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Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
INTEREST INCOME    
Advances $ 168,659,000 $ 247,877,000
Prepayment fees on advances, net 838,000 26,931,000
Interest-bearing deposits 4,969,000 3,670,000
Securities purchased under agreements to resell 14,361,000 39,861,000
Federal funds sold 16,717,000 24,294,000
Investment securities:    
Trading securities 17,580,000 1,745,000
Available-for-sale securities 12,361,000 21,291,000
Held-to-maturity securities 10,138,000 18,397,000
Total investment securities 40,079,000 41,433,000
Mortgage loans held for portfolio 36,846,000 37,369,000
Other 47,000 5,000
Total interest income 282,516,000 421,440,000
Consolidated obligations:    
Bonds 123,547,000 154,817,000
Discount notes 127,482,000 177,939,000
Total consolidated obligations 251,029,000 332,756,000
Deposits 838,000 1,805,000
Mandatorily redeemable capital stock 74,000 307,000
Other borrowings 224,000 4,000
Total interest expense 252,165,000 334,872,000
NET INTEREST INCOME 30,351,000 86,568,000
(Reduction of ) provision for credit losses (684,000) 3,000
NET INTEREST INCOME AFTER (REDUCTION OF) PROVISION FOR CREDIT LOSSES 31,035,000 86,565,000
OTHER INCOME (LOSS)    
Loss on early extinguishment of debt 0 (9,865,000)
Service fees 3,322,000 2,964,000
Net unrealized gains (losses) on trading securities 46,120,000 (274,000)
Net (losses) gains on derivatives and hedging activities (52,558,000) 548,000
Realized net gain from sale of held-to-maturity securities [1] 40,733,000 0
Other (20,000) (109,000)
Total other income (loss) 37,597,000 (6,736,000)
OTHER EXPENSE    
Compensation and benefits 12,139,000 10,619,000
Other operating expenses 5,983,000 5,791,000
Federal Housing Finance Agency (the FHFA) 947,000 989,000
Office of Finance 1,097,000 817,000
Other 2,175,000 1,071,000
Total other expense 22,341,000 19,287,000
INCOME BEFORE ASSESSMENTS 46,291,000 60,542,000
AHP assessments 4,636,000 6,085,000
NET INCOME $ 41,655,000 $ 54,457,000
[1]
The securities sold had less than 15 percent of the acquired principal outstanding at the time of the sale. Such sales are treated as maturities for the purposes of security classification. The sale does not impact our ability and intent to hold the remaining investments classified as held-to-maturity through their stated maturity dates.