |||||||||||
(in thousands) | Notional Amount of Derivatives | Derivative Assets | Derivative Liabilities | ||||||||
Derivatives designated as hedging instruments: | |||||||||||
Interest rate swaps | $ | $ | $ | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Interest rate swaps | $ | $ | $ | ||||||||
Interest rate caps or floors | |||||||||||
Mortgage delivery commitments | |||||||||||
Total derivatives not designated as hedging instruments: | $ | $ | $ | ||||||||
Total derivatives before netting and collateral adjustments | $ | $ | $ | ||||||||
Netting adjustments and cash collateral (1) | ( | ||||||||||
Derivative assets and derivative liabilities as reported on the Statement of Condition | $ | $ |
December 31, 2022 | |||||||||||
(in thousands) | Notional Amount of Derivatives | Derivative Assets | Derivative Liabilities | ||||||||
Derivatives designated as hedging instruments: | |||||||||||
Interest rate swaps | $ | $ | $ | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Interest rate swaps | $ | $ | $ | ||||||||
Interest rate caps or floors | |||||||||||
Mortgage delivery commitments | |||||||||||
Total derivatives not designated as hedging instruments: | $ | $ | $ | ||||||||
Total derivatives before netting and collateral adjustments | $ | $ | $ | ||||||||
Netting adjustments and cash collateral (1) | ( | ||||||||||
Derivative assets and derivative liabilities as reported on the Statement of Condition | $ | $ |
(in thousands) | Gains/(Losses) on Derivative | Gains/ (Losses) on Hedged Item | Net Interest Settlements | Effect of Derivatives on Net Interest Income | Total Interest Income/ (Expense) Recorded in the Statement of Income | ||||||||||||
Three months ended September 30, 2023 | |||||||||||||||||
Hedged item type: | |||||||||||||||||
Advances | $ | $ | ( | $ | $ | $ | |||||||||||
AFS securities | ( | ||||||||||||||||
Mortgage loans held for portfolio | ( | ( | |||||||||||||||
Consolidated obligations – discount notes | ( | ( | ( | ( | |||||||||||||
Consolidated obligations – bonds | ( | ( | ( | ( | |||||||||||||
Total | $ | $ | ( | $ | ( | $ | ( | ||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||
Hedged item type: | |||||||||||||||||
Advances | $ | $ | ( | $ | $ | $ | |||||||||||
AFS securities | ( | ||||||||||||||||
Mortgage loans held for portfolio | ( | ( | |||||||||||||||
Consolidated obligations – discount notes | ( | ( | ( | ( | |||||||||||||
Consolidated obligations – bonds | ( | ( | ( | ( | |||||||||||||
Total | $ | $ | ( | $ | ( | $ | ( |
(in thousands) | Gains/(Losses) on Derivative | Gains/ (Losses) on Hedged Item | Net Interest Settlements | Effect of Derivatives on Net Interest Income | Total Interest Income/ (Expense) Recorded in the Statement of Income | ||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||
Hedged item type: | |||||||||||||||||
Advances | $ | $ | ( | $ | $ | $ | |||||||||||
AFS securities | ( | ||||||||||||||||
Mortgage loans held for portfolio | ( | ( | |||||||||||||||
Consolidated obligations - discount notes | ( | ( | |||||||||||||||
Consolidated obligations – bonds | ( | ( | ( | ( | |||||||||||||
Total | $ | ( | $ | $ | $ | ||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||
Hedged item type: | |||||||||||||||||
Advances | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||
AFS securities | ( | ( | ( | ||||||||||||||
Mortgage loans held for portfolio | ( | ( | |||||||||||||||
Consolidated obligations - discount notes | ( | ( | |||||||||||||||
Consolidated obligations – bonds | ( | ( | |||||||||||||||
$ | ( | $ | $ | ( | $ | ( |
(in thousands) | September 30, 2023 | |||||||||||||
Hedged item type | Carrying Amount of Hedged Assets/Liabilities(1) | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets/Liabilities | Fair Value Hedging Adjustments for Discontinued Hedging Relationships | Total Amount of Fair Value Hedging Adjustments | ||||||||||
Advances | $ | $ | ( | $ | ( | $ | ( | |||||||
AFS securities | ( | ( | ||||||||||||
Consolidated obligations – discount notes | ( | ( | ||||||||||||
Consolidated obligations – bonds | ( | ( |
(in thousands) | December 31, 2022 | |||||||||||||
Hedged item type | Carrying Amount of Hedged Assets/Liabilities (1) | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets/Liabilities | Fair Value Hedging Adjustments for Discontinued Hedging Relationships | Total Amount of Fair Value Hedging Adjustments | ||||||||||
Advances | $ | $ | ( | $ | ( | $ | ( | |||||||
AFS securities | ( | ( | ||||||||||||
Consolidated obligations – discounted notes | ( | ( | ||||||||||||
Consolidated obligations – bonds | ( | ( |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Economic hedges: | ||||||||||||||
Interest rate swaps | $ | $ | $ | $ | ||||||||||
Interest rate caps or floors | ( | ( | ||||||||||||
Net interest settlements | ( | ( | ||||||||||||
To Be Announced (TBA) | ||||||||||||||
Mortgage delivery commitments | ( | ( | ( | ( | ||||||||||
Other | ||||||||||||||
Total net gains (losses) related to derivatives not designated as hedging instruments | $ | $ | $ | $ | ||||||||||
Other - price alignment amount on cleared derivatives (1) | ( | ( | ( | ( | ||||||||||
Net gains (losses) on derivatives | $ | $ | $ | $ |
September 30, 2023 | |||||||||||||||||
Derivative Instruments Meeting Netting Requirements | |||||||||||||||||
(in thousands) | Gross Recognized Amount | Gross Amounts of Netting Adjustments and Cash Collateral | Net amounts after netting adjustments and cash collateral | Derivative Instruments Not Meeting Netting Requirements (1) | Total Derivative Assets and Total Derivative Liabilities | ||||||||||||
Derivative Assets | |||||||||||||||||
Uncleared | $ | $ | ( | $ | $ | $ | |||||||||||
Cleared | |||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||
Derivative Liabilities | |||||||||||||||||
Uncleared | $ | $ | ( | $ | $ | $ | |||||||||||
Cleared | ( | ||||||||||||||||
Total | $ | $ | ( | $ | $ | $ |
December 31, 2022 | |||||||||||||||||
Derivative Instruments Meeting Netting Requirements | |||||||||||||||||
(in thousands) | Gross Recognized Amount | Gross Amounts of Netting Adjustments and Cash Collateral | Net amounts after netting adjustments and cash collateral | Derivative Instruments Not Meeting Netting Requirements (1) | Total Derivative Assets and Total Derivative Liabilities | ||||||||||||
Derivative Assets | |||||||||||||||||
Uncleared | $ | $ | ( | $ | $ | $ | |||||||||||
Cleared | $ | ||||||||||||||||
Total Derivative Assets | $ | $ | $ | $ | $ | ||||||||||||
Derivative Liabilities | |||||||||||||||||
Uncleared | $ | $ | ( | $ | $ | $ | |||||||||||
Cleared | ( | ||||||||||||||||
Total Derivative Liabilities | $ | $ | ( | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Par value of consolidated bonds: | ||||||||
Fixed-rate | $ | $ | ||||||
Step-up | ||||||||
Floating-rate | ||||||||
Total par value | $ | $ | ||||||
Bond premiums | $ | $ | ||||||
Bond discounts | ( | ( | ||||||
Concession fees | ( | ( | ||||||
Hedging adjustments | ( | ( | ||||||
Total book value | $ | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||
(dollars in thousands) Year of Contractual Maturity | Amount | Weighted Average Interest Rate | Amount | Weighted Average Interest Rate | ||||||||||
Due in 1 year or less | $ | % | $ | % | ||||||||||
Due after 1 year through 2 years | ||||||||||||||
Due after 2 years through 3 years | ||||||||||||||
Due after 3 years through 4 years | ||||||||||||||
Due after 4 years through 5 years | ||||||||||||||
Thereafter | ||||||||||||||
Total par value | $ | % | $ | % |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Noncallable | $ | $ | ||||||
Callable | ||||||||
Total par value | $ | $ |
(in thousands) Year of Contractual Maturity or Next Call Date | September 30, 2023 | December 31, 2022 | ||||||
Due in 1 year or less | $ | $ | ||||||
Due after 1 year through 2 years | ||||||||
Due after 2 years through 3 years | ||||||||
Due after 3 years through 4 years | ||||||||
Due after 4 years through 5 years | ||||||||
Thereafter | ||||||||
Total par value | $ | $ |
(dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Book value | $ | $ | ||||||
Par value | ||||||||
Weighted average interest rate (1) | % | % |
September 30, 2023 | December 31, 2022 | |||||||||||||
(dollars in thousands) | Required | Actual | Required | Actual | ||||||||||
Regulatory capital requirements: | ||||||||||||||
RBC | $ | $ | $ | $ | ||||||||||
Total capital-to-asset ratio | % | % | % | % | ||||||||||
Total regulatory capital | ||||||||||||||
Leverage ratio | % | % | % | % | ||||||||||
Leverage capital |
Nine months ended September 30, | ||||||||
(in thousands) | 2023 | 2022 | ||||||
Balance, beginning of the period | $ | $ | ||||||
Capital stock subject to mandatory redemption reclassified from capital | ||||||||
Redemption/repurchase of mandatorily redeemable capital stock | ( | ( | ||||||
Balance, end of the period | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Due in 1 year or less | $ | $ | ||||||
Due after 1 year through 2 years | ||||||||
Due after 2 years through 3 years | ||||||||
Due after 3 years through 4 years | ||||||||
Due after 4 years through 5 years | ||||||||
Past contractual redemption date due to activity outstanding | ||||||||
Total | $ | $ |
Dividend - Annual Yield | ||||||||||||||
2023 | 2022 | |||||||||||||
Membership | Activity | Membership | Activity | |||||||||||
February | % | % | % | % | ||||||||||
April | % | % | % | % | ||||||||||
July | % | % | % | % | ||||||||||
(in thousands) | Net Unrealized Gains(Losses) on AFS | Pension and Post-Retirement Plans | Total | ||||||||
June 30, 2022 | $ | $ | ( | $ | |||||||
Other comprehensive income (loss) before reclassification: | |||||||||||
Net unrealized gains (losses) | ( | — | ( | ||||||||
Reclassifications from OCI to net income: | |||||||||||
Reclassification adjustment for net gains included in net income | ( | — | ( | ||||||||
Pension and post-retirement | — | ||||||||||
September 30, 2022 | $ | ( | $ | ( | $ | ( | |||||
June 30, 2023 | $ | ( | $ | ( | $ | ( | |||||
Other comprehensive income (loss) before reclassification: | |||||||||||
Net unrealized gains (losses) | ( | — | ( | ||||||||
Reclassifications from OCI to net income: | |||||||||||
Reclassification adjustment for net gains included in net income | — | ||||||||||
Pension and post-retirement | — | ( | ( | ||||||||
September 30, 2023 | $ | ( | $ | ( | $ | ( | |||||
December 31, 2021 | $ | $ | ( | $ | |||||||
Other comprehensive income (loss) before reclassification: | |||||||||||
Net unrealized gains (losses) | ( | — | ( | ||||||||
Reclassifications from OCI to net income: | |||||||||||
Reclassification adjustment for net gains included in net income | ( | — | (415) | ||||||||
Pension and post-retirement | — | ||||||||||
September 30, 2022 | $ | ( | $ | ( | $ | ( | |||||
December 31, 2022 | $ | ( | $ | ( | $ | ( | |||||
Other comprehensive income (loss) before reclassification: | |||||||||||
Net unrealized gains (losses) | ( | — | ( | ||||||||
Reclassifications from OCI to net income: | |||||||||||
Reclassification adjustment for net gains included in net income | ( | — | ( | ||||||||
Pension and post-retirement | — | ( | ( | ||||||||
September 30, 2023 | $ | ( | $ | ( | $ | ( |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Advances(1) | $ | $ | ||||||
Letters of credit (2) | ||||||||
MPF loans | ||||||||
Deposits | ||||||||
Capital stock |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Interest income on advances (1) | $ | $ | $ | $ | ||||||||||
Interest income on MPF loans | ||||||||||||||
Letters of credit fees |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Servicing fee expense | $ | $ | $ | $ |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||
Interest-bearing deposits maintained with FHLBank of Chicago | $ | $ |
Fair Value Summary Table | ||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||
(in thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Netting Adjustment and Cash Collateral (1) | Estimated Fair Value | ||||||||||||||
Assets: | ||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | — | $ | |||||||||||||
Interest-bearing deposits | — | |||||||||||||||||||
Securities purchased under agreement to resell (2) | — | |||||||||||||||||||
Federal funds sold | — | |||||||||||||||||||
Trading securities | — | |||||||||||||||||||
AFS securities | — | |||||||||||||||||||
HTM securities | — | |||||||||||||||||||
Advances | — | |||||||||||||||||||
Mortgage loans held for portfolio, net | — | |||||||||||||||||||
BOB loans, net | — | |||||||||||||||||||
Accrued interest receivable | — | |||||||||||||||||||
Derivative assets | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | — | $ | |||||||||||||
Discount notes | — | |||||||||||||||||||
Bonds | — | |||||||||||||||||||
Mandatorily redeemable capital stock(3) | — | |||||||||||||||||||
Accrued interest payable(3) | — | |||||||||||||||||||
Derivative liabilities | ( |
December 31, 2022 | ||||||||||||||||||||
(in thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Netting Adjustment and Cash Collateral (1) | Estimated Fair Value | ||||||||||||||
Assets: | ||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | — | $ | |||||||||||||
Interest-bearing deposits | — | |||||||||||||||||||
Securities purchased under agreement to resell(2) | — | |||||||||||||||||||
Federal funds sold | — | |||||||||||||||||||
Trading securities | — | |||||||||||||||||||
AFS securities | — | |||||||||||||||||||
HTM securities | — | |||||||||||||||||||
Advances | — | |||||||||||||||||||
Mortgage loans held for portfolio, net | — | |||||||||||||||||||
BOB loans, net | — | |||||||||||||||||||
Accrued interest receivable | — | |||||||||||||||||||
Derivative assets | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | — | $ | |||||||||||||
Discount notes | — | |||||||||||||||||||
Bonds | — | |||||||||||||||||||
Mandatorily redeemable capital stock(3) | — | |||||||||||||||||||
Accrued interest payable(3) | — | |||||||||||||||||||
Derivative liabilities | ( |
September 30, 2023 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Netting Adjustment and Cash Collateral(1) | Total | ||||||||||||
Recurring fair value measurements - Assets | |||||||||||||||||
Trading securities: | |||||||||||||||||
Non MBS: | |||||||||||||||||
GSE obligations | $ | $ | $ | $ | — | $ | |||||||||||
Total trading securities | $ | $ | $ | $ | — | $ | |||||||||||
AFS securities: | |||||||||||||||||
Non MBS: | |||||||||||||||||
U.S. Treasury obligations | $ | — | $ | $ | — | $ | — | $ | |||||||||
GSE and TVA obligations | — | ||||||||||||||||
State or local agency obligations | — | ||||||||||||||||
MBS: | |||||||||||||||||
U.S. obligations single-family | — | ||||||||||||||||
GSE single-family | — | ||||||||||||||||
GSE multifamily | — | ||||||||||||||||
Private label | — | ||||||||||||||||
Total AFS securities | $ | $ | $ | $ | — | $ | |||||||||||
Derivative assets: | |||||||||||||||||
Interest rate related | $ | $ | $ | $ | $ | ||||||||||||
Mortgage delivery commitments | |||||||||||||||||
Total derivative assets | $ | $ | $ | $ | $ | ||||||||||||
Total recurring assets at fair value | $ | $ | $ | $ | $ | ||||||||||||
Recurring fair value measurements - Liabilities | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||
Interest rate related | $ | $ | $ | $ | ( | $ | |||||||||||
Mortgage delivery commitments | — | ||||||||||||||||
Total recurring liabilities at fair value | $ | $ | $ | $ | ( | $ | |||||||||||
Non-recurring fair value measurements - Assets | |||||||||||||||||
Impaired mortgage loans held for portfolio | $ | — | $ | — | $ | $ | — | $ | |||||||||
REO | — | — | — | ||||||||||||||
Total non-recurring assets at fair value | $ | — | $ | — | $ | $ | — | $ |
December 31, 2022 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Netting Adjustment and Cash Collateral(1) | Total | ||||||||||||
Recurring fair value measurements - Assets | |||||||||||||||||
Trading securities: | |||||||||||||||||
Non MBS: | |||||||||||||||||
GSE obligations | $ | $ | $ | $ | — | $ | |||||||||||
Total trading securities | $ | $ | $ | $ | — | $ | |||||||||||
AFS securities: | |||||||||||||||||
Non MBS: | |||||||||||||||||
U.S. Treasury obligations | $ | — | $ | $ | — | $ | — | $ | |||||||||
GSE and TVA obligations | — | ||||||||||||||||
State or local agency obligations | — | ||||||||||||||||
MBS: | |||||||||||||||||
U.S. obligations single-family | — | ||||||||||||||||
GSE single-family | — | ||||||||||||||||
GSE multifamily | — | ||||||||||||||||
Private label | — | ||||||||||||||||
Total AFS securities | $ | $ | $ | $ | — | $ | |||||||||||
Derivative assets: | |||||||||||||||||
Interest rate related | $ | $ | $ | $ | $ | ||||||||||||
Mortgage delivery commitments | |||||||||||||||||
Total derivative assets | $ | $ | $ | $ | $ | ||||||||||||
Total recurring assets at fair value | $ | $ | $ | $ | $ | ||||||||||||
Recurring fair value measurements - Liabilities | |||||||||||||||||
Derivative liabilities: | |||||||||||||||||
Interest rate related | $ | $ | $ | $ | ( | $ | |||||||||||
Mortgage delivery commitments | — | — | — | ||||||||||||||
Total recurring liabilities at fair value | $ | — | $ | $ | — | $ | ( | $ | |||||||||
Non-recurring fair value measurements - Assets | |||||||||||||||||
Impaired mortgage loans held for portfolio | $ | — | $ | — | $ | $ | — | $ | |||||||||
REO | — | — | — | ||||||||||||||
Total non-recurring assets at fair value | $ | — | $ | — | $ | $ | — | $ |
AFS Private Label MBS | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Balance, beginning of period | $ | $ | $ | $ | ||||||||||
Total gains (losses) (realized/unrealized) included in: | ||||||||||||||
(Provision) reversal for credit losses | ( | ( | ( | ( | ||||||||||
Accretion of credit losses in interest income | ||||||||||||||
Net unrealized gains (losses) on AFS in OCI | ( | ( | ( | ( | ||||||||||
Settlements: | ||||||||||||||
Settlements | ( | ( | ( | ( | ||||||||||
Balance, end of period | $ | $ | $ | $ | ||||||||||
Total amount of gains for the periods presented included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2023 | $ | $ | ( | $ | $ | |||||||||
Change in unrealized gains (losses) for the period included in other comprehensive income (loss) for assets held at September 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( |
(in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||
Notional amount | Expiration Date Within One Year | Expiration Date After One Year | Total | Total | ||||||||||
Standby letters of credit outstanding (1) (2) | $ | $ | $ | $ | ||||||||||
Commitments to fund additional advances and BOB loans | ||||||||||||||
Commitments to purchase mortgage loans | ||||||||||||||
Unsettled consolidated obligation discount notes, at par | ||||||||||||||
Unsettled consolidated obligation bonds, at par |
Exhibit No. | Description | Method of Filing | ||||||
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer | Filed herewith. | |||||||
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the Principal Financial Officer | Filed herewith. | |||||||
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer | Furnished herewith. | |||||||
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Principal Financial Officer | Furnished herewith. | |||||||
101.INS | Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | Filed herewith. | ||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith. | ||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith. | ||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith. | ||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith. | ||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith. | ||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | Filed herewith. |
1. | I have reviewed this quarterly report on Form 10-Q for the Federal Home Loan Bank of Pittsburgh (the registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this quarterly report on Form 10-Q for the Federal Home Loan Bank of Pittsburgh (the registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I am the Chief Executive Officer of the Federal Home Loan Bank of Pittsburgh (the registrant). |
2. | I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that: |
l | this Form 10-Q of the registrant for the quarter ended September 30, 2023 (the periodic report) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
l | the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented. |
1. | I am the Chief Financial Officer of the Federal Home Loan Bank of Pittsburgh (the registrant). |
2. | I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that: |
l | this Form 10-Q of the registrant for the quarter ended September 30, 2023 (the periodic report) containing financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
l | the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented. |
Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Interest income: | ||||
Advances | $ 1,071,029 | $ 271,015 | $ 3,120,857 | $ 382,012 |
Interest-bearing deposits | 54,845 | 11,640 | 150,582 | 15,015 |
Securities purchased under agreements to resell | 89,233 | 15,585 | 217,988 | 20,299 |
Federal funds sold | 44,629 | 27,166 | 148,900 | 36,435 |
Trading securities | 1,845 | 1,858 | 5,533 | 5,570 |
Available-for-sale (AFS) securities | 190,518 | 79,004 | 516,045 | 144,726 |
Held-to-maturity (HTM) securities | 10,744 | 7,192 | 26,878 | 20,654 |
Mortgage loans held for portfolio | 37,516 | 34,145 | 108,824 | 99,890 |
Total interest income | 1,500,359 | 447,605 | 4,295,607 | 724,601 |
Interest expense: | ||||
Consolidated obligations - discount notes | 220,233 | 142,549 | 943,590 | 181,711 |
Consolidated obligations - bonds | 1,079,869 | 194,399 | 2,778,910 | 318,851 |
Deposits | 10,344 | 3,923 | 24,533 | 5,593 |
Mandatorily redeemable capital stock and other borrowings | 601 | 867 | 1,831 | 1,495 |
Total interest expense | 1,311,047 | 341,738 | 3,748,864 | 507,650 |
Net interest income | 189,312 | 105,867 | 546,743 | 216,951 |
Provision for credit losses | 1,863 | 3,226 | 4,080 | 5,429 |
Net interest income after provision for credit losses | 187,449 | 102,641 | 542,663 | 211,522 |
Other noninterest income (loss): | ||||
Net gains (losses) on investment securities (Note 2) | (2,437) | (8,342) | (1,077) | (28,250) |
Net gains (losses) on derivatives (Note 5) | 7,270 | 6,648 | 21,216 | 15,409 |
Standby letters of credit fees | 8,133 | 6,443 | 22,173 | 17,739 |
Other, net | 1,063 | 104 | 2,507 | 502 |
Total noninterest income (loss) | 14,029 | 4,853 | 44,819 | 5,400 |
Other Expense | ||||
Compensation and benefits | 14,828 | 13,029 | 43,723 | 38,889 |
Other operating | 9,890 | 9,243 | 28,522 | 25,494 |
Finance Agency | 1,652 | 1,145 | 4,960 | 3,566 |
Office of Finance | 1,570 | 1,339 | 4,379 | 3,754 |
Total other expense | 27,940 | 24,756 | 81,584 | 71,703 |
Income before assessments | 173,538 | 82,738 | 505,898 | 145,219 |
Affordable Housing Program (AHP) assessment | 17,414 | 8,317 | 50,764 | 14,628 |
Net income | $ 156,124 | $ 74,421 | $ 455,134 | $ 130,591 |
Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Net income | $ 156,124 | $ 74,421 | $ 455,134 | $ 130,591 |
Other comprehensive income (loss): | ||||
Net unrealized gains (losses) on AFS securities | (65,343) | (71,853) | (48,659) | (177,261) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | (188) | (489) | (415) |
Pension and post-retirement benefits | (8) | 189 | (25) | 567 |
Total other comprehensive income (loss) | (65,351) | (71,852) | (49,173) | (177,109) |
Total comprehensive income (loss) | $ 90,773 | $ 2,569 | $ 405,961 | $ (46,518) |
Statement of Condition (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
ASSETS | ||||
HTM securities - fair value | $ 1,138,129 | $ 874,282 | ||
AFS Securities - Amortized Cost | [1] | $ 13,776,200 | $ 12,265,009 | |
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Capital Stock, Par value Per Share | $ 100 | $ 100 | ||
Capital Stock, Shares, Issued and Outstanding | 38,406,000 | 34,284,000 | ||
|
Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
OPERATING ACTIVITIES | ||
Net income | $ 455,134 | $ 130,591 |
Adjustments to reconcile net income to net cash provided by(used in) operating activities: | ||
Depreciation and amortization | (68,142) | 57,212 |
Net change in derivative and hedging activities | (7,117) | 861,356 |
Net realized (gains) loss from sales of AFS securities | (489) | (415) |
Net change in fair value adjustments on trading securities | 1,566 | 28,664 |
Other adjustments | 5,355 | 6,756 |
Net change in: | ||
Accrued interest receivable | (189,341) | (134,891) |
Other assets | (600) | 4,331 |
Accrued interest payable | 520,396 | 124,962 |
Other liabilities | 34,701 | (13,419) |
Net cash provided by (used in) operating activities | 751,463 | 1,065,147 |
Net change in: | ||
Interest-bearing deposits (including $(365) and $98 (to) from other FHLBanks) | (490,832) | (1,930,492) |
Federal funds sold | (180,000) | (2,230,000) |
Federal funds sold | (486,000) | (2,530,000) |
Trading Securities : | ||
Purchases | 0 | (14,944) |
AFS securities: | ||
Proceeds (includes $798,200, and $476,816 from sales of AFS securities) | 2,591,823 | 1,629,013 |
Purchases | (3,996,519) | (1,306,448) |
HTM securities: | ||
Proceeds | 106,740 | 302,284 |
Purchases | (398,645) | (101,553) |
Advances: | ||
Repaid | 556,170,718 | 194,282,341 |
Originated | (563,639,027) | (238,985,991) |
Mortgage loans held for portfolio: | ||
Proceeds | 276,878 | 513,028 |
Purchases | (356,582) | (449,944) |
Other investing activities, net | (1,026) | 544 |
Net cash provided by (used in) investing activities | (10,402,472) | (50,822,162) |
FINANCING ACTIVITIES | ||
Net change in deposits | 325,604 | (415,717) |
Net proceeds from issuance of consolidated obligations: | ||
Discount notes | 473,218,395 | 237,077,288 |
Bonds | 76,646,396 | 34,277,767 |
Payments for maturing and retiring consolidated obligations | ||
Discount notes | (494,401,699) | (216,132,034) |
Bonds | (46,332,725) | (7,235,225) |
Proceeds from issuance of capital stock | 4,314,023 | 4,043,101 |
Payments for repurchase/redemption of capital stock | (3,888,129) | (2,214,385) |
Payments for repurchase/redemption of mandatorily redeemable capital stock | (13,448) | (227) |
Cash dividends paid | (210,322) | (49,001) |
Net cash provided by (used in) financing activities | 9,658,095 | 49,351,567 |
Net increase (decrease) in cash and due from banks | 7,086 | (405,448) |
Cash and due from banks at beginning of the period | 13,242 | 428,190 |
Cash and due from banks at end of the period | 20,328 | 22,742 |
Supplemental disclosures: | ||
Interest paid | 3,492,487 | 354,611 |
AHP payments, net | 17,118 | 25,150 |
Capital stock reclassified to mandatorily redeemable capital stock | $ 13,681 | $ 5,810 |
Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
9 Months Ended | |
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Sep. 30, 2023 |
Sep. 30, 2022 |
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Statement of Cash Flows [Abstract] | ||
Interest-bearing deposits (including $(365) and $98 (to) from other FHLBanks) | $ (365) | $ 98 |
Net Cash Provided by (Used in) Financing Activities | 9,658,095 | 49,351,567 |
Cash dividends paid | (210,322) | (49,001) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 296,329 | 934,556 |
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 798,200 | $ 476,816 |
Statements of Changes in Capital - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total capital, beginning balance | $ 5,640,907 | $ 3,497,955 | $ 4,898,115 | $ 2,735,652 |
Comprehensive Income | 90,773 | 2,569 | 405,961 | (46,518) |
Issuance of capital stock | 958,091 | 1,883,452 | 4,314,023 | 4,043,101 |
Repurchase/redemption of capital stock | (1,096,670) | (890,735) | (3,888,129) | (2,214,385) |
Capital stock reclassified to mandatorily redeemable capital stock | (5,885) | (5,810) | (13,681) | (5,810) |
Cash dividends | (81,249) | (24,392) | (210,322) | (49,001) |
Total capital, ending balance | $ 5,505,967 | $ 4,463,039 | $ 5,505,967 | $ 4,463,039 |
Capital Stock - Putable | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance, shares beginning balance | 39,851 | 20,630 | 34,284 | 12,270 |
Total capital, beginning balance | $ 3,985,082 | $ 2,063,049 | $ 3,428,405 | $ 1,227,050 |
Issuance of capital stock, shares | 9,580 | 18,834 | 43,140 | 40,431 |
Issuance of capital stock | $ 958,091 | $ 1,883,452 | $ 4,314,023 | $ 4,043,101 |
Repurchase/redemption of capital stock, shares | (10,966) | (8,906) | (38,881) | (22,143) |
Repurchase/redemption of capital stock | $ (1,096,670) | $ (890,735) | $ (3,888,129) | $ (2,214,385) |
Net shares reclassified to mandatorily redeemable capital stock, shares | (59) | (58) | (137) | (58) |
Capital stock reclassified to mandatorily redeemable capital stock | $ (5,885) | $ (5,810) | $ (13,681) | $ (5,810) |
Balance, shares ending balance | 38,406 | 30,500 | 38,406 | 30,500 |
Total capital, ending balance | $ 3,840,618 | $ 3,049,956 | $ 3,840,618 | $ 3,049,956 |
Retained Earnings, Unrestricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total capital, beginning balance | 1,147,317 | 965,097 | 1,037,182 | 941,033 |
Comprehensive Income | 124,899 | 59,536 | 364,107 | 108,209 |
Cash dividends | (81,249) | (24,392) | (210,322) | (49,001) |
Total capital, ending balance | 1,190,967 | 1,000,241 | 1,190,967 | 1,000,241 |
Retained Earnings, Restricted | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total capital, beginning balance | 558,857 | 464,875 | 499,055 | 457,378 |
Comprehensive Income | 31,225 | 14,885 | 91,027 | 22,382 |
Total capital, ending balance | 590,082 | 479,760 | 590,082 | 479,760 |
Retained Earnings Total | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total capital, beginning balance | 1,706,174 | 1,429,972 | 1,536,237 | 1,398,411 |
Comprehensive Income | 156,124 | 74,421 | 455,134 | 130,591 |
Cash dividends | (81,249) | (24,392) | (210,322) | (49,001) |
Total capital, ending balance | 1,781,049 | 1,480,001 | 1,781,049 | 1,480,001 |
Accumulated Other Comprehensive Income (Loss) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Total capital, beginning balance | (50,349) | 4,934 | (66,527) | 110,191 |
Comprehensive Income | (65,351) | (71,852) | (49,173) | (177,109) |
Total capital, ending balance | $ (115,700) | $ (66,918) | $ (115,700) | $ (66,918) |
Background Information |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background Information | Background Information The Bank, a federally chartered corporation, is one of 11 district Federal Home Loan Banks (FHLBanks). Each FHLBank operates as a separate entity with its own management, employees and board of directors. The FHLBanks are government-sponsored enterprises (GSEs) that serve the public by increasing the availability of credit for residential mortgages and community development. The Bank provides a readily available, low-cost source of funds to its member institutions. The Bank is a cooperative, which means that current members own nearly all of the outstanding capital stock of the Bank. All holders of the Bank’s capital stock may, to the extent declared by the Board, receive dividends on their capital stock. Regulated financial depositories and insurance companies engaged in residential housing finance that maintain their principal place of business (as defined by Finance Agency regulation) in Delaware, Pennsylvania or West Virginia may apply for membership. Community Development Financial Institutions (CDFIs) which meet membership regulation standards are also eligible to become Bank members. State and local housing associates that meet certain statutory and regulatory criteria may also borrow from the Bank. While eligible to borrow, state and local housing associates are not members of the Bank and, as such, do not hold capital stock. All members must purchase capital stock in the Bank. The amount of capital stock a member owns is based on membership requirements (membership asset value) and activity requirements (i.e., outstanding advances, letters of credit, and the principal balance of residential mortgage loans sold to the Bank). The Bank considers those members with capital stock outstanding in excess of 10% of total capital stock outstanding to be related parties. See Note 8 - Transactions with Related Parties for additional information. The Federal Housing Finance Agency (Finance Agency), an independent agency in the executive branch of the U.S. government, supervises and regulates the FHLBanks, Federal Home Loan Mortgage Corporation (Freddie Mac), and Federal National Mortgage Association (Fannie Mae). The Finance Agency’s stated mission is to ensure the housing GSEs fulfill their mission by operating in a safe and sound manner to serve as a reliable source for liquidity and funding for the housing finance market throughout the economic cycle. As provided by the Federal Home Loan Bank Act (FHLBank Act) and applicable regulations, consolidated obligations are joint and several obligations of all the FHLBanks and are the primary source of funds for the FHLBanks. These funds are primarily used to provide advances, purchase mortgages from members through the MPF® Program and purchase certain investments. See Note 6 - Consolidated Obligations for additional information. The Office of Finance (OF) is a joint office of the FHLBanks established to facilitate the issuance and servicing of the consolidated obligations of the FHLBanks and to prepare the combined quarterly and annual financial reports of all the FHLBanks. Deposits, other borrowings, and capital stock issued to members provide other funds. The Bank primarily invests these funds in short-term investments to provide liquidity. The Bank also provides member institutions with correspondent services, such as wire transfer, safekeeping and settlement with the Federal Reserve. The accounting and financial reporting policies of the Bank conform to U.S. Generally Accepted Accounting Principles (GAAP). Preparation of the unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses. Actual results could differ from those estimates. In the opinion of management, all normal recurring adjustments have been included for a fair statement of this interim financial information. These unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022 included in the Bank's 2022 Form 10-K.
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Accounting Adjustments, Changes in Accounting Principle and Recently Issued Accounting Standards and Interpretations |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Standards Update and Change in Accounting Principle [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Adjustments, Changes in Accounting Principle and Recently Issued Accounting Standards and Interpretations | Changes in Accounting Principle and Recently Issued Accounting Standards and Interpretations The Bank adopted the following new accounting standards during the nine months ended September 30, 2023.
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Advances |
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Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | Advances General Terms. The Bank offers a wide-range of fixed- and variable-rate advance products with different maturities, interest rates, payment characteristics and optionality. Fixed-rate advances generally have maturities ranging from overnight to 30 years. Variable-rate advances generally have maturities ranging up to 10 years, and the interest rates reset periodically at a fixed spread to SOFR. The following table details the Bank’s advances portfolio by year of redemption and weighted-average interest rate as of September 30, 2023 and December 31, 2022.
Notes: (1) Amounts exclude of $406.7 million and $241.8 million at September 30, 2023 and December 31, 2022. The Bank offers certain advances to members that provide a member the right, based upon predetermined exercise dates, to prepay the advance prior to maturity without incurring prepayment or termination fees (returnable advances). At September 30, 2023 and December 31, 2022, the Bank did not have any advances with embedded features that met the requirements to separate the embedded feature from the host contract and designate the embedded feature as a stand-alone derivative. The following table summarizes advances by the earlier of year of redemption or next call date as of September 30, 2023 and December 31, 2022.
Interest Rate Payment Terms. The following table details interest rate payment terms by year of redemption for advances as of September 30, 2023 and December 31, 2022.
Credit Risk Exposure and Security Terms. The Bank’s potential credit risk from advances is primarily concentrated in commercial banks. As of September 30, 2023, the Bank had advances of $60.2 billion outstanding to the five largest borrowers, which represented 78.5% of the total principal amount of advances outstanding. Of these five, two had outstanding advance balances that were in excess of 10% of the total portfolio at September 30, 2023. As of December 31, 2022, the Bank had advances of $54.3 billion outstanding to the five largest borrowers, which represented 78.5% of the total principal amount of advances outstanding. Of these five, three had outstanding advance balances that were in excess of 10% of the total portfolio at December 31, 2022. Advances ACL. The Bank manages its total credit exposure (TCE), which includes advances, letters of credit, advance commitments, and other credit product exposure, through an integrated approach. This approach generally requires a credit limit to be established for each borrower and an ongoing review of each borrower’s financial condition in conjunction with the Bank's collateral and lending policies to limit risk of loss while balancing each borrower's need for a reliable source of funding. Eligible collateral and collateral requirements can vary based on the type of member: commercial banks, insurance companies, credit unions, de novo banks and CDFIs. In addition, the Bank lends to its members in accordance with the FHLBank Act and Finance Agency regulations. Specifically, the FHLBank Act requires the Bank to obtain collateral to fully secure credit products. The estimated value of the collateral required to secure each member’s credit products is calculated by applying collateral weightings, or haircuts, to the value of the collateral. The Bank primarily accepts cash, certain investment securities, residential mortgage loans, and other real estate related assets as collateral. In addition, Community Financial Institutions (CFIs) are eligible to utilize expanded statutory collateral provisions for small business, agriculture, and community development loans. The Bank’s capital stock owned by the borrowing member is pledged as secondary collateral. Collateral arrangements may vary depending upon borrower credit quality, financial condition and performance, borrowing capacity, and overall credit exposure to the borrower. The Bank can require additional or substitute collateral to help ensure that credit products continue to be secured by adequate collateral. Management of the Bank believes that these policies effectively manage the Bank’s credit risk from credit products. Based upon the financial condition of the member, the Bank either allows a member to retain physical possession of the collateral assigned to the Bank or requires the member to specifically deliver physical possession or control of the collateral to the Bank or its custodians. However, regardless of the member's financial condition, the Bank always takes possession or control of securities used as collateral. The Bank perfects its security interest in all pledged collateral. The FHLBank Act affords any security interest granted to the Bank by a member (or an affiliate of a member) priority over the claims or rights of any other party, except for claims or rights of a third-party that would be otherwise entitled to priority under applicable law and that are held by a bona fide purchaser for value or by a secured party holding a prior perfected security interest. Using a risk-based approach, the Bank considers the payment status, collateral types and concentration levels, and borrower’s financial condition to be indicators of credit quality on its credit products. At September 30, 2023 and December 31, 2022, the Bank had rights to collateral on a member-by-member basis with a value in excess of its outstanding extensions of credit. The Bank continues to evaluate and, as necessary, make changes to its collateral guidelines based on current market conditions. At September 30, 2023 and December 31, 2022, the Bank did not have any credit products that were past due, on nonaccrual status, or considered impaired. In addition, the Bank did not have any modifications related to advances with borrowers experiencing financial difficulties during the first nine months of 2023. The Bank evaluates its advances for an ACL on a collective, or pooled basis unless an individual assessment is deemed necessary because the instruments do not possess similar risk characteristics. The Bank pools advances by member type, as noted above. Based on the collateral held as security, the Bank's credit extension and collateral policies and repayment history on advances, including that the Bank has not incurred any credit losses since inception, the Bank has not recorded any ACL at September 30, 2023 or December 31, 2022.
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Mortgage Loans Held for Portfolio |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Held for Portfolio | Mortgage Loans Held for Portfolio Under the MPF Program, the Bank invests in mortgage loans that it purchases from its participating members and housing associates. The Bank’s participating members originate, service, and credit enhance residential mortgage loans that are sold to the Bank. See Note 8 for further information regarding transactions with related parties. The following table presents balances as of September 30, 2023 and December 31, 2022 for mortgage loans held for portfolio.
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 of $23.8 million at September 30, 2023 and $22.5 million at December 31, 2022. The following table details the par value of mortgage loans held for portfolio outstanding categorized by type as of September 30, 2023 and December 31, 2022.
Conventional MPF Loans - Credit Enhancements (CE). The conventional MPF loans held for portfolio are required to be credit enhanced as determined through the use of a validated model so the risk of loss is limited to the losses within the Bank's risk tolerance. The Bank and its participating financial institution (PFI) share the risk of credit losses on conventional MPF loan products held for portfolio, by structuring potential losses into layers with respect to each master commitment. After considering the borrower’s equity and any Primary Mortgage Insurance (PMI), credit losses on mortgage loans in a master commitment are then absorbed by the Bank’s First Loss Account (FLA). If applicable to the MPF product, the Bank will withhold a PFI’s scheduled performance CE fee in order to reimburse the Bank for any losses allocated to the FLA (recaptured CE Fees). If the FLA is exhausted, the credit losses are then absorbed by the PFI up to an agreed upon CE amount. The CE amount could be covered by supplemental mortgage insurance (SMI) obtained by the PFI. Thereafter, any remaining credit losses are absorbed by the Bank. Payment Status of Mortgage Loans. Payment status is the key credit quality indicator for conventional mortgage loans and allows the Bank to monitor the migration of past due loans. Past due loans are those where the borrower has failed to make timely payments of principal and/or interest in accordance with the terms of the loan. Other delinquency statistics include nonaccrual loans and loans in process of foreclosure. Credit Quality Indicator for Conventional Mortgage Loans. The following table presents the payment status for conventional mortgage loans at September 30, 2023 and December 31, 2022.
Note: (1) The amortized cost at September 30, 2023 and December 31, 2022 excludes accrued interest receivable. Other Delinquency Statistics. The following table presents the delinquency statistics for the Bank’s mortgage loans at September 30, 2023 and December 31, 2022.
Note: (1) Amounts presented at amortized cost. (2) 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. (3) 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. Mortgage Loans Held for Portfolio ACL. Conventional MPF - Expected Losses. Conventional loans are evaluated collectively when similar risk characteristics exist. Conventional loans that do not share risk characteristics with other pools are evaluated for expected credit losses on an individual basis. The Bank determines its allowances for credit losses on conventional loans through analyses that include consideration of various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. The Bank uses a third-party model to estimate expected credit losses over the life of the loans. The estimate of the expected credit losses includes coverage of certain losses by PMI, if applicable. The model relies on a number of inputs, such as housing price forecasts and interest rates as well as historical borrower behavior experience. The Bank’s reasonable and supportable forecast for housing prices is two years. The Bank then reverts to historic averages over a three year period. The Bank may incorporate a qualitative adjustment to the model results, if deemed appropriate, based on current market conditions or results. The estimated credit loss on collateral dependent loans is charged-off against the reserve. However, if the estimated loss can be recovered through CE, a receivable is established, resulting in a net charge-off. A mortgage loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be substantially through the sale of the underlying collateral. The expected credit loss of a collateral dependent mortgage loan to determine the charge-off is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. The estimate of the expected credit losses includes coverage of certain losses by PMI, if applicable. The estimated fair value of the collateral is determined based on a value provided by a third-party’s retail-based Automated Valuation Model (AVM). The Bank adjusts the AVM based on the amount it has historically received on liquidations. Expected recoveries of prior charge-offs, as determined by a third-party model, if any, are included in the allowance for credit losses. Conventional MPF - Expected Recoveries. The Bank recognizes a recovery through the provision (reversal) for credit losses when expected lifetime credit losses are less than the amounts previously charged-off. This includes potentially recording a negative ACL for certain of the Bank's MPF products. The reduction to the ACL for expected recoveries is partially offset by a reversal of expected CE, resulting in a net impact to the Bank's Statements of Condition. Conventional MPF - Application of CE. The Bank also incorporates associated CE, if any, to determine its estimate of expected credit losses. The Bank records an ACL for expected credit losses that exceed the amount the Bank expects to receive from available CE. Potential recoveries from CE for conventional loans are evaluated at the individual master commitment level to determine the CE available to recover losses on loans under each individual master commitment. Conventional MPF - Rollforward of ACL
Note: (1) Net charge-offs that the Bank does not expect to recover through CE receivable. Government-Guaranteed or -Insured Mortgage Loans. The Bank invests in government-guaranteed or insured fixed-rate mortgage loans secured by one-to-four family residential properties. Government-guaranteed or insured mortgage loans are those insured or guaranteed by the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), the Rural Housing Service (RHS) of the Department of Agriculture and/or by Housing and Urban Development (HUD). The servicer provides and maintains insurance or a guarantee from the applicable government agency. The servicer is responsible for compliance with all government agency requirements and for obtaining the benefit of the applicable guarantee or insurance with respect to defaulted government-guaranteed or -insured mortgage loans. Any losses on these loans that are not recovered from the issuer or the guarantor are absorbed by the servicer. Therefore, the Bank only has credit risk for these loans if the servicer fails to pay for losses not covered by the guarantee or insurance, but in such instance, the Bank would have recourse against the servicer for such failure. Based on the Bank's assessment of its servicers and the collateral backing the loans, the risk of loss was immaterial. Consequently, the Bank has not recorded an ACL for government-guaranteed or -insured mortgage loans at September 30, 2023 or December 31, 2022. Furthermore, none of these mortgage loans have been placed on non-accrual status because of the U.S. government guarantee or insurance on these loans and the contractual obligation of the loan servicer to repurchase the loans when certain criteria are met. Real Estate Owned (REO). The amount of REO reported in Other assets on the Statement of Condition was immaterial at both September 30, 2023 and December 31, 2022.
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Consolidated Obligations |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Obligations | Consolidated Obligations Consolidated obligations consist of bonds and discount notes. The FHLBanks issue consolidated obligations through the OF as their agent. In connection with each debt issuance, each FHLBank specifies the amount of debt it wants to have issued on its behalf. The OF tracks the amount of debt issued on behalf of each FHLBank. The Bank records as a liability its specific portion of consolidated obligations for which it is the primary obligor. The Finance Agency and the U.S. Secretary of the Treasury oversee the issuance of FHLBank debt through the OF. Bonds may be issued to raise short-, intermediate-, and long-term funds for the FHLBanks and are not subject to any statutory or regulatory limits on their maturity. Discount notes are issued primarily to raise short-term funds and have original maturities of up to one year. These notes generally sell at less than their face amount and are redeemed at par value when they mature. Although the Bank is primarily liable for its portion of consolidated obligations, the Bank is also jointly and severally liable with the other ten FHLBanks for the payment of principal and interest on all consolidated obligations of each of the FHLBanks. The Finance Agency, at its discretion, may require any FHLBank to make principal or interest payments due on any consolidated obligations whether or not the consolidated obligation represents a primary liability of such FHLBank. Although an FHLBank has never paid the principal or interest payments due on a consolidated obligation on behalf of another FHLBank, if one FHLBank is required to make such payments, Finance Agency regulations provide that the paying FHLBank is entitled to reimbursement from the non-complying FHLBank for any payments made on its behalf and other associated costs including interest to be determined by the Finance Agency. If the Finance Agency determines that the non-complying FHLBank is unable to satisfy its repayment obligations, then the Finance Agency may allocate the outstanding liabilities of the non-complying FHLBank among the remaining FHLBanks on a pro rata basis in proportion to each FHLBank’s participation in all consolidated obligations outstanding. However, the Finance Agency reserves the right to allocate the outstanding liabilities for the consolidated obligations among the FHLBanks in any other manner it may determine to ensure that the FHLBanks operate in a safe and sound manner. The par amounts of the 11 FHLBanks’ outstanding consolidated obligations were $1,229.9 billion at September 30, 2023 and $1,181.7 billion at December 31, 2022. Additional detailed information regarding consolidated obligations including general terms and interest rate payment terms can be found in Note 9 to the audited financial statements in the Bank's 2022 Form 10-K. The following table details interest rate payment terms for the Bank's consolidated obligation bonds as of September 30, 2023 and December 31, 2022.
Maturity Terms. The following table presents a summary of the Bank’s consolidated obligation bonds outstanding by year of contractual maturity and weighted-average interest rate at September 30, 2023 and December 31, 2022.
The following table presents the Bank’s consolidated obligation bonds outstanding between noncallable and callable as of September 30, 2023 and December 31, 2022.
The following table presents consolidated obligation bonds outstanding by the earlier of contractual maturity or next call date as of September 30, 2023 and December 31, 2022.
Consolidated Obligation Discount Notes. Consolidated obligation discount notes are issued to raise short-term funds. Discount notes are consolidated obligations with original maturities up to one year. These notes are issued at less than their face amount and redeemed at par value when they mature. The following table details the Bank’s consolidated obligation discount notes as of September 30, 2023 and December 31, 2022.
Note: (1) Represents yield to maturity excluding concession fees and hedging adjustments.
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Transactions with Related Parties |
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties | Transactions with Related Parties The following table includes significant outstanding related party member-activity balances.
Note: (1) Par balances (2) Letters of credit are off-balance sheet commitments. The following table summarizes the effects on the Statements of Income corresponding to the related party member balances above. Amounts related to interest expense on deposits were immaterial for the periods presented.
Note: (1) Interest income on advances includes contractual interest income and prepayment fees. The effect of derivative activities is not included. The following table summarizes the effect of the MPF activities with FHLBank of Chicago.
From time to time, the Bank may borrow from or lend to other FHLBanks on a short-term uncollateralized basis. The amount loaned by the Bank to other FHLBanks and repaid was $0 and $750 million during the three and nine months ended September 30, 2023 and $1.0 billion and $1.8 billion during the three and nine months ended September 30, 2022. There was no amount borrowed from and repaid to other FHLBanks during the three and nine months ended September 30, 2023 and $2.0 billion during the three and nine months ended September 30, 2022. Subject to mutually agreed upon terms, on occasion, an FHLBank may transfer at fair value its primary debt obligations to another FHLBank. During the three and nine months ended September 30, 2023 and 2022, there were no transfers of debt between the Bank and another FHLBank. From time to time, a member of one FHLBank may be acquired by a member of another FHLBank. When such an acquisition occurs, the two FHLBanks may agree to transfer at fair value the loans of the acquired member to the FHLBank of the surviving member. The FHLBanks may also agree to the purchase and sale of any related hedging instrument. The Bank had no such activity during the three and nine months ended September 30, 2023 and 2022. In the ordinary course of business, the Bank may utilize products and services, provided at normal market rates and terms, from its members to support its operations. Additional discussions regarding related party transactions can be found in Note 13 to the audited financial statements in the Bank's 2022 Form 10-K.
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Estimated Fair Values |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values | Estimated Fair Values Fair value amounts have been determined by the Bank using available market information and appropriate valuation methods. GAAP defines fair value 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 (i.e., an exit price). These estimates are based on recent market data and other pertinent information available to the Bank at September 30, 2023 and December 31, 2022. Although the management of the Bank believes that the valuation methods are appropriate and provide a reasonable determination of the fair value of these financial instruments, there are inherent limitations in any valuation technique. Therefore, these fair values are not necessarily equal to the amounts that would be realized in current market transactions, although they do reflect the Bank’s judgment of how a market participant would estimate the fair values. The carrying value and estimated fair value of the Bank’s financial instruments at September 30, 2023 and December 31, 2022 are presented in the table below.
Notes: (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held and related interest accrued or placed by the Bank with the same clearing agent and/or counterparties. (2) Based on the fair value of the related collateral held, the securities purchased under agreements to resell were fully collateralized for the periods presented. There were no offsetting liabilities related to these securities at September 30, 2023 and December 31, 2022. These instruments’ maturity term is overnight. (3) The estimated fair value amount for the mandatorily redeemable capital stock line item includes accrued dividend interest; this amount is excluded from the estimated fair value for the accrued interest payable line item. Fair Value Hierarchy. The fair value hierarchy is used to prioritize the inputs used to measure fair value by maximizing the use of observable inputs. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of the market observability of the fair value measurement for the asset or liability. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: Level 1 Inputs - Quoted prices (unadjusted) for identical assets or liabilities in an active market that the reporting entity can access on the measurement date. An active market for the asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Inputs - Inputs other than quoted prices within Level 1 that are observable inputs 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 by correlation or other means. Level 3 Inputs - Valuations derived from techniques in which one or more significant inputs are not observable in the market. Valuation techniques include pricing models, discounted cash flow methodologies or similar techniques. The Bank reviews its 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. Summary of Valuation Methodologies and Primary Inputs The valuation methodologies and primary inputs used to develop the measurement of fair value for assets and liabilities that are measured at fair value on a recurring or nonrecurring basis in the Statement of Condition are listed below. Investment Securities – non-MBS. The Bank uses either the income or market approach to determine the estimated fair value of non-MBS investment securities. For instruments that use the income approach, the significant inputs include a market-observable interest rate curve and a discount spread, if applicable. The market-observable interest rate curves and the related instrument types are as follows: ▪CO curve: GSE and other U.S. obligations The Bank uses a market approach for its state and local agency bonds and U.S. Treasury obligations. For state and local agency bonds, the Bank obtains prices from multiple designated third-party vendors when available, and the default price is the average of the prices obtained. Otherwise, the approach is generally consistent with the approach outlined below for Investment Securities - MBS. For U.S. Treasury obligations, prices are obtained from a third-party vendor based on daily trade activity or dealer quotes. For certain short-term U.S. Treasury obligations, market prices are not available, and the Bank uses an income approach. Investment Securities – MBS. To value MBS holdings, the Bank obtains prices from multiple third-party pricing vendors, when available. The pricing vendors use various proprietary models to price MBS. 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. Since many MBS do not trade on a daily basis, the pricing vendors use available information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to determine the prices for individual securities, as applicable. Each pricing vendor has an established challenge process in place for all MBS valuations, which facilitates resolution of potentially erroneous prices identified by the Bank. During the year, the Bank conducts reviews of its pricing vendors to enhance its understanding of the vendors' pricing processes, methodologies and control procedures. To the extent available, the Bank also reviews the vendors' independent auditors' reports regarding the internal controls over their valuation processes. The Bank's valuation technique first requires the establishment of a median price for each security. 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. 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 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 September 30, 2023, for substantially all of its MBS, the Bank received a price from all of its vendors and the default price was the final price. Based on the Bank's reviews of the pricing methods including inputs and controls 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 or significant yield variances, the Bank's additional analyses), the Bank believes the final prices are representative of the prices that would have been received if the assets had been sold at the measurement date (i.e., exit prices) and further that the fair value measurements are classified appropriately in the fair value hierarchy. There continues to be unobservable inputs and a lack of significant market activity for private label MBS; therefore, the Bank classified private label MBS as Level 3. Derivative Assets/Liabilities. The Bank bases the fair values of derivatives with similar terms on market prices, when available. However, market prices do not exist for many types of derivative instruments. Consequently, fair values for these instruments are estimated using standard valuation techniques such as discounted cash flow analysis and comparisons to similar instruments. Estimates developed using these methods are highly subjective and require judgment regarding significant matters such as the amount and timing of future cash flows, volatility of interest rates and the selection of discount rates that appropriately reflect market and credit risks. In addition, the fair value estimates for these instruments include accrued interest receivable/payable which approximate their carrying values due to their short-term nature. The discounted cash flow analysis used to determine the net present value of derivative instruments utilizes market-observable inputs (inputs that are actively quoted and can be validated to external sources). Inputs by class of derivative are as follows: Interest-rate related: ▪Discount rate assumption. SOFR curve for cleared derivatives and SOFR uncleared derivatives. Overnight Index Swap (OIS) curve for all other uncleared derivatives. ▪Forward interest rate assumption (rates projected in order to calculate cash flows through the designated term of the hedge relationship). OIS curve or SOFR curve. ▪Volatility assumption. Market-based expectations of future interest rate volatility implied from current market prices for similar options. Mortgage delivery commitments: ▪TBA securities prices. Market-based prices of TBAs are determined by coupon class and expected term until settlement and a pricing adjustment reflective of the secondary mortgage market. The Bank is subject to credit risk on uncleared derivatives transactions due to the potential nonperformance by the derivatives counterparties. To mitigate this risk, the Bank has entered into netting arrangements and security agreements that provide for delivery of collateral at specified levels. As a result, uncleared derivatives are recognized as collateralized-to-market and the fair value of uncleared derivatives excludes netting adjustments and collateral. The Bank has evaluated the potential for fair value adjustment due to uncleared counterparty credit risk and has concluded that no adjustments are necessary. The Bank's credit risk exposure on cleared derivatives is mitigated through the delivery of initial margin to offset future changes in value and daily delivery of variation margin to offset changes in market value. This is executed through the use of a central counterparty, either CME clearing or LCH Ltd. Variation margin payments are daily settlement payments rather than collateral. Initial margin continues to be treated as collateral and accounted for separately. The fair values of derivatives are netted by clearing agent and/or by counterparty pursuant to the provisions of each of the Bank’s netting agreements. If these netted amounts are positive, they are classified as an asset and, if negative, as a liability. Impaired Mortgage Loans Held for Portfolio and REO. The estimated fair values of impaired mortgage loans held for portfolio and real estate owned are determined based on values provided by a third party's retail-based AVM. The Bank adjusts the AVM value based on the amount it has historically received on liquidation. Subjectivity of Estimates. Estimates of the fair value of financial assets and liabilities using the methods described above are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows, prepayment speed assumptions, expected interest rate volatility, possible distributions of future interest rates used to value options, and the selection of discount rates that appropriately reflect market and credit risks. The use of different assumptions could have a material effect on the fair value estimates. These estimates are susceptible to material near term changes because they are made as of a specific point in time. Fair Value Measurements. The following tables present, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on a recurring or non-recurring basis on its Statement of Condition at September 30, 2023 and December 31, 2022. The Bank measures certain mortgage loans held for portfolio at fair value when a charge-off is recognized and subsequently when the fair value of collateral less costs to sell is lower than the carrying amount. Real estate owned is measured using fair value when the assets' fair value less costs to sell is lower than the carrying amount.
Notes: (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the Bank with the same clearing agent and/or counterparties. Level 3 Disclosures for all Assets and Liabilities That Are Measured at Fair Value on a Recurring Basis. The following table presents a reconciliation of all assets and liabilities that are measured at fair value on the Statement of Condition using significant unobservable inputs (Level 3) for the nine months ended September 30, 2023 and 2022. For instruments carried at fair value, the Bank reviews the fair value hierarchy classifications each quarter. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value in the quarter in which the changes occur. There were no Level 3 transfers during the first nine months of 2023 or 2022.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The following table presents the Bank's various off-balance sheet commitments which are described in detail below.
Notes: (1) Excludes approved requests to issue future standby letters of credit of $0.9 million at September 30, 2023 and $0.0 million at December 31, 2022. (2) Letters of credit in the amount of $7.3 billion at September 30, 2023 and $2.2 billion at December 31, 2022, have renewal language that permits the letter of credit to be renewed for an additional period with a maximum renewal period of approximately five years. Commitments to Extend Credit on Standby Letters of Credit, Additional Advances and BOB Loans. Standby letters of credit are issued on behalf of members for a fee. A standby letter of credit is a financing arrangement between the Bank and its member. If the Bank is required to make payment for a beneficiary’s draw, these amounts are withdrawn from the member’s Demand Deposit Account (DDA). Any remaining amounts not covered by the withdrawal from the member’s DDA are converted into a collateralized overnight advance. Unearned fees related to standby letters of credit are recorded in other liabilities and had a balance of $5.6 million at September 30, 2023 and $4.2 million at December 31, 2022. The Bank manages the credit risk of each member on the basis of the member's TCE to the Bank which includes its standby letters of credit. The Bank has established parameters for the review, assessment, monitoring and measurement of credit risk related to these standby letters of credit as described in Note 3 - Advances. Based on management’s credit analyses, collateral requirements, and adherence to the requirements set forth in Bank policy and Finance Agency regulations, the Bank has not recorded any additional liability on advance commitments and standby letters of credit which are collateralized at the time of issuance. The Bank records a liability with respect to BOB commitments, which is reflected in Other liabilities on the Statement of Condition. The Bank does not have any legally binding or unconditional unused lines of credit for advances at September 30, 2023 or December 31, 2022. However, within the Bank's Rollover (weekly/monthly) advance product, there were conditional lines of credit outstanding of $10.4 billion at September 30, 2023 and $9.6 billion at December 31, 2022. Commitments to Purchase Mortgage Loans. The Bank may enter into commitments that unconditionally obligate the Bank to purchase mortgage loans under the MPF Program. These delivery commitments are generally for periods not to exceed 60 days. Such commitments are recorded as derivatives. Pledged Collateral. The Bank may pledge cash and securities, as collateral, related to derivatives. Refer to Note 5 - Derivatives and Hedging Activities in this Form 10-Q for additional information about the Bank's pledged collateral and other credit-risk-related contingent features. Legal Proceedings. The Bank is subject to legal proceedings arising in the normal course of business. The Bank would record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount can be reasonably estimated. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on the Bank's financial condition, results of operations or cash flows. Notes 3, 5, 6, 7, and 8 also discuss other commitments and contingencies.
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Significant Accounting Policies (Policies) |
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Derivatives, Policy | The Bank is subject to credit risk due to the risk of nonperformance by counterparties to its derivative transactions. The Bank manages counterparty credit risk through credit analysis, collateral requirements, and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission regulations, and Finance Agency regulations. Uncleared Derivatives. For uncleared derivatives, the degree of credit risk depends on the extent to which netting arrangements are included in such contracts to mitigate the risk. The Bank requires collateral agreements with collateral delivery thresholds on all uncleared derivatives. Uncleared derivative transactions executed on or after the effective date of the initial margin rules, are subject to two-way initial margin requirements as mandated by the Wall Street Reform and Consumer Protection Act (referred to as Dodd-Frank Act) if the Bank’s aggregate uncleared derivative transactions exposure to a counterparty exceeds a specific threshold. The initial margin is required to be certain investment securities that are held at a third-party custodian and do not change ownership, except upon the occurrence of certain events, including an event of default due to bankruptcy, insolvency, or similar proceeding. As of September 30, 2023, the Bank did not exceed initial margin thresholds and was not required to post two-way initial margin. Generally, the Bank's ISDA agreements for uncleared derivatives have collateral delivery thresholds set to zero (subject to minimum transfer amounts). The Bank has a small number of legacy trades that require the Bank to post additional collateral with its counterparties if there is deterioration in the Bank's credit rating and the net liability position exceeds the relevant threshold.
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Fair Value Measurement, Policy | Fair Value Hierarchy. The fair value hierarchy is used to prioritize the inputs used to measure fair value by maximizing the use of observable inputs. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of the market observability of the fair value measurement for the asset or liability. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: Level 1 Inputs - Quoted prices (unadjusted) for identical assets or liabilities in an active market that the reporting entity can access on the measurement date. An active market for the asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Inputs - Inputs other than quoted prices within Level 1 that are observable inputs 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 by correlation or other means. Level 3 Inputs - Valuations derived from techniques in which one or more significant inputs are not observable in the market. Valuation techniques include pricing models, discounted cash flow methodologies or similar techniques. The Bank reviews its 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.
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Fair Value of Financial Instruments, Policy | Investment Securities – non-MBS. The Bank uses either the income or market approach to determine the estimated fair value of non-MBS investment securities. For instruments that use the income approach, the significant inputs include a market-observable interest rate curve and a discount spread, if applicable. The market-observable interest rate curves and the related instrument types are as follows: ▪CO curve: GSE and other U.S. obligations The Bank uses a market approach for its state and local agency bonds and U.S. Treasury obligations. For state and local agency bonds, the Bank obtains prices from multiple designated third-party vendors when available, and the default price is the average of the prices obtained. Otherwise, the approach is generally consistent with the approach outlined below for Investment Securities - MBS. For U.S. Treasury obligations, prices are obtained from a third-party vendor based on daily trade activity or dealer quotes. For certain short-term U.S. Treasury obligations, market prices are not available, and the Bank uses an income approach. Investment Securities – MBS. To value MBS holdings, the Bank obtains prices from multiple third-party pricing vendors, when available. The pricing vendors use various proprietary models to price MBS. 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. Since many MBS do not trade on a daily basis, the pricing vendors use available information such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to determine the prices for individual securities, as applicable. Each pricing vendor has an established challenge process in place for all MBS valuations, which facilitates resolution of potentially erroneous prices identified by the Bank. The Bank's valuation technique first requires the establishment of a median price for each security. 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. 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 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.Derivative Assets/Liabilities. The Bank bases the fair values of derivatives with similar terms on market prices, when available. However, market prices do not exist for many types of derivative instruments. Consequently, fair values for these instruments are estimated using standard valuation techniques such as discounted cash flow analysis and comparisons to similar instruments. Estimates developed using these methods are highly subjective and require judgment regarding significant matters such as the amount and timing of future cash flows, volatility of interest rates and the selection of discount rates that appropriately reflect market and credit risks. In addition, the fair value estimates for these instruments include accrued interest receivable/payable which approximate their carrying values due to their short-term nature. The discounted cash flow analysis used to determine the net present value of derivative instruments utilizes market-observable inputs (inputs that are actively quoted and can be validated to external sources). Inputs by class of derivative are as follows: Interest-rate related: ▪Discount rate assumption. SOFR curve for cleared derivatives and SOFR uncleared derivatives. Overnight Index Swap (OIS) curve for all other uncleared derivatives. ▪Forward interest rate assumption (rates projected in order to calculate cash flows through the designated term of the hedge relationship). OIS curve or SOFR curve. ▪Volatility assumption. Market-based expectations of future interest rate volatility implied from current market prices for similar options. Mortgage delivery commitments: ▪TBA securities prices. Market-based prices of TBAs are determined by coupon class and expected term until settlement and a pricing adjustment reflective of the secondary mortgage market. The Bank is subject to credit risk on uncleared derivatives transactions due to the potential nonperformance by the derivatives counterparties. To mitigate this risk, the Bank has entered into netting arrangements and security agreements that provide for delivery of collateral at specified levels. As a result, uncleared derivatives are recognized as collateralized-to-market and the fair value of uncleared derivatives excludes netting adjustments and collateral. The Bank has evaluated the potential for fair value adjustment due to uncleared counterparty credit risk and has concluded that no adjustments are necessary. The Bank's credit risk exposure on cleared derivatives is mitigated through the delivery of initial margin to offset future changes in value and daily delivery of variation margin to offset changes in market value. This is executed through the use of a central counterparty, either CME clearing or LCH Ltd. Variation margin payments are daily settlement payments rather than collateral. Initial margin continues to be treated as collateral and accounted for separately. The fair values of derivatives are netted by clearing agent and/or by counterparty pursuant to the provisions of each of the Bank’s netting agreements. If these netted amounts are positive, they are classified as an asset and, if negative, as a liability. Impaired Mortgage Loans Held for Portfolio and REO. The estimated fair values of impaired mortgage loans held for portfolio and real estate owned are determined based on values provided by a third party's retail-based AVM. The Bank adjusts the AVM value based on the amount it has historically received on liquidation. Subjectivity of Estimates. Estimates of the fair value of financial assets and liabilities using the methods described above are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows, prepayment speed assumptions, expected interest rate volatility, possible distributions of future interest rates used to value options, and the selection of discount rates that appropriately reflect market and credit risks. The use of different assumptions could have a material effect on the fair value estimates. These estimates are susceptible to material near term changes because they are made as of a specific point in time.
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Fair Value Transfer, Policy | For instruments carried at fair value, the Bank reviews the fair value hierarchy classifications each quarter. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value in the quarter in which the changes occur. |
Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trading Securities | The following table presents the fair value of trading securities by major security type at September 30, 2023 and December 31, 2022.
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Net Gains (Losses) on Trading Securities | The following table presents net gains (losses) on trading securities for the first nine months of 2023 and 2022.
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Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The following tables presents AFS securities by major security type at September 30, 2023 and December 31, 2022.
Notes: (1) Includes adjustments made to the cost basis of an investment for accretion, amortization and/or fair value hedge accounting adjustments, and excludes of $54.5 million at September 30, 2023 and $37.4 million at December 31, 2022.
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | The following tables summarize the AFS securities with gross unrealized losses as of September 30, 2023 and December 31, 2022. The gross unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.
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Proceeds from Sales and Gross Gains and Losses on AFS Securities | The following table provides a summary of proceeds, gross gains and losses on sales of AFS securities for the three and nine months ended September 30, 2023.
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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, 2023 and December 31, 2022 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. MBS are not presented by contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.
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Debt Securities, Held-to-maturity [Table Text Block] | The following tables presents HTM securities by major security type at September 30, 2023 and December 31, 2022.
Note: (1) Includes adjustments made to the cost basis of an investment for accretion and amortization and excludes of $4.1 million at September 30, 2023 and $2.4 million at December 31, 2022.
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Schedule of Interest Rate Payment Terms For Investments [Table Text Block] | The following table details interest payment terms at September 30, 2023 and December 31, 2022.
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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, 2023 and 2022.
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Advances (Tables) |
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Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Advances Classified by Contractual Maturity Date | The following table details the Bank’s advances portfolio by year of redemption and weighted-average interest rate as of September 30, 2023 and December 31, 2022.
The following table summarizes advances by the earlier of year of redemption or next call date as of September 30, 2023 and December 31, 2022.
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Mortgage Loans Held for Portfolio (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Mortgage Loans Held for Portfolio | The following table presents balances as of September 30, 2023 and December 31, 2022 for mortgage loans held for portfolio.
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 of $23.8 million at September 30, 2023 and $22.5 million at December 31, 2022. The following table details the par value of mortgage loans held for portfolio outstanding categorized by type as of September 30, 2023 and December 31, 2022.
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Financing Receivable Credit Quality Indicators [Table Text Block] | Credit Quality Indicator for Conventional Mortgage Loans. The following table presents the payment status for conventional mortgage loans at September 30, 2023 and December 31, 2022.
Note: (1) The amortized cost at September 30, 2023 and December 31, 2022 excludes accrued interest receivable. Other Delinquency Statistics. The following table presents the delinquency statistics for the Bank’s mortgage loans at September 30, 2023 and December 31, 2022.
Note: (1) Amounts presented at amortized cost. (2) 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. (3) 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.
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Financing Receivable, Past Due [Table Text Block] | The following table presents the delinquency statistics for the Bank’s mortgage loans at September 30, 2023 and December 31, 2022.
Note: (1) Amounts presented at amortized cost. (2) 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. (3) 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.
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Financing Receivable, Allowance for Credit Loss [Table Text Block] | Conventional MPF - Rollforward of ACL
Note: (1) Net charge-offs that the Bank does not expect to recover through CE receivable.
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Derivatives and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables summarize the notional amount and fair value of derivative instruments and total derivatives assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest.
Note: (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, cash collateral including accrued interest held or placed with the same clearing agent and/or counterparties. Cash collateral posted including accrued interest was $1,088.5 million for September 30, 2023 and $1,166.4 million for December 31, 2022. Cash collateral received was $24.9 million for September 30, 2023 and $1.9 million for December 31, 2022.
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Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table] | The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships, which also includes amortization of basis adjustments related to hedged items in discontinued fair value hedge relationships, and the impact of those derivatives on the Bank’s net interest income. Also included is the amortization of basis adjustments related to mortgage delivery commitments, which are characterized as derivatives, but are not designated in fair value hedge relationships.
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Schedule Of Derivative Instruments By Type Gain Loss In Statement Of Financial Performance | The following table presents the cumulative amount of fair value hedging adjustments and the related carrying amount of the hedged items.
Note: (1) Includes carrying value of hedged items in current fair value hedging relationships.
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Derivatives Not Designated as Hedging Instruments | The following table presents net gains (losses) related to derivatives not designated as hedging instruments in noninterest income.
Notes: (1) This amount is for derivatives for which variation margin is characterized as a daily settled contract.
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Offsetting Assets | The following tables present separately the fair value of derivative instruments meeting or not meeting netting requirements. Gross recognized amounts do not include the related collateral received from or pledged to counterparties. Net amounts reflect the adjustments of collateral received from or pledged to counterparties.
Note: (1) Represents derivatives that are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments).
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Offsetting Liabilities | The following tables present separately the fair value of derivative instruments meeting or not meeting netting requirements. Gross recognized amounts do not include the related collateral received from or pledged to counterparties. Net amounts reflect the adjustments of collateral received from or pledged to counterparties.
Note: (1) Represents derivatives that are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments).
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Consolidated Obligations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term and Long-term Debt [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Debt | The following table presents a summary of the Bank’s consolidated obligation bonds outstanding by year of contractual maturity and weighted-average interest rate at September 30, 2023 and December 31, 2022.
The following table presents consolidated obligation bonds outstanding by the earlier of contractual maturity or next call date as of September 30, 2023 and December 31, 2022.
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Schedule of Long-term Debt by Call Feature | The following table details interest rate payment terms for the Bank's consolidated obligation bonds as of September 30, 2023 and December 31, 2022.
The following table presents the Bank’s consolidated obligation bonds outstanding between noncallable and callable as of September 30, 2023 and December 31, 2022.
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Schedule of Short-term Debt | The following table details the Bank’s consolidated obligation discount notes as of September 30, 2023 and December 31, 2022.
Note: (1) Represents yield to maturity excluding concession fees and hedging adjustments.
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Capital (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking Regulation, Total Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table demonstrates the Bank’s compliance with the regulatory capital requirements at September 30, 2023 and December 31, 2022.
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Schedule of Dividends Paid [Table Text Block] | Dividends paid through the third quarter of 2023 and 2022 are presented in the table below.
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Schedule of Mandatorily Redeemable Capital Stock by Maturity Date | The following table provides the related dollar amounts for activities recorded in mandatorily redeemable capital stock during the nine months ended September 30, 2023 and 2022.
The following table shows the amount of mandatorily redeemable capital stock by contractual year of redemption at September 30, 2023 and December 31, 2022.
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Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI for the three and nine months ended September 30, 2023 and 2022.
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Transactions with Related Parties (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions, by Balance Sheet Grouping | The following table includes significant outstanding related party member-activity balances.
Note: (1) Par balances (2) Letters of credit are off-balance sheet commitments.
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Related Party Transactions, Income Statement | The following table summarizes the effects on the Statements of Income corresponding to the related party member balances above. Amounts related to interest expense on deposits were immaterial for the periods presented.
Note: (1) Interest income on advances includes contractual interest income and prepayment fees. The effect of derivative activities is not included.
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FHLBank of Chicago [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions, Mortgage Loans | The following table summarizes the effect of the MPF activities with FHLBank of Chicago.
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Estimated Fair Values (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of the Bank’s financial instruments at September 30, 2023 and December 31, 2022 are presented in the table below.
Notes: (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral held and related interest accrued or placed by the Bank with the same clearing agent and/or counterparties. (2) Based on the fair value of the related collateral held, the securities purchased under agreements to resell were fully collateralized for the periods presented. There were no offsetting liabilities related to these securities at September 30, 2023 and December 31, 2022. These instruments’ maturity term is overnight. (3) The estimated fair value amount for the mandatorily redeemable capital stock line item includes accrued dividend interest; this amount is excluded from the estimated fair value for the accrued interest payable line item.
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Fair Value Measurements | Fair Value Measurements. The following tables present, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on a recurring or non-recurring basis on its Statement of Condition at September 30, 2023 and December 31, 2022. The Bank measures certain mortgage loans held for portfolio at fair value when a charge-off is recognized and subsequently when the fair value of collateral less costs to sell is lower than the carrying amount. Real estate owned is measured using fair value when the assets' fair value less costs to sell is lower than the carrying amount.
Notes: (1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions and also cash collateral and related accrued interest held or placed by the Bank with the same clearing agent and/or counterparties.
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Rollforward of Level 3 Assets and Liabilities | Level 3 Disclosures for all Assets and Liabilities That Are Measured at Fair Value on a Recurring Basis. The following table presents a reconciliation of all assets and liabilities that are measured at fair value on the Statement of Condition using significant unobservable inputs (Level 3) for the nine months ended September 30, 2023 and 2022. For instruments carried at fair value, the Bank reviews the fair value hierarchy classifications each quarter. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out at fair value in the quarter in which the changes occur. There were no Level 3 transfers during the first nine months of 2023 or 2022.
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off-Balance Sheet Commitments | Commitments and Contingencies The following table presents the Bank's various off-balance sheet commitments which are described in detail below.
Notes: (1) Excludes approved requests to issue future standby letters of credit of $0.9 million at September 30, 2023 and $0.0 million at December 31, 2022. (2) Letters of credit in the amount of $7.3 billion at September 30, 2023 and $2.2 billion at December 31, 2022, have renewal language that permits the letter of credit to be renewed for an additional period with a maximum renewal period of approximately five years.
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Background Information (Details) |
Sep. 30, 2023
Banks
|
---|---|
Nature of Operations [Line Items] | |
Number of Federal Home Loan Banks | 11 |
Minimum | |
Nature of Operations [Line Items] | |
Related Party Transaction, Definition Of Related Party, Capital Stock, Percent | 10.00% |
Investments Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit losses - HTM | $ 0 | $ 0 | |
Interest-Bearing Deposits and Federal Funds Sold, Percentage Rated Below Triple-B | 0.00% | ||
Securities Purchased Under Agreement to Resell, Percentage Rated Below Triple-B | 0.00% | ||
Securities Purchased under Agreements to Resell, Allowance for Credit Loss | $ 0 | 0 | |
TradedNotSettldInvestments | $ 0 | 187.3 | |
AFS HTM - GSE and Other US Obligations [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for Credit Loss | 0 | 0 | |
Interest Bearing Deposits and Federal Funds Sold | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for Credit Loss | 0 | 0 | |
State or local agency obligations [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for Credit Loss | $ 0 | $ 0 | |
Private Label MBS | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Securities Purchased Under Agreement to Resell, Percentage Rated Above Triple-B | 17.30% |
Trading Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Investments, Debt and Equity Securities [Line Items] | ||
Trading securities | $ 212,634 | $ 214,008 |
GSE obligations | ||
Investments, Debt and Equity Securities [Line Items] | ||
Trading securities | $ 212,634 | $ 214,008 |
Trading Securities (Net Gains (Losses) on Trading Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Net unrealized gains (losses) on trading securities held at period-end | $ (2,437) | $ (8,530) | $ (1,566) | $ (28,664) |
Net gains (losses) on trading securities | $ (2,437) | $ (8,530) | $ (1,566) | $ (28,664) |
Investments AFS - Schedule of Reconciliation Table (Details) - USD ($) |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|||
---|---|---|---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | [1] | $ 13,776,200,000 | $ 12,265,009,000 | ||||||
Balance, beginning of period | 11,572,000 | $ 10,006,000 | 8,532,000 | $ 7,520,000 | $ 5,033,000 | $ 2,378,000 | |||
Gross Unrealized Gains | 42,350,000 | 42,521,000 | |||||||
Gross Unrealized Losses | (157,415,000) | (108,438,000) | |||||||
Available-for-Sale - Accrued Interest | 54,500,000 | 37,400,000 | |||||||
Fair Value | $ 13,649,563,000 | $ 12,190,560,000 | |||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |||||||
GSE obligations | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | [1] | $ 968,486,000 | $ 1,111,674,000 | ||||||
Balance, beginning of period | 0 | 0 | |||||||
Gross Unrealized Gains | 22,145,000 | 16,879,000 | |||||||
Gross Unrealized Losses | (3,248,000) | (2,810,000) | |||||||
Fair Value | 987,383,000 | 1,125,743,000 | |||||||
State or local agency obligations [Member] | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | [1] | 184,205,000 | 184,310,000 | ||||||
Balance, beginning of period | 0 | 0 | |||||||
Gross Unrealized Gains | 0 | 21,000 | |||||||
Gross Unrealized Losses | (24,160,000) | (14,068,000) | |||||||
Fair Value | 160,045,000 | 170,263,000 | |||||||
Non-MBS [Member] | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | [1] | 4,677,964,000 | 6,542,921,000 | ||||||
Balance, beginning of period | 0 | 0 | |||||||
Gross Unrealized Gains | 28,947,000 | 20,863,000 | |||||||
Gross Unrealized Losses | (33,790,000) | (35,285,000) | |||||||
Fair Value | 4,673,121,000 | 6,528,499,000 | |||||||
U.S. obligations single-family | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | [1] | 1,367,053,000 | 490,952,000 | ||||||
Balance, beginning of period | 0 | 0 | |||||||
Gross Unrealized Gains | 0 | 1,999,000 | |||||||
Gross Unrealized Losses | (25,135,000) | (9,969,000) | |||||||
Fair Value | 1,341,918,000 | 482,982,000 | |||||||
Private label MBS [Member] | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | [1] | 136,309,000 | 140,222,000 | ||||||
Balance, beginning of period | 11,572,000 | 8,532,000 | |||||||
Gross Unrealized Gains | 6,902,000 | 12,443,000 | |||||||
Gross Unrealized Losses | (4,782,000) | (1,862,000) | |||||||
Fair Value | 126,857,000 | 142,271,000 | |||||||
MBS [Member] | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | [1] | 9,098,236,000 | 5,722,088,000 | ||||||
Balance, beginning of period | 11,572,000 | 8,532,000 | |||||||
Gross Unrealized Gains | 13,403,000 | 21,658,000 | |||||||
Gross Unrealized Losses | (123,625,000) | (73,153,000) | |||||||
Fair Value | 8,976,442,000 | 5,662,061,000 | |||||||
U.S. Treasury obligations | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | 3,525,273,000 | [1] | 5,246,937,000 | ||||||
Balance, beginning of period | 0 | 0 | |||||||
Gross Unrealized Gains | 6,802,000 | 3,963,000 | |||||||
Gross Unrealized Losses | (6,382,000) | (18,407,000) | |||||||
Fair Value | 3,525,693,000 | 5,232,493,000 | |||||||
Single Family [Member] | GSE MBS [Member] | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | [1] | 2,016,718,000 | 1,925,950,000 | ||||||
Balance, beginning of period | 0 | 0 | |||||||
Gross Unrealized Gains | 0 | 5,852,000 | |||||||
Gross Unrealized Losses | (70,747,000) | (50,765,000) | |||||||
Fair Value | 1,945,971,000 | 1,881,037,000 | |||||||
Multifamily [Member] | GSE MBS [Member] | |||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||
AFS Securities - Amortized Cost, | [1] | 5,578,156,000 | 3,164,964,000 | ||||||
Balance, beginning of period | 0 | 0 | |||||||
Gross Unrealized Gains | 6,501,000 | 1,364,000 | |||||||
Gross Unrealized Losses | (22,961,000) | (10,557,000) | |||||||
Fair Value | $ 5,561,696,000 | $ 3,155,771,000 | |||||||
|
Investments AFS - Unrealized Loss Position Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | $ 3,831,155 | $ 6,728,221 |
AFS - Unrealized Losses - Less than 12 months | (37,086) | (76,955) |
AFS - Fair Value - 12 months or longer | 4,041,889 | 1,101,268 |
AFS - Unrealized Losses - 12 months or longer | (120,329) | (31,483) |
AFS - Fair Value - Total in Continuous Loss Position | 7,873,044 | 7,829,489 |
AFS - Unrealized Losses - Total in Continuous Loss Position | (157,415) | (108,438) |
GSE obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | 18,680 | 39,276 |
AFS - Unrealized Losses - Less than 12 months | (169) | (2,810) |
AFS - Fair Value - 12 months or longer | 31,775 | 0 |
AFS - Unrealized Losses - 12 months or longer | (3,079) | 0 |
AFS - Fair Value - Total in Continuous Loss Position | 50,455 | 39,276 |
AFS - Unrealized Losses - Total in Continuous Loss Position | (3,248) | (2,810) |
State or local agency obligations [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | 13,092 | 160,372 |
AFS - Unrealized Losses - Less than 12 months | (783) | (14,068) |
AFS - Fair Value - 12 months or longer | 146,854 | 0 |
AFS - Unrealized Losses - 12 months or longer | (23,377) | 0 |
AFS - Fair Value - Total in Continuous Loss Position | 159,946 | 160,372 |
AFS - Unrealized Losses - Total in Continuous Loss Position | (24,160) | (14,068) |
Non-MBS [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | 167,895 | 2,660,561 |
AFS - Unrealized Losses - Less than 12 months | (1,037) | (25,410) |
AFS - Fair Value - 12 months or longer | 385,285 | 388,509 |
AFS - Unrealized Losses - 12 months or longer | (32,753) | (9,875) |
AFS - Fair Value - Total in Continuous Loss Position | 553,180 | 3,049,070 |
AFS - Unrealized Losses - Total in Continuous Loss Position | (33,790) | (35,285) |
U.S. obligations single-family | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | 869,548 | 315,111 |
AFS - Unrealized Losses - Less than 12 months | (11,990) | (9,511) |
AFS - Fair Value - 12 months or longer | 297,370 | 15,293 |
AFS - Unrealized Losses - 12 months or longer | (13,145) | (458) |
AFS - Fair Value - Total in Continuous Loss Position | 1,166,918 | 330,404 |
AFS - Unrealized Losses - Total in Continuous Loss Position | (25,135) | (9,969) |
Private label MBS [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | 27,129 | 34,918 |
AFS - Unrealized Losses - Less than 12 months | (894) | (1,682) |
AFS - Fair Value - 12 months or longer | 26,759 | 2,357 |
AFS - Unrealized Losses - 12 months or longer | (3,888) | (180) |
AFS - Fair Value - Total in Continuous Loss Position | 53,888 | 37,275 |
AFS - Unrealized Losses - Total in Continuous Loss Position | (4,782) | (1,862) |
MBS [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | 3,663,260 | 4,067,660 |
AFS - Unrealized Losses - Less than 12 months | (36,049) | (51,545) |
AFS - Fair Value - 12 months or longer | 3,656,604 | 712,759 |
AFS - Unrealized Losses - 12 months or longer | (87,576) | (21,608) |
AFS - Fair Value - Total in Continuous Loss Position | 7,319,864 | 4,780,419 |
AFS - Unrealized Losses - Total in Continuous Loss Position | (123,625) | (73,153) |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | 136,123 | 2,460,913 |
AFS - Unrealized Losses - Less than 12 months | (85) | (8,532) |
AFS - Fair Value - 12 months or longer | 206,656 | 388,509 |
AFS - Unrealized Losses - 12 months or longer | (6,297) | (9,875) |
AFS - Fair Value - Total in Continuous Loss Position | 342,779 | 2,849,422 |
AFS - Unrealized Losses - Total in Continuous Loss Position | (6,382) | (18,407) |
Single Family [Member] | GSE MBS [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | 531,341 | 1,406,666 |
AFS - Unrealized Losses - Less than 12 months | (8,719) | (33,614) |
AFS - Fair Value - 12 months or longer | 1,369,493 | 146,908 |
AFS - Unrealized Losses - 12 months or longer | (62,028) | (17,151) |
AFS - Fair Value - Total in Continuous Loss Position | 1,900,834 | 1,553,574 |
AFS - Unrealized Losses - Total in Continuous Loss Position | (70,747) | (50,765) |
Multifamily [Member] | GSE MBS [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
AFS - Fair Value - Less than 12 Months | 2,235,242 | 2,310,965 |
AFS - Unrealized Losses - Less than 12 months | (14,446) | (6,738) |
AFS - Fair Value - 12 months or longer | 1,962,982 | 548,201 |
AFS - Unrealized Losses - 12 months or longer | (8,515) | (3,819) |
AFS - Fair Value - Total in Continuous Loss Position | 4,198,224 | 2,859,166 |
AFS - Unrealized Losses - Total in Continuous Loss Position | $ (22,961) | $ (10,557) |
Investments AFS - Contractual Maturities Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Fair Value | $ 13,649,563 | $ 12,190,560 | ||
AFS Securities - Amortized Cost, | [1] | 13,776,200 | 12,265,009 | |
Non-MBS [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
AFS - Non-MBS - Due in one year or less - Amortized Cost | 237,857 | 1,566,430 | ||
AFS - Non-MBS - Due after one year through five years - Amortized Cost | 3,646,136 | 2,629,759 | ||
AFS - Non-MBS - Due after five through ten years - Amortized Cost | 661,012 | 2,204,799 | ||
AFS - Non-MBS - Due after 10 years - Amortized Cost | 132,959 | 141,933 | ||
AFS - Non-MBS - Due in one year or less - Fair Value | 237,051 | 1,560,311 | ||
AFS - Non-MBS - Due after one year through five years - Fair Value | 3,656,096 | 2,632,374 | ||
AFS - Non-MBS - Due after five through ten years - Fair Value | 667,111 | 2,206,358 | ||
AFS - Non-MBS - Due after 10 years - Fair Value | 112,863 | 129,456 | ||
Fair Value | 4,673,121 | 6,528,499 | ||
AFS Securities - Amortized Cost, | [1] | 4,677,964 | 6,542,921 | |
MBS [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair Value | 8,976,442 | 5,662,061 | ||
AFS Securities - Amortized Cost, | [1] | $ 9,098,236 | $ 5,722,088 | |
|
Investments AFS - Interest Rate Payment Terms Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
AFS Securities - Amortized Cost, | [1] | $ 13,776,200 | $ 12,265,009 | |
Non-MBS [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
AFS Securities - Amortized Cost, | [1] | 4,677,964 | 6,542,921 | |
MBS [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
AFS Securities - Amortized Cost, | [1] | 9,098,236 | 5,722,088 | |
Fixed Interest Rate [Member] | Non-MBS [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
AFS Securities - Amortized Cost, | 4,677,964 | 6,542,921 | ||
Fixed Interest Rate [Member] | MBS [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
AFS Securities - Amortized Cost, | 3,065,602 | 1,069,749 | ||
Variable interest rate [Member] | Non-MBS [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
AFS Securities - Amortized Cost, | 0 | 0 | ||
Variable interest rate [Member] | MBS [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
AFS Securities - Amortized Cost, | $ 6,032,634 | $ 4,652,339 | ||
|
Investments, Gain Loss on Sales of AFS (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Debt Securities, Available-for-Sale, Realized Gain | $ 0 | $ 188 | $ 489 | $ 415 |
Debt Securities, Available-for-Sale, Realized Loss | 0 | 0 | 0 | 0 |
Gain (Loss) on Securities [Line Items] | ||||
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | 300,409 | 798,200 | 476,816 |
Debt Securities, Available-for-Sale, Realized Gain | 0 | 188 | 489 | 415 |
Debt Securities, Available-for-Sale, Realized Loss | 0 | 0 | 0 | 0 |
Net realized (gains) loss from sales of AFS securities | $ 0 | $ 188 | $ 489 | $ 415 |
Investments HTM - Securities by Major Security Type Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
|||
---|---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM securities; fair value of $1,138,129 and $874,282 | [1] | $ 1,247,367 | $ 956,471 | ||
Gross Unrealized Holding Gains | 148 | 229 | |||
Gross Unrealized Holding Losses | (109,386) | (82,418) | |||
HTM securities - fair value | 1,138,129 | 874,282 | |||
HTM - Accrued Interest | $ 4,100 | $ 2,400 | |||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | |||
U.S. obligations single-family | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM securities; fair value of $1,138,129 and $874,282 | $ 542,363 | [1] | $ 162,366 | ||
Gross Unrealized Holding Gains | 108 | 155 | |||
Gross Unrealized Holding Losses | (15,253) | (5,352) | |||
HTM securities - fair value | 527,218 | 157,169 | |||
Private label MBS [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM securities; fair value of $1,138,129 and $874,282 | 46,798 | [1] | 53,670 | ||
Gross Unrealized Holding Gains | 0 | 0 | |||
Gross Unrealized Holding Losses | (3,189) | (3,618) | |||
HTM securities - fair value | 43,609 | 50,052 | |||
MBS [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM securities; fair value of $1,138,129 and $874,282 | 1,247,367 | [1] | 956,471 | ||
Gross Unrealized Holding Gains | 148 | 229 | |||
Gross Unrealized Holding Losses | (109,386) | (82,418) | |||
HTM securities - fair value | 1,138,129 | 874,282 | |||
Single Family [Member] | GSE MBS [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM securities; fair value of $1,138,129 and $874,282 | 399,294 | [1] | 435,129 | ||
Gross Unrealized Holding Gains | 40 | 74 | |||
Gross Unrealized Holding Losses | (76,087) | (63,200) | |||
HTM securities - fair value | 323,247 | 372,003 | |||
Multifamily [Member] | GSE MBS [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM securities; fair value of $1,138,129 and $874,282 | 258,912 | [1] | 305,306 | ||
Gross Unrealized Holding Gains | 0 | 0 | |||
Gross Unrealized Holding Losses | (14,857) | (10,248) | |||
HTM securities - fair value | $ 244,055 | $ 295,058 | |||
|
Investments HTM - Contractual Maturity Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
|||
---|---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM securities; fair value of $1,138,129 and $874,282 | [1] | $ 1,247,367 | $ 956,471 | ||
HTM securities | 1,138,129 | 874,282 | |||
MBS [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM securities; fair value of $1,138,129 and $874,282 | 1,247,367 | [1] | 956,471 | ||
HTM securities | $ 1,138,129 | $ 874,282 | |||
|
Investments HTM - Interest Rate Payment Terms (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
|||
---|---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM - Amortized Cost | [1] | $ 1,247,367 | $ 956,471 | ||
MBS [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM - Amortized Cost | 1,247,367 | [1] | 956,471 | ||
Fixed Interest Rate [Member] | MBS [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM - Amortized Cost | 1,132,968 | 824,791 | |||
Variable interest rate [Member] | MBS [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
HTM - Amortized Cost | $ 114,399 | $ 131,680 | |||
|
Investments AFS - Allowance Rollforward Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
AFS - Allowance - beginning | $ 10,006 | $ 5,033 | $ 8,532 | $ 2,378 |
Increases (decreases) for securities in which a previous ACL or OTTI was recorded | 1,566 | 2,487 | 3,040 | 5,142 |
Balance, end of period | $ 11,572 | $ 7,520 | $ 11,572 | $ 7,520 |
Advances (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
---|---|---|
Federal Home Loan Bank Advances | ||
Total Par Value | $ 76,693,682 | $ 69,228,871 |
Federal Home Loan Bank, Advances, Five Largest Borrowers Amount Outstanding | $ 60,200,000 | $ 54,300,000 |
Number Of Top Advances Borrowers | 5 | 5 |
Federal Home Loan Bank, Advances, Five Largest Borrowers, Percent of Total | 78.50% | 78.50% |
Federal Home Loan Bank, Advances, Borrowers With Outstanding Loan Balances Greater Than Ten Percent | 2 | 3 |
Maximum | ||
Federal Home Loan Bank Advances | ||
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 30 years | |
Federal Home Loan Bank, Advances, Maturity Period, Variable Rate | 10 years |
Advances (Portfolio by Year of Contractual Maturity) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Federal Home Loan Bank, Advances [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Rolling Year [Abstract] | ||
Due in 1 year or less | 5.22% | 4.28% |
Due after 1 year through 2 years | 5.12% | 4.17% |
Due after 2 years through 3 years | 5.28% | 4.30% |
Due after 3 years through 4 years | 3.72% | 4.38% |
Due after 4 years through 5 years | 4.33% | 3.37% |
Thereafter | 3.29% | 2.84% |
Total par value, Weighted Average Interest Rate | 5.13% | 4.24% |
Federal Home Loan Bank, Advances, Maturity, Rolling Year, Par Value [Abstract] | ||
Due in 1 year or less | $ 36,172,201 | $ 28,672,440 |
Due after 1 year through 2 years | 25,051,644 | 21,421,482 |
Due after 2 years through 3 years | 11,610,152 | 13,136,090 |
Due after 3 years through 4 years | 2,001,152 | 4,966,948 |
Due after 4 years through 5 years | 1,678,407 | 865,373 |
Thereafter | 180,126 | 166,538 |
Total Par Value | 76,693,682 | 69,228,871 |
Deferred prepayment fees | (639) | (940) |
Hedging adjustments | (490,883) | (371,695) |
Total book value | 76,202,160 | 68,856,236 |
Federal Home Loan Bank Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Accrued Interest - Advances | $ 406,700 | $ 241,800 |
Advances (Advances by Year of Contractual Maturity or Next Call Date or Next Convertible Date) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Advances [Abstract] | ||
Due in 1 year or less | $ 36,552,201 | $ 28,962,440 |
Due after 1 year through 2 years | 25,039,144 | 21,131,482 |
Due after 2 years through 3 years | 11,242,652 | 13,136,090 |
Due after 3 years through 4 years | 2,001,152 | 4,966,948 |
Due after 4 years through 5 years | 1,678,407 | 865,373 |
Thereafter | 180,126 | 166,538 |
Total Par Value | $ 76,693,682 | $ 69,228,871 |
Advances (Interest Rate Payment Terms) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Federal Home Loan Bank, Advances, Fixed Rate [Abstract] | ||
Fixed rate – overnight | $ 1,373,249 | $ 1,792,810 |
Due in 1 year or less | 14,499,885 | 21,547,006 |
Thereafter | 14,103,381 | 7,429,914 |
Total Fixed Rate | 29,976,515 | 30,769,730 |
Federal Home Loan Bank, Advances, Floating Rate [Abstract] | ||
Due in 1 year or less | 20,299,067 | 5,332,624 |
Thereafter | 26,418,100 | 33,126,517 |
Total Variable Rate | 46,717,167 | 38,459,141 |
Total Par Value | $ 76,693,682 | $ 69,228,871 |
Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mortgage Loans held for portfolio [Line Items] | ||||||||||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | ||||||||||
Fixed-rate single-family mortgages | $ 4,608,309 | $ 4,528,731 | ||||||||||
Government-guaranteed/insured loans | ||||||||||||
Mortgage Loans held for portfolio [Line Items] | ||||||||||||
Fixed-rate single-family mortgages | 105,822 | 112,855 | ||||||||||
Conventional MPF Loan [Member] | ||||||||||||
Mortgage Loans held for portfolio [Line Items] | ||||||||||||
Loans and Leases Receivable, Net of Deferred Income, Total | [1] | 4,558,767 | 4,478,734 | |||||||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | [1] | 1,214,565 | 1,135,006 | |||||||||
Fixed-rate single-family mortgages | 4,502,487 | 4,415,876 | ||||||||||
Mortgage loans held for portfolio, net | ||||||||||||
Mortgage Loans held for portfolio [Line Items] | ||||||||||||
Premiums | 69,559 | 73,703 | ||||||||||
Discounts | (11,607) | (10,224) | ||||||||||
Hedging adjustments | 617 | 1,918 | ||||||||||
Loans and Leases Receivable, Net of Deferred Income, Total | [2] | 4,666,878 | 4,594,128 | |||||||||
Allowance for credit losses on mortgage loans | (2,971) | (3,240) | ||||||||||
Mortgage loans held for portfolio, net | 4,663,907 | 4,590,888 | ||||||||||
Accrued Interest - Mortgage loans held for portfolio | 23,800 | 22,500 | ||||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | 4,608,309 | 4,528,731 | ||||||||||
Mortgage loans held for portfolio, net | Government-guaranteed/insured loans | ||||||||||||
Mortgage Loans held for portfolio [Line Items] | ||||||||||||
Allowance for credit losses on mortgage loans | 0 | 0 | ||||||||||
Mortgage loans held for portfolio, net | Conventional MPF Loan [Member] | ||||||||||||
Mortgage Loans held for portfolio [Line Items] | ||||||||||||
Allowance for credit losses on mortgage loans | (2,971) | $ (3,256) | (3,240) | $ (3,631) | $ (3,499) | $ (3,412) | ||||||
Single Family [Member] | Fixed-rate long-term single-family mortgages (1) | ||||||||||||
Mortgage Loans held for portfolio [Line Items] | ||||||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | [3] | 4,485,907 | 4,388,461 | |||||||||
Single Family [Member] | Fixed-rate medium-term single-family mortgages (1) | ||||||||||||
Mortgage Loans held for portfolio [Line Items] | ||||||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, Fee, and Loan in Process | [3] | $ 122,402 | $ 140,270 | |||||||||
|
Mortgage Loans Held for Portfolio Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Mortgage Loans in Process of Foreclosure, Amount | [1] | $ 9,921 | $ 9,225 | |||||||
Mortgage loans held for portfolio, net | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [2] | 4,666,878 | 4,594,128 | |||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 1,707 | 3,182 | ||||||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 20,997 | 20,950 | ||||||||
Government-guaranteed/insured loans | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Mortgage Loans in Process of Foreclosure, Amount | [1] | 947 | 1,352 | |||||||
Government-guaranteed/insured loans | Mortgage loans held for portfolio, net | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 1,707 | 3,182 | ||||||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 0 | 0 | ||||||||
Conventional MPF Loan [Member] | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | [3] | 3,344,202 | 3,343,728 | |||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | [3] | 4,558,767 | 4,478,734 | |||||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | [3] | 1,214,565 | 1,135,006 | |||||||
Mortgage Loans in Process of Foreclosure, Amount | [1] | 8,974 | 7,873 | |||||||
Conventional MPF Loan [Member] | Nonperforming Financial Instruments [Member] | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 36,963 | |||||||||
Conventional MPF Loan [Member] | Mortgage loans held for portfolio, net | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | ||||||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 20,997 | 20,950 | ||||||||
Financial Asset, 30 to 59 Days Past Due [Member] | Conventional MPF Loan [Member] | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 25,122 | 19,806 | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 46,777 | 33,175 | ||||||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 21,655 | 13,369 | ||||||||
Financial Asset, 60 to 89 Days Past Due [Member] | Conventional MPF Loan [Member] | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 6,507 | 6,321 | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 13,168 | 10,421 | ||||||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | $ 6,661 | $ 4,100 | ||||||||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Mortgage loans held for portfolio, net | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Percent Past Due | [4] | 0.50% | 0.50% | |||||||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Government-guaranteed/insured loans | Mortgage loans held for portfolio, net | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Percent Past Due | [4] | 1.90% | 2.90% | |||||||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Conventional MPF Loan [Member] | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | $ 9,116 | $ 9,856 | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 17,763 | 18,072 | ||||||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | $ 8,647 | $ 8,216 | ||||||||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Conventional MPF Loan [Member] | Mortgage loans held for portfolio, net | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Percent Past Due | [4] | 0.40% | 0.40% | |||||||
Financial Asset, Past Due | Conventional MPF Loan [Member] | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | $ 40,745 | $ 35,983 | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 77,708 | 61,668 | ||||||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 25,685 | |||||||||
Financial Asset, Not Past Due | Conventional MPF Loan [Member] | ||||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||||
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 3,303,457 | 3,307,745 | ||||||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 4,481,059 | 4,417,066 | ||||||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | $ 1,177,602 | $ 1,109,321 | ||||||||
|
Mortgage Loans Held for Portfolio MPF -Allowance Roll Forward Table (Details) - Mortgage loans held for portfolio, net - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
MPF - Allowance for Credit Loss - Beginning Balance | $ 3,240 | |||||
MPF -Allowance for Credit Loss - Ending Balance | $ 2,971 | 2,971 | ||||
Conventional MPF Loan [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
MPF - Allowance for Credit Loss - Beginning Balance | 3,256 | $ 3,499 | 3,240 | $ 3,412 | ||
(Charge-offs) Recoveries, net | [1] | 21 | (99) | (9) | (326) | |
Provision( reversal) for credit losses | 264 | (33) | 278 | 107 | ||
MPF -Allowance for Credit Loss - Ending Balance | $ 2,971 | $ 3,631 | $ 2,971 | $ 3,631 | ||
|
Mortgage Loans Held for Portfolio Narrative (Details) - Mortgage loans held for portfolio, net - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | $ 20,997 | $ 20,950 |
Government-guaranteed/insured loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 0 | 0 |
Conventional MPF Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | $ 20,997 | $ 20,950 |
Derivatives and Hedging Activities (Derivatives in Statement of Condition) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
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Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | $ 88,483,396 | $ 72,201,792 | |||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 317,887 | 60,626 | |||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 966,342 | 1,009,632 | |||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 107,743 | 168,370 | ||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (955,918) | (996,194) | [2] | |||
Derivative assets | 425,630 | 228,996 | |||||
Derivative liabilities | 10,424 | 13,438 | |||||
Cash Collateral posted | 1,088,500 | 1,166,400 | |||||
Cash Collateral received | 24,900 | 1,900 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 84,830,852 | 69,039,626 | |||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 309,440 | 53,340 | |||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 941,436 | 985,134 | |||||
Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 3,652,544 | 3,162,166 | |||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 8,447 | 7,286 | |||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 24,906 | 24,498 | |||||
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 2,482,690 | 2,176,879 | |||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,222 | 2,112 | |||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 24,786 | 24,457 | |||||
Not Designated as Hedging Instrument [Member] | Interest Rate Caps or Floors [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 1,145,000 | 975,000 | |||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 6,218 | 5,164 | |||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 | |||||
Mortgage Receivable [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 24,854 | 10,287 | |||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 7 | 10 | |||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 120 | $ 41 | |||||
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Derivatives and Hedging Activities (Derivatives in Statement of Income and Impact on Interest) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table] | The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships, which also includes amortization of basis adjustments related to hedged items in discontinued fair value hedge relationships, and the impact of those derivatives on the Bank’s net interest income. Also included is the amortization of basis adjustments related to mortgage delivery commitments, which are characterized as derivatives, but are not designated in fair value hedge relationships.
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Derivative | $ 233,366 | $ (51,007) | $ 290,528 | $ (25,953) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Hedged Item | (231,751) | 52,486 | (292,854) | 28,407 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Settlements on FV Hedges | (45,931) | 2,390 | (92,491) | (14,126) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | (44,316) | 3,869 | (94,817) | (11,672) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | 1,071,029 | 271,015 | 3,120,857 | 382,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale (AFS) securities | 190,518 | 79,004 | 516,045 | 144,726 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio | 37,516 | 34,145 | 108,824 | 99,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated obligations - bonds | 1,079,869 | 194,399 | 2,778,910 | 318,851 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated obligations - discount notes | (220,233) | (142,549) | (943,590) | (181,711) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances [Member] | Interest Income [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Derivative | 36,853 | 169,040 | 119,382 | 426,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Hedged Item | (36,808) | (169,040) | (119,191) | (426,158) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Settlements on FV Hedges | 91,203 | 7,543 | 225,959 | (41,764) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | 91,248 | 7,543 | 226,150 | (41,842) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | Interest Income [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Derivative | 138,160 | 205,163 | 100,815 | 573,187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Hedged Item | (138,366) | (203,981) | (100,467) | (570,087) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Settlements on FV Hedges | 47,439 | 13,895 | 138,872 | (5,437) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | 47,233 | 15,077 | 139,220 | (2,337) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Receivable [Member] | Interest Income [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Derivative | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Hedged Item | (119) | (385) | (423) | (1,237) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Settlements on FV Hedges | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | (119) | (385) | (423) | (1,237) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Obligations Bonds [Member] | Interest Expense [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Derivative | 53,846 | (423,483) | 66,758 | (1,023,493) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Hedged Item | (54,243) | 424,114 | (67,189) | 1,024,111 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Settlements on FV Hedges | (179,861) | (20,976) | (450,544) | 31,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | (180,258) | (20,345) | (450,975) | 31,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Obligations Discount Notes | Interest Expense [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Derivative | 4,507 | (1,727) | 3,573 | (1,727) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains/(Losses) on Hedged Item | (2,215) | 1,778 | (5,584) | 1,778 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Settlements on FV Hedges | (4,712) | 1,928 | (6,778) | 1,928 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | $ (2,420) | $ 1,979 | $ (8,789) | $ 1,979 |
Fair Value Measures and Disclosures (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Advances [Member] | ||||
Derivative [Line Items] | ||||
Hedged Asset, Fair Value Hedge | [1] | $ 18,085,427 | $ 9,516,520 | |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | (490,190) | (370,776) | ||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (693) | (918) | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (490,883) | (371,694) | ||
Available-for-sale Securities | ||||
Derivative [Line Items] | ||||
Hedged Asset, Fair Value Hedge | [1] | 6,373,108 | 6,265,480 | |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | (614,186) | (513,825) | ||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 767 | 873 | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (613,419) | (512,952) | ||
Consolidated Obligations Bonds [Member] | ||||
Derivative [Line Items] | ||||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (1,005,089) | (1,072,289) | ||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 10 | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (1,005,089) | (1,072,279) | ||
Hedged Liability, Fair Value Hedge | [1] | 55,439,243 | 33,603,677 | |
Consolidated Obligations Discount Notes | ||||
Derivative [Line Items] | ||||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (1,473) | (7,057) | ||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (1,473) | (7,057) | ||
Hedged Liability, Fair Value Hedge | $ 2,575,584 | $ 17,481,373 | ||
|
Derivatives and Hedging Activities (Derivatives in Statement of Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gains (losses) related to derivatives not designated as hedging instruments | $ 7,270 | $ 6,648 | $ 21,216 | $ 15,409 | ||||
Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gains (losses) related to derivatives not designated as hedging instruments | 5,913 | 7,953 | 19,717 | 15,795 | ||||
Interest Rate Caps or Floors [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gains (losses) related to derivatives not designated as hedging instruments | (1,273) | 1,338 | (2,230) | 3,779 | ||||
Net Interest Settlements [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gains (losses) related to derivatives not designated as hedging instruments | 3,941 | (2,137) | 5,850 | (1,070) | ||||
TBA's [Member] [Domain] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gains (losses) related to derivatives not designated as hedging instruments | 0 | 0 | 0 | 74 | ||||
Other Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gains (losses) related to derivatives not designated as hedging instruments | 0 | 0 | 1 | 1 | ||||
Derivatives Not Designated As Hedging Before Price Alignment | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gains (losses) related to derivatives not designated as hedging instruments | 7,850 | 6,727 | 22,482 | 15,826 | ||||
Price Alignment Amount | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gains (losses) related to derivatives not designated as hedging instruments | (580) | [1] | (79) | (1,266) | [1] | (417) | ||
Mortgage Receivable [Member] | Forward Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gains (losses) related to derivatives not designated as hedging instruments | $ (731) | $ (427) | $ (856) | $ (2,753) | ||||
|
Derivatives and Hedging Activities (Offsetting Assets) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Offsetting Assets [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | $ 317,880 | $ 60,616 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | 107,743 | 168,370 | ||||||
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment | 425,623 | 228,986 | |||||||
Derivative Asset, Not Subject to Master Netting Arrangement | 7 | 10 | [3] | ||||||
Derivative assets | 425,630 | 228,996 | |||||||
Derivative Liability, Fair Value, Gross Liability | 966,222 | 1,009,591 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (955,918) | (996,194) | [2] | |||||
Derivative Laibility, Net Fair Value Amount, After Offsetting Adjustment | 10,304 | 13,397 | |||||||
Derivative Liability, Not Subject to Master Netting Arrangement | 120 | 41 | [3] | ||||||
Derivative liabilities (Note 5) | 10,424 | 13,438 | |||||||
Over the Counter [Member] | |||||||||
Offsetting Assets [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 311,792 | 43,901 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (302,630) | (41,679) | |||||||
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment | 9,162 | 2,222 | |||||||
Derivative Asset, Not Subject to Master Netting Arrangement | 7 | 10 | [3] | ||||||
Derivative assets | 9,169 | 2,232 | |||||||
Derivative Liability, Fair Value, Gross Liability | 951,839 | 1,003,917 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (949,860) | (992,167) | |||||||
Derivative Laibility, Net Fair Value Amount, After Offsetting Adjustment | 1,979 | 11,750 | |||||||
Derivative Liability, Not Subject to Master Netting Arrangement | 120 | 41 | [3] | ||||||
Derivative liabilities (Note 5) | 2,099 | 11,791 | |||||||
Exchange Cleared [Member] | |||||||||
Offsetting Assets [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 6,088 | 16,715 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 410,373 | 210,049 | |||||||
Derivative Asset, Net Fair Value Amount, After Offsetting Adjustment | 416,461 | 226,764 | |||||||
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 | [3] | ||||||
Derivative assets | 416,461 | 226,764 | |||||||
Derivative Liability, Fair Value, Gross Liability | 14,383 | 5,674 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (6,058) | (4,027) | |||||||
Derivative Laibility, Net Fair Value Amount, After Offsetting Adjustment | 8,325 | 1,647 | |||||||
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 | [3] | ||||||
Derivative liabilities (Note 5) | $ 8,325 | $ 1,647 | |||||||
|
Derivatives and Hedging Activities (Offsetting Liabilities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Offsetting Liabilities [Line Items] | |||||||||
Derivative Liability, Fair Value, Gross Liability | $ 966,222 | $ 1,009,591 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (955,918) | (996,194) | [2] | |||||
Derivative Laibility, Net Fair Value Amount, After Offsetting Adjustment | 10,304 | 13,397 | |||||||
Derivative Liability, Not Subject to Master Netting Arrangement | 120 | 41 | [3] | ||||||
Derivative liabilities | 10,424 | 13,438 | |||||||
Over the Counter [Member] | |||||||||
Offsetting Liabilities [Line Items] | |||||||||
Derivative Liability, Fair Value, Gross Liability | 951,839 | 1,003,917 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (949,860) | (992,167) | |||||||
Derivative Laibility, Net Fair Value Amount, After Offsetting Adjustment | 1,979 | 11,750 | |||||||
Derivative Liability, Not Subject to Master Netting Arrangement | 120 | 41 | [3] | ||||||
Derivative liabilities | 2,099 | 11,791 | |||||||
Exchange Cleared [Member] | |||||||||
Offsetting Liabilities [Line Items] | |||||||||
Derivative Liability, Fair Value, Gross Liability | 14,383 | 5,674 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (6,058) | (4,027) | |||||||
Derivative Laibility, Net Fair Value Amount, After Offsetting Adjustment | 8,325 | 1,647 | |||||||
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 | [3] | ||||||
Derivative liabilities | $ 8,325 | $ 1,647 | |||||||
|
Schedule of Long-term Debt by Call Feature (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Short-term and Long-term Debt [Line Items] | ||
Par amounts for the FHLBanks' outstanding Consolidated Obligation | $ 1,229,900,000 | $ 1,181,700,000 |
Bond premiums | 38,861 | 47,515 |
Bond discounts | (14,546) | (14,069) |
Concession fees | (6,073) | (5,008) |
Hedging adjustments | (1,005,089) | (1,072,278) |
Total book value | 86,842,548 | 56,471,455 |
Long-term Debt, Gross | 87,829,395 | 57,515,295 |
Fixed Interest Rate [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 64,145,995 | 39,983,295 |
Step-up Interest Rate [Member] [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 2,083,000 | 3,124,000 |
Variable interest rate [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 21,600,400 | $ 14,408,000 |
Consolidated Obligations (Contractual Maturity Terms) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Short-term and Long-term Debt [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 57,480,770 | $ 30,747,975 |
Long Debt, Maturities, Repayments of Principal in Next Twelve Months, Weighted Average Interest Rate | 4.79% | 3.72% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | $ 14,447,865 | $ 11,491,385 |
Long-term Debt, Maturities, Repayments of Principal in Year Two, Weighted Average Interest Rate | 4.26% | 3.09% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | $ 6,557,100 | $ 3,263,725 |
Long-term Debt, Maturities, Repayments of Principal in Year Three, Weighted Average Interest Rate | 2.20% | 2.16% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | $ 3,879,200 | $ 6,557,800 |
Long-term Debt, Maturities, Repayments of Principal in Year Four, Weighted Average Interest Rate | 2.22% | 1.25% |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | $ 2,204,250 | $ 1,850,300 |
Long-term Debt, Maturities, Repayments of Principal in Year Five, Weighted Average Interest Rate | 3.61% | 3.09% |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 3,260,210 | $ 3,604,110 |
Long-term Debt, Maturities, Repayments of Principal After Year Five, Weighted Average Interest Rate | 2.68% | 2.37% |
Long-term Debt, Gross | $ 87,829,395 | $ 57,515,295 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.29% | 3.12% |
Consolidated Obligations (Consolidated Obligation Bonds Noncallable and Callable) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Short-term and Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 87,829,395 | $ 57,515,295 |
Non Callable [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 47,274,895 | 35,816,795 |
Callable [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 40,554,500 | $ 21,698,500 |
Consolidated Obligations (Consolidated Obligation Bonds by Earlier of Contractual Maturity or Next Call Date) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Short-term and Long-term Debt [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 57,480,770 | $ 30,747,975 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 14,447,865 | 11,491,385 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 6,557,100 | 3,263,725 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 3,879,200 | 6,557,800 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 2,204,250 | 1,850,300 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 3,260,210 | 3,604,110 |
Long-term Debt, Gross | 87,829,395 | 57,515,295 |
Earlier of Contractual Maturity or Next Call Date [Member] [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 72,520,270 | 47,036,975 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 10,188,365 | 6,573,385 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 1,997,100 | 1,049,725 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 617,200 | 1,035,800 |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 1,397,250 | 392,300 |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 1,109,210 | $ 1,427,110 |
Consolidated Obligations (Consolidated Obligation Discount Notes) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Short-term Debt [Line Items] | ||||
Discount Notes, Book value | $ 12,520,373 | $ 33,745,478 | ||
Discount Notes, Weighted Average Interest Rate | [1] | 5.31% | 4.25% | |
Short-term Debt [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Face Amount | $ 12,625,033 | $ 34,007,058 | ||
|
Capital (Capital Requirements) (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
numberOfRegulatoryRequirements
|
Dec. 31, 2022
USD ($)
|
---|---|---|
Banking Regulation, Total Capital [Abstract] | ||
Number of Finance Agency Regulatory Capital Requirements | numberOfRegulatoryRequirements | 3 | |
Number Of Subclasses Of Capital Stock | 2 | |
Risk-Based Capital, Required | $ 747,464 | $ 441,078 |
Risk-Based Capital, Actual | $ 5,649,663 | $ 4,992,405 |
Total capital-to-asset ratio, Required | 4.00% | 4.00% |
Total capital-to-asset ratio, Actual | 5.30% | 5.20% |
Total regulatory capital, Required | $ 4,277,496 | $ 3,845,647 |
Total regulatory capital, Actual | $ 5,649,663 | $ 4,992,405 |
Leverage ratio - Required | 5.00% | 5.00% |
Leverage ratio, Actual | 7.90% | 7.80% |
Leverage capital, Required | $ 5,346,870 | $ 4,807,058 |
Leverage capital, Actual | $ 8,474,495 | $ 7,488,607 |
Capital (Mandatorily Redeemable Capital Stock) (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
Institutions
$ / shares
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
Institutions
$ / shares
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
$ / shares
|
|
Banking Regulation, Total Capital [Abstract] | |||||
Interest Expense, Capital Securities | $ 600 | $ 400 | $ 1,700 | $ 1,100 | |
Balance, beginning of the period | 27,763 | 22,457 | |||
Capital stock subject to mandatory redemption reclassified from capital | 5,885 | 5,810 | 13,681 | 5,810 | |
Redemption/repurchase of mandatorily redeemable capital stock | (13,448) | (227) | |||
Balance, end of the period | $ 27,996 | 28,040 | $ 27,996 | 28,040 | |
Capital stock, Par value Per Share | $ / shares | $ 100 | $ 100 | $ 100 | ||
Financial Instruments Subject to Mandatory Redemption, Number of Institutions | Institutions | 8 | 8 | |||
Financial Instruments Subject to Mandatory Redemption, Due to Institution Mergers | Institutions | 4 | 4 | |||
Financial instruments subject to mandatory redemption, due to relocation | Institutions | 1 | 1 | |||
Financial Instruments Subject to Mandatory Redemption, Number of Institutions, Voluntary Withdrawls | Institutions | 3 | 3 | |||
Capital [Line Items] | |||||
Interest Expense, Capital Securities | $ 600 | $ 400 | $ 1,700 | $ 1,100 |
Capital (Mandatorily Redeemable Capital Stock by Contractual Year of Redemption) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Banking Regulation, Total Capital [Abstract] | ||||
Due in 1 year or less | $ 0 | $ 20,000 | ||
Due after 1 year through 2 years | 40 | 0 | ||
Due after 2 years through 3 years | 486 | 34 | ||
Due after 3 years through 4 years | 4,787 | 527 | ||
Due after 4 years through 5 years | 1,206 | 5,571 | ||
Financial Instruments Subject to Mandatory Redemption, Past Contractual Redemption Date, Due to Outstanding Activity | 21,477 | 1,631 | ||
Total | $ 27,996 | $ 27,763 | $ 28,040 | $ 22,457 |
Capital (Dividends and Retained Earnings) (Details) - USD ($) |
9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 27, 2023 |
Jul. 28, 2023 |
Apr. 28, 2023 |
Feb. 24, 2023 |
Jul. 29, 2022 |
Apr. 29, 2022 |
Feb. 23, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Capital [Line Items] | |||||||||
Joint Capital Enhancement Agreement Percentage | 20.00% | ||||||||
Percent of Average Balance of Outstanding Consolidated Obligations Required per the Joint Capital Enhancement Agreement For Each Previous Quarter | 1.00% | ||||||||
Retained Earnings, Restricted, Percent | 150.00% | ||||||||
Unrestricted | $ 1,190,967,000 | $ 1,037,182,000 | |||||||
Restricted | 590,082,000 | 499,055,000 | |||||||
Retained Earnings (Accumulated Deficit) | 1,781,049,000 | 1,536,237,000 | |||||||
Subclass B1 [Member] | |||||||||
Capital [Line Items] | |||||||||
Common Stock, Value, Outstanding | 315,300,000 | 309,000,000 | |||||||
Dividends Cash, Annualized Rate | 5.25% | 5.00% | 4.00% | 2.25% | 1.25% | 1.25% | |||
Subclass B1 [Member] | Subsequent Event [Member] | |||||||||
Capital [Line Items] | |||||||||
Dividends Cash, Annualized Rate | 5.35% | ||||||||
Subclass B2 [Member] | |||||||||
Capital [Line Items] | |||||||||
Common Stock, Value, Outstanding | $ 3,525,300,000 | $ 3,119,400,000 | |||||||
Dividends Cash, Annualized Rate | 7.95% | 7.95% | 7.95% | 6.25% | 5.25% | 5.25% | |||
Subclass B2 [Member] | Subsequent Event [Member] | |||||||||
Capital [Line Items] | |||||||||
Dividends Cash, Annualized Rate | 8.25% |
Capital (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
AOCI balance | $ 5,505,967 | $ 4,463,039 | $ 5,505,967 | $ 4,463,039 | $ 5,640,907 | $ 4,898,115 | $ 3,497,955 | $ 2,735,652 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | (8) | 189 | (25) | 567 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | 188 | 489 | 415 | ||||
Net Unrealized Gains(Losses) | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
AOCI balance | (115,065) | (62,661) | (115,065) | (62,661) | (49,722) | (65,917) | 9,380 | 115,015 |
Net unrealized gains (losses) | (65,343) | (48,659) | (177,261) | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | 188 | (489) | |||||
Pension and Post Retirement Plans | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
AOCI balance | (635) | (4,257) | (635) | (4,257) | (627) | (610) | (4,446) | (4,824) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | (8) | 189 | (25) | 567 | ||||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
AOCI balance | (115,700) | (66,918) | (115,700) | (66,918) | $ (50,349) | $ (66,527) | $ 4,934 | $ 110,191 |
Net unrealized gains (losses) | (65,343) | (71,853) | (48,659) | (177,261) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | (8) | 189 | (25) | $ 567 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | $ 0 | $ 188 | $ 489 |
Transactions with Related Parties (By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Related Party Transaction [Line Items] | ||||
Advances | $ 76,202,160 | $ 68,856,236 | ||
Deposits | 855,987 | 553,279 | ||
Capital stock | 3,840,618 | 3,428,405 | ||
Principal Owner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Advances | 43,382,124 | 42,401,975 | ||
Letters of credit | [1] | 21,611,992 | 16,928,206 | |
MPF loans | 209,693 | 263,795 | ||
Deposits | 40,655 | 32,335 | ||
Capital stock | $ 1,971,571 | $ 1,891,978 | ||
|
Transactions with Related Parties (Statement of Income Effects) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Related Party Transaction [Line Items] | ||||
Interest income on advances (1) | $ 1,071,029 | $ 271,015 | $ 3,120,857 | $ 382,012 |
Interest Income on MPF loans | 37,516 | 34,145 | 108,824 | 99,890 |
Letters of credit fees | 8,133 | 6,443 | 22,173 | 17,739 |
Principal Owner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest income on advances (1) | 601,408 | 181,760 | 1,824,881 | 283,054 |
Interest Income on MPF loans | 2,628 | 3,318 | 8,216 | 7,431 |
Letters of credit fees | $ 8,067 | $ 90 | $ 19,127 | $ 4,694 |
Transactions with Related Parties (Transactions with Other FHLBanks) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Related Party Transaction [Line Items] | |||||
Loans Repaid by Other Federal Home Loan Banks | $ 0 | $ 1,000,000,000 | $ 750,000,000 | $ 1,800,000,000 | |
Loans from Other Federal Home Loan Banks | 0 | 2 | 0 | 2 | |
FHLBank of Chicago [Member] | |||||
Related Party Transaction [Line Items] | |||||
Servicing fee expense | 952,000 | $ 890,000 | 2,833,000 | $ 2,674,000 | |
Interest-bearing deposits maintained with FHLBank of Chicago | $ 5,483,000 | $ 5,483,000 | $ 5,119,000 |
Estimated Fair Values (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Reported Value Measurement [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Cash and due from banks | $ 20,328,000 | $ 13,242,000 | ||||||||||||||
Interest-bearing deposits | 3,040,744,000 | 2,471,135,000 | ||||||||||||||
Securities Purchased under Agreements to Resell, Fair Value Disclosure | 3,380,000,000 | 3,200,000,000 | ||||||||||||||
Federal funds sold | 3,536,000,000 | 3,050,000,000 | ||||||||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||||||||||
Fair Value | 13,649,563,000 | 12,190,560,000 | ||||||||||||||
HTM securities; fair value of $1,138,129 and $874,282 | 1,247,367,000 | 956,471,000 | ||||||||||||||
Advances | 76,202,160,000 | 68,856,236,000 | ||||||||||||||
Accrued interest receivable | 498,984,000 | 310,081,000 | ||||||||||||||
Derivative assets | 425,630,000 | 228,996,000 | ||||||||||||||
Deposits | 855,987,000 | 553,279,000 | ||||||||||||||
Mandatorily redeemable capital stock (Note 7) | 27,996,000 | 27,763,000 | ||||||||||||||
Accrued interest payable | 807,851,000 | 287,539,000 | ||||||||||||||
Derivative liabilities | 10,424,000 | 13,438,000 | ||||||||||||||
Cash and due from banks | 20,328,000 | 13,242,000 | ||||||||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||||||||||
Fair Value | 13,649,563,000 | 12,190,560,000 | ||||||||||||||
HTM securities; fair value of $1,138,129 and $874,282 | [1] | 1,247,367,000 | 956,471,000 | |||||||||||||
HTM securities | 1,138,129,000 | 874,282,000 | ||||||||||||||
Accrued interest receivable | 498,984,000 | 310,081,000 | ||||||||||||||
Derivative assets | 425,630,000 | 228,996,000 | ||||||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [2],[3] | 107,743,000 | 168,370,000 | |||||||||||||
Mandatorily redeemable capital stock (Note 7) | 27,996,000 | 27,763,000 | $ 28,040,000 | $ 22,457,000 | ||||||||||||
Accrued interest payable | 807,851,000 | 287,539,000 | ||||||||||||||
Derivative liabilities | 10,424,000 | 13,438,000 | ||||||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [2] | (955,918,000) | (996,194,000) | [3] | ||||||||||||
GSE obligations | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||||||||||
Fair Value | 987,383,000 | 1,125,743,000 | ||||||||||||||
U.S. Treasury obligations | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Fair Value | 3,525,693,000 | 5,232,493,000 | ||||||||||||||
State or local agency obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Fair Value | 160,045,000 | 170,263,000 | ||||||||||||||
Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Fair Value | 1,341,918,000 | 482,982,000 | ||||||||||||||
HTM securities; fair value of $1,138,129 and $874,282 | 542,363,000 | [1] | 162,366,000 | |||||||||||||
HTM securities | 527,218,000 | 157,169,000 | ||||||||||||||
GSE MBS [Member] | Multifamily [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Fair Value | 5,561,696,000 | 3,155,771,000 | ||||||||||||||
HTM securities; fair value of $1,138,129 and $874,282 | 258,912,000 | [1] | 305,306,000 | |||||||||||||
HTM securities | 244,055,000 | 295,058,000 | ||||||||||||||
GSE MBS [Member] | Single Family [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Fair Value | 1,945,971,000 | 1,881,037,000 | ||||||||||||||
HTM securities; fair value of $1,138,129 and $874,282 | 399,294,000 | [1] | 435,129,000 | |||||||||||||
HTM securities | 323,247,000 | 372,003,000 | ||||||||||||||
Private label MBS [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Fair Value | 126,857,000 | 142,271,000 | ||||||||||||||
HTM securities; fair value of $1,138,129 and $874,282 | 46,798,000 | [1] | 53,670,000 | |||||||||||||
HTM securities | 43,609,000 | 50,052,000 | ||||||||||||||
Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 107,743,000 | 168,370,000 | ||||||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (955,918,000) | [3] | (996,194,000) | |||||||||||||
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 107,743,000 | 168,370,000 | ||||||||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (955,918,000) | (996,194,000) | ||||||||||||||
Forward Contracts [Member] | Fair Value, Recurring [Member] | Mortgage Receivable [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | 0 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Cash and due from banks | 20,328,000 | 13,242,000 | ||||||||||||||
Interest-bearing deposits | 3,040,744,000 | 2,471,135,000 | ||||||||||||||
Securities Purchased under Agreements to Resell, Fair Value Disclosure | [4] | 3,379,996,000 | 3,200,137,000 | |||||||||||||
Federal funds sold | 3,536,000,000 | 3,050,141,000 | ||||||||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||||||||||
Fair Value | 13,649,562,000 | 12,190,560,000 | ||||||||||||||
HTM securities | 1,138,129,000 | 874,282,000 | ||||||||||||||
Advances | 76,073,438,000 | 68,548,367,000 | ||||||||||||||
Accrued interest receivable | 498,984,000 | 310,081,000 | ||||||||||||||
Derivative assets | 425,630,000 | 228,996,000 | ||||||||||||||
Deposits | 855,987,000 | 553,279,000 | ||||||||||||||
Mandatorily redeemable capital stock (Note 7) | [5] | 28,597,000 | 28,321,000 | |||||||||||||
Accrued interest payable | [5] | 807,250,000 | 286,981,000 | |||||||||||||
Derivative liabilities | 10,424,000 | 13,438,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||||||||||
AFS Securities | 13,649,563,000 | 12,190,560,000 | ||||||||||||||
Derivative assets | 425,630,000 | 228,996,000 | ||||||||||||||
Derivative liabilities | 10,424,000 | 13,438,000 | ||||||||||||||
Total assets at fair value | 14,287,827,000 | 12,633,564,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Recurring [Member] | GSE obligations | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||||||||||
AFS Securities | 987,383,000 | 1,125,743,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Recurring [Member] | U.S. Treasury obligations | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 3,525,693,000 | 5,232,493,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Recurring [Member] | State or local agency obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 160,045,000 | 170,263,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 1,341,918,000 | 482,982,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Recurring [Member] | GSE MBS [Member] | Multifamily [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 5,561,696,000 | 3,155,771,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Recurring [Member] | GSE MBS [Member] | Single Family [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 1,945,971,000 | 1,881,037,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Recurring [Member] | Private label MBS [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 126,857,000 | 142,271,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Nonrecurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 5,743,000 | 5,240,000 | ||||||||||||||
REO - FV | 290,000 | 403,000 | ||||||||||||||
Total assets at fair value | 6,033,000 | 5,643,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative assets | 425,623,000 | 228,986,000 | ||||||||||||||
Derivative liabilities | 10,304,000 | 13,397,000 | ||||||||||||||
Estimate of Fair Value, Fair Value Disclosure | Forward Contracts [Member] | Fair Value, Recurring [Member] | Mortgage Receivable [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative assets | 7,000 | 10,000 | ||||||||||||||
Derivative liabilities | 120,000 | 41,000 | ||||||||||||||
Consolidated Obligations, Discount Notes | Reported Value Measurement [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Discount notes | 12,520,373,000 | 33,745,478,000 | ||||||||||||||
Consolidated Obligations, Discount Notes | Estimate of Fair Value, Fair Value Disclosure | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Discount notes | 12,515,800,000 | 33,739,166,000 | ||||||||||||||
Consolidated Obligation Bonds | Reported Value Measurement [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Bonds | 86,842,548,000 | 56,471,455,000 | ||||||||||||||
Consolidated Obligation Bonds | Estimate of Fair Value, Fair Value Disclosure | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Bonds | 86,048,254,000 | 55,694,094,000 | ||||||||||||||
Mortgage loans held for portfolio, net | Reported Value Measurement [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 4,663,907,000 | 4,590,888,000 | ||||||||||||||
Mortgage loans held for portfolio, net | Estimate of Fair Value, Fair Value Disclosure | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 3,941,940,000 | 4,039,588,000 | ||||||||||||||
Banking on Business Loans | Reported Value Measurement [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 25,354,000 | 22,998,000 | ||||||||||||||
Banking on Business Loans | Estimate of Fair Value, Fair Value Disclosure | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 25,354,000 | 22,998,000 | ||||||||||||||
Fair Value, Inputs, Level 1 | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Cash and due from banks | 20,328,000 | 13,242,000 | ||||||||||||||
Interest-bearing deposits | 3,040,744,000 | 2,471,135,000 | ||||||||||||||
Securities Purchased under Agreements to Resell, Fair Value Disclosure | 0 | [4] | 0 | |||||||||||||
Federal funds sold | 0 | 0 | ||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||
Fair Value | 0 | 0 | ||||||||||||||
HTM securities | 0 | 0 | ||||||||||||||
Advances | 0 | 0 | ||||||||||||||
Accrued interest receivable | 0 | 0 | ||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||
Deposits | 0 | 0 | ||||||||||||||
Mandatorily redeemable capital stock (Note 7) | 28,597,000 | 28,321,000 | ||||||||||||||
Accrued interest payable | 0 | 0 | ||||||||||||||
Derivative liabilities | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||
AFS Securities | 0 | 0 | ||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||
Derivative liabilities | 0 | |||||||||||||||
Total assets at fair value | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | GSE obligations | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||
AFS Securities | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | State or local agency obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | GSE MBS [Member] | Multifamily [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | GSE MBS [Member] | Single Family [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Private label MBS [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 1 | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||
Derivative liabilities | 0 | |||||||||||||||
Fair Value, Inputs, Level 1 | Forward Contracts [Member] | Fair Value, Recurring [Member] | Mortgage Receivable [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||
Derivative liabilities | 0 | |||||||||||||||
Fair Value, Inputs, Level 1 | Consolidated Obligations, Discount Notes | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Discount notes | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 1 | Consolidated Obligation Bonds | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Bonds | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 1 | Mortgage loans held for portfolio, net | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 1 | Banking on Business Loans | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 2 | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Cash and due from banks | 0 | 0 | ||||||||||||||
Interest-bearing deposits | 0 | 0 | ||||||||||||||
Securities Purchased under Agreements to Resell, Fair Value Disclosure | [4] | 3,379,996,000 | 3,200,137,000 | |||||||||||||
Federal funds sold | 3,536,000,000 | 3,050,141,000 | ||||||||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||||||||||
Fair Value | 13,522,705,000 | 12,048,289,000 | ||||||||||||||
HTM securities | 1,094,520,000 | 824,230,000 | ||||||||||||||
Advances | 76,073,438,000 | 68,548,367,000 | ||||||||||||||
Accrued interest receivable | 498,984,000 | 310,081,000 | ||||||||||||||
Derivative assets | 317,887,000 | 60,626,000 | ||||||||||||||
Deposits | 855,987,000 | 553,279,000 | ||||||||||||||
Mandatorily redeemable capital stock (Note 7) | 0 | 0 | ||||||||||||||
Accrued interest payable | 807,250,000 | 286,981,000 | ||||||||||||||
Derivative liabilities | 966,342,000 | 1,009,632,000 | ||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||||||||||
AFS Securities | 13,522,706,000 | 12,048,289,000 | ||||||||||||||
Derivative assets | 317,887,000 | 60,626,000 | ||||||||||||||
Derivative liabilities | 966,342,000 | 1,009,632,000 | ||||||||||||||
Total assets at fair value | 14,053,227,000 | 12,322,923,000 | ||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | GSE obligations | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||||||||||
AFS Securities | 987,383,000 | 1,125,743,000 | ||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | U.S. Treasury obligations | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 3,525,693,000 | 5,232,493,000 | ||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | State or local agency obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 160,045,000 | |||||||||||||||
Fair Value | 170,263,000 | |||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 1,341,918,000 | |||||||||||||||
Fair Value | 482,982,000 | |||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | GSE MBS [Member] | Multifamily [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 5,561,696,000 | |||||||||||||||
Fair Value | 3,155,771,000 | |||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | GSE MBS [Member] | Single Family [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 1,945,971,000 | |||||||||||||||
Fair Value | 1,881,037,000 | |||||||||||||||
Fair Value, Inputs, Level 2 | Fair Value, Recurring [Member] | Private label MBS [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 2 | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative assets | 317,880,000 | 60,616,000 | ||||||||||||||
Derivative liabilities | 966,222,000 | 1,009,591,000 | ||||||||||||||
Fair Value, Inputs, Level 2 | Forward Contracts [Member] | Fair Value, Recurring [Member] | Mortgage Receivable [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative assets | 7,000 | 10,000 | ||||||||||||||
Derivative liabilities | 120,000 | 41,000 | ||||||||||||||
Fair Value, Inputs, Level 2 | Consolidated Obligations, Discount Notes | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Discount notes | 12,515,800,000 | 33,739,166,000 | ||||||||||||||
Fair Value, Inputs, Level 2 | Consolidated Obligation Bonds | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Bonds | 86,048,254,000 | 55,694,094,000 | ||||||||||||||
Fair Value, Inputs, Level 2 | Mortgage loans held for portfolio, net | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 3,941,940,000 | 4,039,588,000 | ||||||||||||||
Fair Value, Inputs, Level 2 | Banking on Business Loans | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 3 | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Cash and due from banks | 0 | 0 | ||||||||||||||
Interest-bearing deposits | 0 | 0 | ||||||||||||||
Securities Purchased under Agreements to Resell, Fair Value Disclosure | [4] | 0 | 0 | |||||||||||||
Federal funds sold | 0 | 0 | ||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||
Fair Value | 126,857,000 | 142,271,000 | ||||||||||||||
HTM securities | 43,609,000 | 50,052,000 | ||||||||||||||
Advances | 0 | 0 | ||||||||||||||
Accrued interest receivable | 0 | 0 | ||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||
Deposits | 0 | 0 | ||||||||||||||
Mandatorily redeemable capital stock (Note 7) | 0 | 0 | ||||||||||||||
Accrued interest payable | 0 | 0 | ||||||||||||||
Derivative liabilities | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 3 | Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||
AFS Securities | 126,857,000 | 142,271,000 | ||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||
Derivative liabilities | 0 | |||||||||||||||
Total assets at fair value | 126,857,000 | 142,271,000 | ||||||||||||||
Fair Value, Inputs, Level 3 | Fair Value, Recurring [Member] | GSE obligations | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Trading securities | 0 | 0 | ||||||||||||||
AFS Securities | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 3 | Fair Value, Recurring [Member] | State or local agency obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 3 | Fair Value, Recurring [Member] | Single Family, Mortgage-backed Securities, Other US Obligations [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 3 | Fair Value, Recurring [Member] | GSE MBS [Member] | Multifamily [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 3 | Fair Value, Recurring [Member] | GSE MBS [Member] | Single Family [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 0 | |||||||||||||||
Fair Value | 0 | |||||||||||||||
Fair Value, Inputs, Level 3 | Fair Value, Recurring [Member] | Private label MBS [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
AFS Securities | 126,857,000 | |||||||||||||||
Fair Value | 142,271,000 | |||||||||||||||
Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 5,743,000 | 5,240,000 | ||||||||||||||
REO - FV | 290,000 | 403,000 | ||||||||||||||
Total assets at fair value | 6,033,000 | 5,643,000 | ||||||||||||||
Fair Value, Inputs, Level 3 | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||
Derivative liabilities | 0 | |||||||||||||||
Fair Value, Inputs, Level 3 | Forward Contracts [Member] | Fair Value, Recurring [Member] | Mortgage Receivable [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Derivative assets | 0 | 0 | ||||||||||||||
Derivative liabilities | 0 | |||||||||||||||
Fair Value, Inputs, Level 3 | Consolidated Obligations, Discount Notes | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Discount notes | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 3 | Consolidated Obligation Bonds | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
Bonds | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 3 | Mortgage loans held for portfolio, net | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | 0 | 0 | ||||||||||||||
Fair Value, Inputs, Level 3 | Banking on Business Loans | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||
MPF & BOB Loans , Net of Allowance | $ 25,354,000 | $ 22,998,000 | ||||||||||||||
|
Estimated Fair Values (Fair Value Measured on Recurring and Nonrecurring Basis) (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||
---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | $ 212,634,000 | $ 214,008,000 | ||||||
Derivative assets | 425,630,000 | 228,996,000 | ||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 107,743,000 | 168,370,000 | |||||
Derivative liabilities | 10,424,000 | 13,438,000 | ||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (955,918,000) | (996,194,000) | [2] | ||||
Fair Value | 13,649,563,000 | 12,190,560,000 | ||||||
Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 0 | 0 | ||||||
Derivative assets | 0 | 0 | ||||||
Derivative liabilities | 0 | 0 | ||||||
Fair Value | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||
Derivative assets | 317,887,000 | 60,626,000 | ||||||
Derivative liabilities | 966,342,000 | 1,009,632,000 | ||||||
Fair Value | 13,522,705,000 | 12,048,289,000 | ||||||
Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 0 | 0 | ||||||
Derivative assets | 0 | 0 | ||||||
Derivative liabilities | 0 | 0 | ||||||
Fair Value | 126,857,000 | 142,271,000 | ||||||
Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 107,743,000 | 168,370,000 | ||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (955,918,000) | [2] | (996,194,000) | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 0 | 0 | ||||||
AFS Securities | 0 | 0 | ||||||
Derivative assets | 0 | 0 | ||||||
Derivative liabilities | 0 | |||||||
Total assets at fair value | 0 | 0 | ||||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||
AFS Securities | 13,522,706,000 | 12,048,289,000 | ||||||
Derivative assets | 317,887,000 | 60,626,000 | ||||||
Derivative liabilities | 966,342,000 | 1,009,632,000 | ||||||
Total assets at fair value | 14,053,227,000 | 12,322,923,000 | ||||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 0 | 0 | ||||||
AFS Securities | 126,857,000 | 142,271,000 | ||||||
Derivative assets | 0 | 0 | ||||||
Derivative liabilities | 0 | |||||||
Total assets at fair value | 126,857,000 | 142,271,000 | ||||||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Mortgage loans held for portfolio | 5,743,000 | 5,240,000 | ||||||
REO - FV | 290,000 | 403,000 | ||||||
Total assets at fair value | 6,033,000 | 5,643,000 | ||||||
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 107,743,000 | 168,370,000 | ||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (955,918,000) | (996,194,000) | ||||||
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative assets | 0 | 0 | ||||||
Derivative liabilities | 0 | |||||||
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative assets | 317,880,000 | 60,616,000 | ||||||
Derivative liabilities | 966,222,000 | 1,009,591,000 | ||||||
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative assets | 0 | 0 | ||||||
Derivative liabilities | 0 | |||||||
U.S. Treasury obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value | 3,525,693,000 | 5,232,493,000 | ||||||
U.S. Treasury obligations | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 3,525,693,000 | 5,232,493,000 | ||||||
GSE obligations | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||
Fair Value | 987,383,000 | 1,125,743,000 | ||||||
GSE obligations | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 0 | 0 | ||||||
AFS Securities | 0 | 0 | ||||||
GSE obligations | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||
AFS Securities | 987,383,000 | 1,125,743,000 | ||||||
GSE obligations | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 0 | 0 | ||||||
AFS Securities | 0 | 0 | ||||||
State or local agency obligations [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value | 160,045,000 | 170,263,000 | ||||||
State or local agency obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
State or local agency obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 160,045,000 | |||||||
Fair Value | 170,263,000 | |||||||
State or local agency obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
U.S. obligations single-family | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value | 1,341,918,000 | 482,982,000 | ||||||
U.S. obligations single-family | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
U.S. obligations single-family | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 1,341,918,000 | |||||||
Fair Value | 482,982,000 | |||||||
U.S. obligations single-family | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
Private label MBS [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value | 126,857,000 | 142,271,000 | ||||||
Private label MBS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
Private label MBS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
Private label MBS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 126,857,000 | |||||||
Fair Value | 142,271,000 | |||||||
Mortgage Receivable [Member] | Forward Contracts [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | 0 | ||||||
Mortgage Receivable [Member] | Forward Contracts [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative assets | 0 | 0 | ||||||
Derivative liabilities | 0 | |||||||
Mortgage Receivable [Member] | Forward Contracts [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative assets | 7,000 | 10,000 | ||||||
Derivative liabilities | 120,000 | 41,000 | ||||||
Mortgage Receivable [Member] | Forward Contracts [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative assets | 0 | 0 | ||||||
Derivative liabilities | 0 | |||||||
Estimate of Fair Value Measurement [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||
Derivative assets | 425,630,000 | 228,996,000 | ||||||
Derivative liabilities | 10,424,000 | 13,438,000 | ||||||
Fair Value | 13,649,562,000 | 12,190,560,000 | ||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||
AFS Securities | 13,649,563,000 | 12,190,560,000 | ||||||
Derivative assets | 425,630,000 | 228,996,000 | ||||||
Derivative liabilities | 10,424,000 | 13,438,000 | ||||||
Total assets at fair value | 14,287,827,000 | 12,633,564,000 | ||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Mortgage loans held for portfolio | 5,743,000 | 5,240,000 | ||||||
REO - FV | 290,000 | 403,000 | ||||||
Total assets at fair value | 6,033,000 | 5,643,000 | ||||||
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative assets | 425,623,000 | 228,986,000 | ||||||
Derivative liabilities | 10,304,000 | 13,397,000 | ||||||
Estimate of Fair Value Measurement [Member] | U.S. Treasury obligations | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 3,525,693,000 | 5,232,493,000 | ||||||
Estimate of Fair Value Measurement [Member] | GSE obligations | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Trading securities | 212,634,000 | 214,008,000 | ||||||
AFS Securities | 987,383,000 | 1,125,743,000 | ||||||
Estimate of Fair Value Measurement [Member] | State or local agency obligations [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 160,045,000 | 170,263,000 | ||||||
Estimate of Fair Value Measurement [Member] | U.S. obligations single-family | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 1,341,918,000 | 482,982,000 | ||||||
Estimate of Fair Value Measurement [Member] | Private label MBS [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 126,857,000 | 142,271,000 | ||||||
Estimate of Fair Value Measurement [Member] | Mortgage Receivable [Member] | Forward Contracts [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative assets | 7,000 | 10,000 | ||||||
Derivative liabilities | 120,000 | 41,000 | ||||||
Single Family [Member] | GSE MBS [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value | 1,945,971,000 | 1,881,037,000 | ||||||
Single Family [Member] | GSE MBS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
Single Family [Member] | GSE MBS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 1,945,971,000 | |||||||
Fair Value | 1,881,037,000 | |||||||
Single Family [Member] | GSE MBS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
Single Family [Member] | Estimate of Fair Value Measurement [Member] | GSE MBS [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 1,945,971,000 | 1,881,037,000 | ||||||
Multifamily [Member] | GSE MBS [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value | 5,561,696,000 | 3,155,771,000 | ||||||
Multifamily [Member] | GSE MBS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
Multifamily [Member] | GSE MBS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 5,561,696,000 | |||||||
Fair Value | 3,155,771,000 | |||||||
Multifamily [Member] | GSE MBS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | 0 | |||||||
Fair Value | 0 | |||||||
Multifamily [Member] | Estimate of Fair Value Measurement [Member] | GSE MBS [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
AFS Securities | $ 5,561,696,000 | $ 3,155,771,000 | ||||||
|
Estimated Fair Values (Level 3 Reconciliation) (Details) - Private label MBS [Member] - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Purchases, issuances, sales, and settlements: | ||||
Change in unrealized gains (losses) for the period included in other comprehensive income (loss) for assets held at September 30, 2023 | $ (4,659) | $ (224) | $ (8,461) | $ 1,494 |
Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 134,685 | 162,201 | 142,271 | 194,425 |
(Provision) benefit for credit losses | (1,566) | (2,487) | (3,040) | (5,142) |
Accretion of credit losses in interest income | 1,660 | 2,534 | 4,939 | 6,955 |
Net unrealized gains (losses) on AFS in OCI | (4,659) | (5,861) | (8,461) | (17,015) |
Purchases, issuances, sales, and settlements: | ||||
Settlements | (3,263) | (6,935) | (8,852) | (29,771) |
Balance, end of period | 126,857 | 149,452 | 126,857 | 149,452 |
Total amount of gains for the periods presented included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2023 | $ 94 | $ (5,861) | $ 1,899 | $ (17,015) |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|||||
Loss Contingencies [Line Items] | ||||||
Off-balance Sheet Risks, with annual renewal option | $ 7,300,000 | $ 2,200,000 | ||||
Maximum Commitment Period | 60 days | |||||
Other liabilities | $ 256,287 | 68,272 | ||||
Rollover (weekly/monthly) advance Product | ||||||
Loss Contingencies [Line Items] | ||||||
Rollover -weekly/monthly advance product Outstanding | $ 10,400,000 | 9,600,000 | ||||
Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Letter of Credit Renewal Period | 5 years | |||||
Standby Letters of Credit Issuance Commitments [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Total | $ 900 | 0 | ||||
Standby letters of credit outstanding (1) (2) | ||||||
Loss Contingencies [Line Items] | ||||||
Expiration Date Within One Year | [1],[2] | 29,816,480 | ||||
Expiration Date After One Year | [1],[2] | 0 | ||||
Total | [1],[2] | 29,816,480 | 22,126,676 | |||
Other liabilities | 5,600 | 4,200 | ||||
Commitments to fund additional advances and BOB loans | ||||||
Loss Contingencies [Line Items] | ||||||
Expiration Date Within One Year | 1,436 | |||||
Expiration Date After One Year | 0 | |||||
Total | 1,436 | 373 | ||||
Commitments to purchase mortgage loans | Mortgage Receivable [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Expiration Date Within One Year | 24,854 | 10,287 | ||||
Expiration Date After One Year | 0 | |||||
Total | 24,854 | |||||
Unsettled consolidated obligation bonds, at par | ||||||
Loss Contingencies [Line Items] | ||||||
Expiration Date Within One Year | 27,000 | 1,080,000 | ||||
Expiration Date After One Year | 0 | |||||
Total | 27,000 | |||||
Unsettled consolidated obligation discount notes, at par [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Expiration Date Within One Year | 576,000 | |||||
Expiration Date After One Year | 0 | |||||
Total | $ 576,000 | $ 15,370 | ||||
|
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