ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Federally chartered corporation | 56-6000442 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1475 Peachtree Street, NE, Atlanta, Georgia | 30309 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ¨ | Accelerated filer | ¨ |
Non-accelerated filer | x | Smaller reporting company | ¨ |
Emerging growth company | ¨ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | N/A | N/A |
PART I. FINANCIAL INFORMATION | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
As of March 31, 2019 | As of December 31, 2018 | ||||||
Assets | |||||||
Cash and due from banks | $ | $ | |||||
Interest-bearing deposits (including deposits with other FHLBanks of $5 and $20 as of March 31, 2019 and December 31, 2018, respectively) | |||||||
Securities purchased under agreements to resell | |||||||
Federal funds sold | |||||||
Investment securities: | |||||||
Trading securities | |||||||
Available-for-sale securities | |||||||
Held-to-maturity securities (fair value of $24,149 and $23,846 as of March 31, 2019 and December 31, 2018, respectively) | |||||||
Total investment securities | |||||||
Advances | |||||||
Mortgage loans held for portfolio, net: | |||||||
Mortgage loans held for portfolio | |||||||
Allowance for credit losses on mortgage loans | ( | ) | ( | ) | |||
Total mortgage loans held for portfolio, net | |||||||
Loan to another FHLBank | |||||||
Accrued interest receivable | |||||||
Derivative assets | |||||||
Other assets | |||||||
Total assets | $ | $ | |||||
Liabilities | |||||||
Interest-bearing deposits | $ | $ | |||||
Consolidated obligations, net: | |||||||
Discount notes | |||||||
Bonds | |||||||
Total consolidated obligations, net | |||||||
Mandatorily redeemable capital stock | |||||||
Accrued interest payable | |||||||
Affordable Housing Program payable | |||||||
Derivative liabilities | |||||||
Other liabilities | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 15) | |||||||
Capital | |||||||
Capital stock Class B putable ($100 par value) issued and outstanding shares: | |||||||
Subclass B1 issued and outstanding shares: 9 as of March 31, 2019 and December 31, 2018 | |||||||
Subclass B2 issued and outstanding shares: 39 and 46 as of March 31, 2019 and December 31, 2018, respectively | |||||||
Total capital stock Class B putable | |||||||
Retained earnings: | |||||||
Restricted | |||||||
Unrestricted | |||||||
Total retained earnings | |||||||
Accumulated other comprehensive income | |||||||
Total capital | |||||||
Total liabilities and capital | $ | $ |
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Interest income | |||||||
Advances | $ | $ | |||||
Interest-bearing deposits | |||||||
Securities purchased under agreements to resell | |||||||
Federal funds sold | |||||||
Trading securities | |||||||
Available-for-sale securities | |||||||
Held-to-maturity securities | |||||||
Mortgage loans | |||||||
Total interest income | |||||||
Interest expense | |||||||
Consolidated obligations: | |||||||
Discount notes | |||||||
Bonds | |||||||
Interest-bearing deposits | |||||||
Total interest expense | |||||||
Net interest income | |||||||
Noninterest income (loss) | |||||||
Total other-than-temporary impairment losses | |||||||
Net amount of impairment losses reclassified from accumulated other comprehensive income | ( | ) | |||||
Net impairment losses recognized in earnings | ( | ) | |||||
Net gains (losses) on trading securities | ( | ) | |||||
Net (losses) gains on derivatives and hedging activities | ( | ) | |||||
Standby letters of credit fees | |||||||
Other | |||||||
Total noninterest income | |||||||
Noninterest expense | |||||||
Compensation and benefits | |||||||
Other operating expenses | |||||||
Finance Agency | |||||||
Office of Finance | |||||||
Other | |||||||
Total noninterest expense | |||||||
Income before assessment | |||||||
Affordable Housing Program assessment | |||||||
Net income | $ | $ |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Net income | $ | $ | ||||||
Other comprehensive loss income: | ||||||||
Net noncredit portion of other-than-temporary impairment losses on available-for-sale securities: | ||||||||
Net change in fair value on other-than-temporarily impaired available-for-sale securities | ( | ) | ( | ) | ||||
Reclassification of noncredit portion of impairment losses included in net income | ||||||||
Total net noncredit portion of other-than-temporary impairment losses on available-for-sale securities | ( | ) | ( | ) | ||||
Pension and postretirement benefit plans | ||||||||
Total other comprehensive loss | ( | ) | ( | ) | ||||
Total comprehensive income | $ | $ |
Capital Stock Class B Putable | Retained Earnings | Accumulated Other Comprehensive Income | Total Capital | |||||||||||||||||||||||
Shares | Par Value | Restricted | Unrestricted | Total | ||||||||||||||||||||||
Balance, December 31, 2017 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Issuance of capital stock | — | — | — | — | ||||||||||||||||||||||
Repurchase/redemption of capital stock | ( | ) | ( | ) | — | — | — | — | ( | ) | ||||||||||||||||
Net shares reclassified to mandatorily redeemable capital stock | ( | ) | — | — | — | — | ( | ) | ||||||||||||||||||
Comprehensive income (loss) | — | — | ( | ) | ||||||||||||||||||||||
Cash dividends on capital stock | — | — | ( | ) | ( | ) | — | ( | ) | |||||||||||||||||
Balance, March 31, 2018 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Issuance of capital stock | — | — | — | — | ||||||||||||||||||||||
Repurchase/redemption of capital stock | ( | ) | ( | ) | — | — | — | — | ( | ) | ||||||||||||||||
Net shares reclassified to mandatorily redeemable capital stock | — | — | — | — | ||||||||||||||||||||||
Comprehensive income (loss) | — | — | ( | ) | ||||||||||||||||||||||
Cash dividends on capital stock | — | — | ( | ) | ( | ) | — | ( | ) | |||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | $ | $ | $ |
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Operating activities | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | ( | ) | |||||
Net change in fair value adjustment on derivatives and related hedging activities | ( | ) | |||||
Net change in fair value adjustment on trading securities | ( | ) | |||||
Net impairment losses recognized in earnings | |||||||
Net change in: | |||||||
Accrued interest receivable | ( | ) | |||||
Other assets | |||||||
Affordable Housing Program payable | |||||||
Accrued interest payable | |||||||
Other liabilities | ( | ) | ( | ) | |||
Total adjustments | ( | ) | |||||
Net cash (used in) provided by operating activities | ( | ) | |||||
Investing activities | |||||||
Net change in: | |||||||
Interest-bearing deposits | ( | ) | |||||
Securities purchased under agreements to resell | ( | ) | ( | ) | |||
Federal funds sold | ( | ) | ( | ) | |||
Loan to another FHLBank | |||||||
Trading securities: | |||||||
Purchases of long-term | ( | ) | |||||
Available-for-sale securities: | |||||||
Proceeds from principal collected | |||||||
Held-to-maturity securities: | |||||||
Proceeds from principal collected | |||||||
Purchases of long-term | ( | ) | ( | ) | |||
Advances: | |||||||
Proceeds from principal collected | |||||||
Made | ( | ) | ( | ) | |||
Mortgage loans: | |||||||
Proceeds from principal collected | |||||||
Proceeds from sale of foreclosed assets | |||||||
Purchases of premises, equipment, and software | ( | ) | |||||
Net cash provided by investing activities | |||||||
FEDERAL HOME LOAN BANK OF ATLANTA STATEMENTS OF CASH FLOWS—(Continued) (Unaudited) (In millions) | |||||||
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Financing activities | |||||||
Net change in interest-bearing deposits | |||||||
Net payments on derivatives containing a financing element | ( | ) | |||||
Proceeds from issuance of consolidated obligations: | |||||||
Discount notes | |||||||
Bonds | |||||||
Payments for debt issuance costs | ( | ) | ( | ) | |||
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 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 of cash flow information: | |||||||
Cash paid for: | |||||||
Interest | $ | $ | |||||
Affordable Housing Program assessment, net | $ | $ | |||||
Noncash investing and financing activities: | |||||||
Net shares reclassified to mandatorily redeemable capital stock | $ | $ | |||||
Held-to-maturity securities acquired with accrued liabilities | $ | $ | |||||
Transfers of mortgage loans to real estate owned | $ | $ |
Accounting Standard Update (ASU) | Description | Effective Date | Effect on Financial Statements or Other Significant Matters | |||
Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedging Purposes (ASU 2018-16) | This guidance permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. | January 1, 2019 | The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. | |||
Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12) | This guidance amends the accounting for derivatives and hedging activities to better portray the economics of the transactions. | January 1, 2019 | The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. | |||
Premium Amortization on Purchased Callable Debt Securities (ASU 2017-08) | This guidance shortens the amortization period for certain callable debt securities held at a premium by requiring that the premium be amortized to the earliest call date, rather than contractual maturity. | January 1, 2019 | The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations. | |||
Leases (ASU 2016-02) | The guidance amends the accounting for leases. It will require lessees to recognize a right-of-use asset and lease liability for virtually all leases. | January 1, 2019 | The adoption of this guidance did not have a material impact on the Bank’s financial condition or results of operations. |
Accounting Standard Update (ASU) | Description | Effective Date | Effect on Financial Statements or Other Significant Matters | |||
Disclosure Framework–Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14) | This guidance amends the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. | December 31, 2020 Early adoption is permitted | The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations. | |||
Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13) | This guidance amends the disclosure requirements on fair value measurements. | January 1, 2020 Early adoption is permitted | The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations. | |||
Measurement of Credit Losses on Financial Instruments (ASU 2016-13) | This guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. | January 1, 2020 Early adoption is permitted | The Bank does not intend to adopt this guidance early. The Bank has completed its preliminary assessment of the impact of this guidance on all its financial assets, including advances, investments, and other financial assets, and does not expect the adoption of this guidance to have a material impact on its financial condition or results of operations. However, the Bank will continue to evaluate this guidance, as well as the economic conditions and forecasts at the time of adoption. The ultimate impact on the Bank’s financial condition and results of operations will depend upon the composition of the financial assets held by the Bank at the adoption date, as well as the economic conditions and forecasts at that time. |
As of March 31, 2019 | As of December 31, 2018 | ||||||
U.S. Treasury obligations | $ | $ | |||||
Government-sponsored enterprises debt obligations | |||||||
Total | $ | $ |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Net gains (losses) on trading securities held at period end | $ | $ | ( | ) |
Amortized Cost | Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income (1) | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||
As of March 31, 2019 | $ | $ | $ | $ | $ | ||||||||||||||
As of December 31, 2018 | $ | $ | ( | ) | $ | $ | $ |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
Number of Positions | Estimated Fair Value | Gross Unrealized Losses | Number of Positions | Estimated Fair Value | Gross Unrealized Losses | Number of Positions | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||
As of March 31, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
As of December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) |
Amortized Cost | Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income (1) | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||
As of March 31, 2019 | $ | $ | $ | $ | $ | ||||||||||||||
As of December 31, 2018 | $ | $ | $ | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||
State or local housing agency debt obligations | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Government-sponsored enterprises debt obligations | ( | ) | ( | ) | |||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||
U.S. agency obligations-guaranteed residential | |||||||||||||||||||||||||||||||
Government-sponsored enterprises residential | ( | ) | ( | ) | |||||||||||||||||||||||||||
Government-sponsored enterprises commercial | ( | ) | ( | ) | |||||||||||||||||||||||||||
Private-label residential | ( | ) | ( | ) | |||||||||||||||||||||||||||
Total | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ |
As of March 31, 2019 | ||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
Number of Positions | Estimated Fair Value | Gross Unrealized Losses | Number of Positions | Estimated Fair Value | Gross Unrealized Losses | Number of Positions | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||
State or local housing agency debt obligations | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises residential | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Government-sponsored enterprises commercial | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Private-label residential | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
As of December 31, 2018 | ||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
Number of Positions | Estimated Fair Value | Gross Unrealized Losses | Number of Positions | Estimated Fair Value | Gross Unrealized Losses | Number of Positions | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||
State or local housing agency debt obligations | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises residential | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Government-sponsored enterprises commercial | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Private-label residential | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
As of March 31, 2019 | As of December 31, 2018 | ||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||
Non-mortgage-backed securities: | |||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||
Due after one year through five years | |||||||||||||||
Due after five years through 10 years | |||||||||||||||
Due after 10 years | |||||||||||||||
Total non-mortgage-backed securities | |||||||||||||||
Mortgage-backed securities | |||||||||||||||
Total | $ | $ | $ | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
As of March 31, 2019 | $ | $ | $ | ( | ) | $ | ||||||||||
As of December 31, 2018 | $ | $ | $ | ( | ) | $ |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Balance, beginning of period | $ | $ | ||||||
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | ||||||||
Increase in cash flows expected to be collected, (accreted as interest income over the remaining lives of the applicable securities) | ( | ) | ( | ) | ||||
Balance, end of period | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||
Overdrawn demand deposit accounts | $ | $ | |||||
Due in one year or less | |||||||
Due after one year through two years | |||||||
Due after two years through three years | |||||||
Due after three years through four years | |||||||
Due after four years through five years | |||||||
Due after five years | |||||||
Total par value | |||||||
Deferred prepayment fees | ( | ) | ( | ) | |||
Discount on AHP (1) advances | ( | ) | ( | ) | |||
Discount on EDGE (2) advances | ( | ) | ( | ) | |||
Hedging adjustments | |||||||
Total | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||
Overdrawn demand deposit accounts | $ | $ | |||||
Due or convertible in one year or less | |||||||
Due or convertible after one year through two years | |||||||
Due or convertible after two years through three years | |||||||
Due or convertible after three years through four years | |||||||
Due or convertible after four years through five years | |||||||
Due or convertible after five years | |||||||
Total par value | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||
Fixed-rate: | |||||||
Due in one year or less | $ | $ | |||||
Due after one year | |||||||
Total fixed-rate | |||||||
Variable-rate: | |||||||
Due in one year or less | |||||||
Due after one year | |||||||
Total variable-rate | |||||||
Total par value | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | |||||||
Medium-term (15 years or less) | $ | $ | ||||||
Long-term (greater than 15 years) | ||||||||
Total unpaid principal balance | ||||||||
Premiums | ||||||||
Discounts | ( | ) | ( | ) | ||||
Total | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | |||||||
Conventional mortgage loans | $ | $ | ||||||
Government-guaranteed or insured mortgage loans | ||||||||
Total unpaid principal balance | $ | $ |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Balance, beginning of period | $ | $ | ||||||
Provision for credit losses | ||||||||
Balance, end of period | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | |||||||
Allowance for credit losses: | ||||||||
Collectively evaluated for impairment | $ | $ | ||||||
Recorded investment: | ||||||||
Individually evaluated for impairment | $ | $ | ||||||
Collectively evaluated for impairment | ||||||||
Total recorded investment | $ | $ |
As of March 31, 2019 | |||||||||||
Conventional Residential Mortgage Loans | Government-guaranteed or Insured Residential Mortgage Loans | Total | |||||||||
Past due 30-59 days | $ | $ | $ | ||||||||
Past due 60-89 days | |||||||||||
Past due 90 days or more | |||||||||||
Total past due mortgage loans | |||||||||||
Total current mortgage loans | |||||||||||
Total mortgage loans (1) | $ | $ | $ | ||||||||
Other delinquency statistics: | |||||||||||
In process of foreclosure (2) | $ | $ | $ | ||||||||
Seriously delinquent rate (3) | % | % | % | ||||||||
Past due 90 days or more and still accruing interest (4) | $ | $ | $ | ||||||||
Mortgage loans on nonaccrual status (5) | $ | $ | $ |
As of December 31, 2018 | |||||||||||
Conventional Residential Mortgage Loans | Government-guaranteed or Insured Residential Mortgage Loans | Total | |||||||||
Past due 30-59 days | $ | $ | $ | ||||||||
Past due 60-89 days | |||||||||||
Past due 90 days or more | |||||||||||
Total past due mortgage loans | |||||||||||
Total current mortgage loans | |||||||||||
Total mortgage loans (1) | $ | $ | $ | ||||||||
Other delinquency statistics: | |||||||||||
In process of foreclosure (2) | $ | $ | $ | ||||||||
Seriously delinquent rate (3) | % | % | % | ||||||||
Past due 90 days or more and still accruing interest (4) | $ | $ | $ | ||||||||
Mortgage loans on nonaccrual status (5) | $ | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||
Fixed-rate | $ | $ | |||||
Step up/down | |||||||
Simple variable-rate | |||||||
Total par value | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||||||
Amount | Weighted- average Interest Rate (%) | Amount | Weighted- average Interest Rate (%) | ||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through two years | |||||||||||
Due after two years through three years | |||||||||||
Due after three years through four years | |||||||||||
Due after four years through five years | |||||||||||
Due after five years | |||||||||||
Total par value | |||||||||||
Premiums | |||||||||||
Discounts | ( | ) | ( | ) | |||||||
Hedging adjustments | ( | ) | ( | ) | |||||||
Total | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||
Noncallable | $ | $ | |||||
Callable | |||||||
Total par value | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||
Due or callable in one year or less | $ | $ | |||||
Due or callable after one year through two years | |||||||
Due or callable after two years through three years | |||||||
Due or callable after three years through four years | |||||||
Due or callable after four years through five years | |||||||
Due or callable after five years | |||||||
Total par value | $ | $ |
Book Value | Par Value | Weighted-average Interest Rate (%) | |||||||
As of March 31, 2019 | $ | $ | |||||||
As of December 31, 2018 | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||||||||||
Required | Actual | Required | Actual | ||||||||||||
Risk-based capital | $ | $ | $ | $ | |||||||||||
Total regulatory capital ratio | % | % | % | % | |||||||||||
Total regulatory capital (1) | $ | $ | $ | $ | |||||||||||
Leverage capital ratio | % | % | % | % | |||||||||||
Leverage capital | $ | $ | $ | $ |
2019 | 2018 | |||||||||||
Amount | Annualized Rate (%) | Amount | Annualized Rate (%) | |||||||||
First quarter | $ | $ |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Balance, beginning of period | $ | $ | ||||||
Net reclassification from capital during the period | ||||||||
Repurchase/redemption of mandatorily redeemable capital stock | ( | ) | ||||||
Balance, end of period | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||
Due after three years through four years | $ | $ | |||||
Due after four years through five years | |||||||
Total | $ | $ |
Pension and Postretirement Benefits | Noncredit Portion of Other-than- temporary Impairment Losses on Available-for- sale Securities | Total Accumulated Other Comprehensive Income | |||||||||
Balance, December 31, 2017 | $ | ( | ) | $ | $ | ||||||
Other comprehensive income before reclassifications: | |||||||||||
Net change in fair value | ( | ) | ( | ) | |||||||
Reclassification from accumulated other comprehensive income to net income: | |||||||||||
Amortization of pension and postretirement (1) | |||||||||||
Net current period other comprehensive income (loss) | ( | ) | ( | ) | |||||||
Balance, March 31, 2018 | $ | ( | ) | $ | $ | ||||||
Balance, December 31, 2018 | $ | ( | ) | $ | $ | ||||||
Other comprehensive income before reclassifications: | |||||||||||
Net change in fair value | ( | ) | ( | ) | |||||||
Reclassification from accumulated other comprehensive income to net income: | |||||||||||
Noncredit other-than-temporary impairment losses | |||||||||||
Amortization of pension and postretirement (1) | |||||||||||
Net current period other comprehensive income (loss) | ( | ) | ( | ) | |||||||
Balance, March 31, 2019 | $ | ( | ) | $ | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||||||||||||||||||
Notional Amount of Derivatives | Derivative Assets | Derivative Liabilities | Notional Amount of Derivatives | Derivative Assets | Derivative Liabilities | ||||||||||||||||||
Derivatives in hedging relationships: | |||||||||||||||||||||||
Interest-rate swaps (1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest-rate swaps (1) | |||||||||||||||||||||||
Interest-rate caps or floors | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | |||||||||||||||||||||||
Total derivatives before netting and collateral adjustments | $ | $ | |||||||||||||||||||||
Netting adjustments and cash collateral (2) | ( | ) | ( | ) | |||||||||||||||||||
Derivative assets and derivative liabilities | $ | $ | $ | $ |
For the Three Months Ended March 31, 2019 | ||||||||
Interest Income/Expense | ||||||||
Advances | Consolidated Obligation Bonds | |||||||
Total interest income (expense) recorded in the Statements of Income | $ | $ | ( | ) | ||||
Net interest income effect from fair value hedging relationships | ||||||||
Interest-rate contracts: | ||||||||
Derivatives (1) | $ | ( | ) | $ | ||||
Hedged items | ( | ) | ||||||
Total net interest income effect from fair value hedging relationships | $ | $ | ( | ) |
For the Three Months Ended March 31, 2018 (2) | ||||||||||||||||
Interest Income/Expense | Noninterest Income | |||||||||||||||
Advances | Consolidated Obligation Bonds | Consolidated Obligation Discount Notes | Net gains (losses) on derivatives and hedging activities | |||||||||||||
Interest-rate contracts: | ||||||||||||||||
Derivatives (1) | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Hedged items | ( | ) | ||||||||||||||
Net (losses) gains on fair value hedging relationships | $ | ( | ) | $ | $ | ( | ) | $ |
As of March 31, 2019 | ||||||||||||||||
Line Item in Statement of Conditions of Hedged Item | Amortized Cost of Hedged Asset or Liability (1) | Basis Adjustments for Active Hedging Relationships Included in Amortized Cost | Basis Adjustments for Discontinued Hedging Relationships included in Amortized Cost | Cumulative Amount of Fair Value Hedging Basis Adjustments | ||||||||||||
Advances | $ | $ | $ | $ | ||||||||||||
Consolidated obligations: | ||||||||||||||||
Bonds | ( | ) | ( | ) |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Derivatives and hedged items in fair value hedging relationships: | ||||||||
Interest-rate swaps | N/A (1) | $ | ||||||
Derivatives not designated as hedging instruments: | ||||||||
Interest-rate swaps | $ | ( | ) | |||||
Interest-rate caps or floors | ( | ) | ||||||
Net interest settlements | ( | ) | ||||||
Total net gains (losses) related to derivatives not designated as hedging instruments | ( | ) | ||||||
Net (losses) gains on derivatives and hedging activities | $ | ( | ) | $ |
As of March 31, 2019 | As of December 31, 2018 | ||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||
Gross recognized amount: | |||||||||||||||
Uncleared derivatives | $ | $ | $ | $ | |||||||||||
Cleared derivatives | |||||||||||||||
Total gross recognized amount | |||||||||||||||
Gross amounts of netting adjustments and cash collateral: | |||||||||||||||
Uncleared derivatives | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Cleared derivatives | ( | ) | ( | ) | |||||||||||
Total gross amounts of netting adjustments and cash collateral | ( | ) | ( | ) | |||||||||||
Net amounts after netting adjustments and cash collateral: | |||||||||||||||
Uncleared derivatives | |||||||||||||||
Cleared derivatives | |||||||||||||||
Total net amounts after netting adjustments and cash collateral | |||||||||||||||
Non-cash collateral received or pledged not offset-cannot be sold or repledged: (1) | |||||||||||||||
Uncleared derivatives | |||||||||||||||
Cleared derivatives | |||||||||||||||
Total cannot be sold or repledged (1) | |||||||||||||||
Net unsecured amounts: (1) | |||||||||||||||
Uncleared derivatives | |||||||||||||||
Cleared derivatives | |||||||||||||||
Total net unsecured amount (1) | $ | $ | $ | $ |
As of March 31, 2019 | |||||||||||||||||||
Fair Value Measurements Using | Netting Adjustments and Cash Collateral (1) | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Trading securities: | |||||||||||||||||||
U.S. Treasury obligations | $ | $ | $ | $ | $ | ||||||||||||||
Government-sponsored enterprises debt obligations | |||||||||||||||||||
Total trading securities | $ | $ | $ | $ | $ | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Private-label residential MBS | $ | $ | $ | $ | $ | ||||||||||||||
Derivative assets: | |||||||||||||||||||
Interest-rate related | |||||||||||||||||||
Grantor trust (included in Other assets) | |||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | ||||||||||||||
Liabilities | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Interest-rate related | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | ( | ) | $ |
As of December 31, 2018 | |||||||||||||||||||
Fair Value Measurements Using | Netting Adjustments and Cash Collateral (1) | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets | |||||||||||||||||||
Trading securities: | |||||||||||||||||||
Government-sponsored enterprises debt obligations | $ | $ | $ | $ | $ | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||||
Private-label residential MBS | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||
Interest-rate related | |||||||||||||||||||
Grantor trust (included in Other assets) | |||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | ||||||||||||||
Liabilities | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Interest-rate related | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | ( | ) | $ |
For the Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Balance, beginning of period | $ | $ | ||||||
Total (losses) gains realized and unrealized: (1) | ||||||||
Included in net impairment losses recognized in earnings | ( | ) | ||||||
Included in other comprehensive income | ( | ) | ( | ) | ||||
Accretion of credit losses in net interest income | ||||||||
Settlements | ( | ) | ( | ) | ||||
Balance, end of period | $ | $ |
As of March 31, 2019 | |||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral (1) | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | $ | — | ||||||||||||||||
Interest-bearing deposits | — | ||||||||||||||||||||||
Securities purchased under agreements to resell | — | ||||||||||||||||||||||
Federal funds sold | — | ||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||
Advances | — | ||||||||||||||||||||||
Mortgage loans held for portfolio, net | — | ||||||||||||||||||||||
Accrued interest receivable | — | ||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Grantor trust assets (included in Other assets) | — | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest-bearing deposits | — | ||||||||||||||||||||||
Consolidated obligations, net: | |||||||||||||||||||||||
Discount notes | — | ||||||||||||||||||||||
Bonds | — | ||||||||||||||||||||||
Mandatorily redeemable capital stock | |||||||||||||||||||||||
Accrued interest payable | — | ||||||||||||||||||||||
Derivative liabilities | ( | ) |
As of December 31, 2018 | |||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral (1) | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | $ | — | ||||||||||||||||
Interest-bearing deposits | — | ||||||||||||||||||||||
Securities purchased under agreements to resell | |||||||||||||||||||||||
Federal funds sold | — | ||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||
Advances | — | ||||||||||||||||||||||
Mortgage loans held for portfolio, net | — | ||||||||||||||||||||||
Loan to another FHLBank | — | ||||||||||||||||||||||
Accrued interest receivable | — | ||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Grantor trust assets (included in Other assets) | — | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest-bearing deposits | — | ||||||||||||||||||||||
Consolidated obligations, net: | |||||||||||||||||||||||
Discount notes | — | ||||||||||||||||||||||
Bonds | — | ||||||||||||||||||||||
Mandatorily redeemable capital stock | |||||||||||||||||||||||
Accrued interest payable | — | ||||||||||||||||||||||
Derivative liabilities | ( | ) |
As of March 31, 2019 | As of December 31, 2018 | |||||||||||||||||||||||
Expire Within One Year | Expire After One Year | Total | Expire Within One Year | Expire After One Year | Total | |||||||||||||||||||
Standby letters of credit (1) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commitments to fund additional advances | ||||||||||||||||||||||||
Unsettled consolidated obligation bonds, at par (2) | ||||||||||||||||||||||||
Unsettled consolidated obligation discount notes, at par (2) |
(1) |
(2) |
As of March 31, 2019 | |||||||||||||||||
Regulatory Capital Stock Outstanding | Percent of Total Regulatory Capital Stock Outstanding | Par Value of Advances | Percent of Total Par Value of Advances | Interest-bearing Deposits | Percent of Total Interest-bearing Deposits | ||||||||||||
Navy Federal Credit Union | $ | $ | $ | ||||||||||||||
Bank of America, National Association |
As of December 31, 2018 | |||||||||||||||||
Regulatory Capital Stock Outstanding | Percent of Total Regulatory Capital Stock Outstanding | Par Value of Advances | Percent of Total Par Value of Advances | Interest-bearing Deposits | Percent of Total Interest-bearing Deposits | ||||||||||||
Bank of America, National Association | $ | $ | $ | ||||||||||||||
Navy Federal Credit Union |
As of and for the Three Months Ended | |||||||||||||||||||
March 31, 2019 | December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||||||||
Statements of Condition (at period end) | |||||||||||||||||||
Total assets | $ | 138,940 | $ | 154,476 | $ | 155,591 | $ | 154,171 | $ | 140,460 | |||||||||
Advances | 90,929 | 108,462 | 109,746 | 104,537 | 91,733 | ||||||||||||||
Investments (1) | 46,781 | 44,309 | 44,680 | 47,629 | 47,483 | ||||||||||||||
Mortgage loans held for portfolio | 347 | 361 | 377 | 395 | 417 | ||||||||||||||
Allowance for credit losses on mortgage loans | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||
Interest-bearing deposits | 1,163 | 1,176 | 965 | 1,069 | 1,213 | ||||||||||||||
Consolidated obligations, net: | |||||||||||||||||||
Discount notes (2) | 61,166 | 66,025 | 62,632 | 65,353 | 54,659 | ||||||||||||||
Bonds (2) | 69,186 | 79,114 | 83,761 | 79,812 | 77,160 | ||||||||||||||
Total consolidated obligations, net (2) | 130,352 | 145,139 | 146,393 | 145,165 | 131,819 | ||||||||||||||
Mandatorily redeemable capital stock | 1 | 1 | 2 | 2 | 3 | ||||||||||||||
Affordable Housing Program payable | 89 | 85 | 85 | 80 | 80 | ||||||||||||||
Capital stock - putable | 4,753 | 5,486 | 5,557 | 5,300 | 4,748 | ||||||||||||||
Retained earnings | 2,126 | 2,110 | 2,104 | 2,079 | 2,052 | ||||||||||||||
Accumulated other comprehensive income | 44 | 51 | 91 | 95 | 95 | ||||||||||||||
Total capital | 6,923 | 7,647 | 7,752 | 7,474 | 6,895 | ||||||||||||||
Statements of Income (for the period ended) | |||||||||||||||||||
Net interest income (3) | 144 | 152 | 143 | 131 | 135 | ||||||||||||||
Net impairment losses recognized in earnings | (1 | ) | (2 | ) | — | (1 | ) | — | |||||||||||
Net gains (losses) on trading securities | 1 | 1 | — | (1 | ) | (1 | ) | ||||||||||||
Net (losses) gains on derivatives and hedging activities (3) | (2 | ) | (20 | ) | 13 | 14 | 22 | ||||||||||||
Standby letters of credit fees | 7 | 6 | 6 | 7 | 6 | ||||||||||||||
Other income | 2 | (1 | ) | — | 2 | — | |||||||||||||
Noninterest expense | 39 | 38 | 44 | 33 | 35 | ||||||||||||||
Income before assessment | 112 | 98 | 118 | 119 | 127 | ||||||||||||||
Affordable Housing Program assessment | 11 | 10 | 11 | 12 | 13 | ||||||||||||||
Net income | 101 | 88 | 107 | 107 | 114 | ||||||||||||||
Performance Ratios (%) | |||||||||||||||||||
Return on equity (4) | 5.72 | 4.73 | 5.68 | 5.73 | 6.01 | ||||||||||||||
Return on assets (5) | 0.28 | 0.24 | 0.28 | 0.28 | 0.29 | ||||||||||||||
Net interest margin (6) | 0.40 | 0.41 | 0.38 | 0.34 | 0.35 | ||||||||||||||
Regulatory capital ratio (at period end) (7) | 4.95 | 4.92 | 4.92 | 4.79 | 4.84 | ||||||||||||||
Equity to assets ratio (8) | 4.95 | 5.00 | 4.96 | 4.89 | 4.89 | ||||||||||||||
Dividend payout ratio (9) | 84.73 | 92.42 | 77.16 | 74.36 | 56.86 |
March 31, 2019 | $ | 880,223 | |
December 31, 2018 | 886,081 | ||
September 30, 2018 | 872,256 | ||
June 30, 2018 | 914,286 | ||
March 31, 2018 | 887,057 |
As of March 31, 2019 | As of December 31, 2018 | Increase (Decrease) | ||||||||||||||||
Amount | Percent of Total | Amount | Percent of Total | Amount | Percent | |||||||||||||
Advances | $ | 90,929 | 65.44 | $ | 108,462 | 70.21 | $ | (17,533 | ) | (16.17 | ) | |||||||
Investment securities | 26,062 | 18.76 | 24,799 | 16.05 | 1,263 | 5.09 | ||||||||||||
Other investments | 20,719 | 14.91 | 19,510 | 12.63 | 1,209 | 6.20 | ||||||||||||
Mortgage loans, net | 346 | 0.25 | 360 | 0.23 | (14 | ) | (3.88 | ) | ||||||||||
Loan to another FHLBank | — | — | 500 | 0.33 | (500 | ) | (100.00 | ) | ||||||||||
Other assets | 884 | 0.64 | 845 | 0.55 | 39 | 4.78 | ||||||||||||
Total assets | $ | 138,940 | 100.00 | $ | 154,476 | 100.00 | $ | (15,536 | ) | (10.06 | ) | |||||||
Consolidated obligations, net: | ||||||||||||||||||
Discount notes | $ | 61,166 | 46.33 | $ | 66,025 | 44.97 | $ | (4,859 | ) | (7.36 | ) | |||||||
Bonds | 69,186 | 52.41 | 79,114 | 53.88 | (9,928 | ) | (12.55 | ) | ||||||||||
Deposits | 1,163 | 0.88 | 1,176 | 0.80 | (13 | ) | (1.07 | ) | ||||||||||
Other liabilities | 502 | 0.38 | 514 | 0.35 | (12 | ) | (2.17 | ) | ||||||||||
Total liabilities | $ | 132,017 | 100.00 | $ | 146,829 | 100.00 | $ | (14,812 | ) | (10.09 | ) | |||||||
Capital stock | $ | 4,753 | 68.66 | $ | 5,486 | 71.74 | $ | (733 | ) | (13.35 | ) | |||||||
Retained earnings | 2,126 | 30.71 | 2,110 | 27.59 | 16 | 0.73 | ||||||||||||
Accumulated other comprehensive income | 44 | 0.63 | 51 | 0.67 | (7 | ) | (13.44 | ) | ||||||||||
Total capital | $ | 6,923 | 100.00 | $ | 7,647 | 100.00 | $ | (724 | ) | (9.47 | ) |
As of March 31, 2019 | As of December 31, 2018 | ||||||||||
Amount | Percent of Total | Amount | Percent of Total | ||||||||
Fixed rate (1) | $ | 51,184 | 56.49 | $ | 62,458 | 57.61 | |||||
Adjustable or variable-rate indexed | 37,240 | 41.10 | 43,737 | 40.34 | |||||||
Principal reducing credit | 1,181 | 1.30 | 1,232 | 1.14 | |||||||
Convertible | 1,007 | 1.11 | 987 | 0.91 | |||||||
Total par value | $ | 90,612 | 100.00 | $ | 108,414 | 100.00 |
(1) | Includes convertible advances whose conversion options have expired. |
Increase (Decrease) | |||||||||||||||
As of March 31, 2019 | As of December 31, 2018 | Amount | Percent | ||||||||||||
Investment securities: | |||||||||||||||
Government-sponsored enterprises debt obligations | $ | 3,228 | $ | 2,727 | $ | 501 | 18.38 | ||||||||
U.S. Treasury obligations | 999 | — | 999 | 100.00 | |||||||||||
State or local housing agency debt obligations | 1 | 1 | — | — | |||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. agency obligations-guaranteed residential | 112 | 118 | (6 | ) | (5.63 | ) | |||||||||
Government-sponsored enterprises residential | 8,991 | 9,304 | (313 | ) | (3.35 | ) | |||||||||
Government-sponsored enterprises commercial | 11,516 | 11,368 | 148 | 1.29 | |||||||||||
Private-label residential | 1,215 | 1,281 | (66 | ) | (5.18 | ) | |||||||||
Total mortgage-backed securities | 21,834 | 22,071 | (237 | ) | (1.08 | ) | |||||||||
Total investment securities | 26,062 | 24,799 | — | 1,263 | 5.09 | ||||||||||
Other investments: | |||||||||||||||
Interest-bearing deposits (1) | 3,444 | 6,782 | (3,338 | ) | (49.22 | ) | |||||||||
Securities purchased under agreements to resell | 4,500 | 3,750 | 750 | 20.00 | |||||||||||
Federal funds sold | 12,775 | 8,978 | 3,797 | 42.29 | |||||||||||
Total other investments | 20,719 | 19,510 | 1,209 | 6.20 | |||||||||||
Total investments | $ | 46,781 | $ | 44,309 | $ | 2,472 | 5.58 |
(1) | Interest-bearing deposits include a $196 and $409 million business money market account with Branch Banking and Trust Company, one of the Bank’s 10 largest borrowers as of March 31, 2019 and December 31, 2018, respectively. |
As of March 31, 2019 | As of December 31, 2018 | ||||
Percent of Total | Percent of Total | ||||
Florida | 22.72 | 22.76 | |||
South Carolina | 20.46 | 20.40 | |||
Virginia | 11.21 | 11.23 | |||
Georgia | 10.01 | 10.12 | |||
North Carolina | 8.16 | 8.19 | |||
All other | 27.44 | 27.30 | |||
Total | 100.00 | 100.00 |
• | Adequately Capitalized - FHLBank meets or exceeds both risk-based and minimum capital requirements; |
• | Undercapitalized - FHLBank does not meet one or both of its risk-based or minimum capital requirements; |
• | Significantly Undercapitalized - FHLBank has less than 75 percent of one or both of its risk-based or minimum capital requirements; and |
• | Critically Undercapitalized - FHLBank total capital is two percent or less of total assets. |
For the Three Months Ended March 31, | Increase (Decrease) | ||||||||||||||
2019 | 2018 | Amount | Percent | ||||||||||||
Net interest income | $ | 144 | $ | 135 | $ | 9 | 6.23 | ||||||||
Noninterest income | 7 | 27 | (20 | ) | (72.52 | ) | |||||||||
Noninterest expense | 39 | 35 | 4 | 9.51 | |||||||||||
Affordable Housing Program assessment | 11 | 13 | (2 | ) | (11.59 | ) | |||||||||
Net income | $ | 101 | $ | 114 | $ | (13 | ) | (11.57 | ) |
For the Three Months Ended March 31, | |||||||||||||||||||
2019(1) | 2018(1) | ||||||||||||||||||
Average Balance | Interest | Yield/ Rate (%) | Average Balance | Interest | Yield/ Rate (%) | ||||||||||||||
Assets | |||||||||||||||||||
Interest-bearing deposits (2) | $ | 4,474 | $ | 28 | 2.51 | $ | 3,111 | $ | 14 | 1.87 | |||||||||
Securities purchased under agreements to resell | 4,344 | 26 | 2.45 | 1,685 | 6 | 1.47 | |||||||||||||
Federal funds sold | 12,753 | 78 | 2.47 | 13,132 | 49 | 1.51 | |||||||||||||
Investment securities (3) | 24,571 | 196 | 3.24 | 26,023 | 153 | 2.39 | |||||||||||||
Advances | 97,492 | 656 | 2.73 | 112,253 | 455 | 1.64 | |||||||||||||
Mortgage loans (4) | 353 | 4 | 5.15 | 426 | 6 | 5.45 | |||||||||||||
Loans to other FHLBanks | 11 | — | 3.71 | 8 | — | 2.73 | |||||||||||||
Total interest-earning assets | 143,998 | 988 | 2.78 | 156,638 | 683 | 1.77 | |||||||||||||
Allowance for credit losses on mortgage loans | (1 | ) | (1 | ) | |||||||||||||||
Other assets | 1,041 | 1,243 | |||||||||||||||||
Total assets | $ | 145,038 | $ | 157,880 | |||||||||||||||
Liabilities and Capital | |||||||||||||||||||
Interest-bearing deposits (5) | $ | 1,077 | 6 | 2.33 | $ | 1,085 | 4 | 1.33 | |||||||||||
Consolidated obligations, net: | |||||||||||||||||||
Discount notes | 61,603 | 372 | 2.45 | 64,115 | 224 | 1.42 | |||||||||||||
Bonds | 74,414 | 466 | 2.54 | 84,230 | 320 | 1.54 | |||||||||||||
Other borrowings | 8 | — | 3.26 | 4 | — | 5.21 | |||||||||||||
Total interest-bearing liabilities | 137,102 | 844 | 2.50 | 149,434 | 548 | 1.49 | |||||||||||||
Other liabilities | 762 | 733 | |||||||||||||||||
Total capital | 7,174 | 7,713 | |||||||||||||||||
Total liabilities and capital | $ | 145,038 | $ | 157,880 | |||||||||||||||
Net interest income and net yield on interest-earning assets | $ | 144 | 0.40 | $ | 135 | 0.35 | |||||||||||||
Interest-rate spread | 0.28 | 0.28 | |||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 105.03 | 104.82 |
(1) | For 2019, interest amounts reported for advances and consolidated obligation bonds include realized and unrealized gains (losses) on hedged items and derivatives in qualifying hedge relationships. Prior period interest amounts do not conform to new hedge accounting guidance adopted January 1, 2019. |
(2) | Includes amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties. |
(3) | Includes trading securities at fair value and available-for-sale securities at amortized cost. |
(4) | Nonperforming mortgage loans are included in average balances used to determine average rate. |
(5) | Includes amounts recognized for the right to return cash collateral received under master netting agreements with derivative counterparties. |
For the Three Months Ended March 31, | ||||||||||||
2019 vs. 2018 | ||||||||||||
Volume (1) | Rate (1) | Increase (Decrease) | ||||||||||
Increase (decrease) in interest income: | ||||||||||||
Interest-bearing deposits | $ | 8 | $ | 6 | $ | 14 | ||||||
Securities purchased under agreements to resell | 14 | 6 | 20 | |||||||||
Federal funds sold | (1 | ) | 30 | 29 | ||||||||
Investment securities | (9 | ) | 52 | 43 | ||||||||
Advances | (67 | ) | 268 | 201 | ||||||||
Mortgage loans | (1 | ) | (1 | ) | (2 | ) | ||||||
Total | (56 | ) | 361 | 305 | ||||||||
Increase (decrease) in interest expense: | ||||||||||||
Interest-bearing deposits | — | 2 | 2 | |||||||||
Consolidated obligations, net: | ||||||||||||
Discount notes | (9 | ) | 157 | 148 | ||||||||
Bonds | (41 | ) | 187 | 146 | ||||||||
Total | (50 | ) | 346 | 296 | ||||||||
(Decrease) increase in net interest income | $ | (6 | ) | $ | 15 | $ | 9 |
(1) | Volume change is calculated as the change in volume multiplied by the previous rate, while rate change is calculated as the change in rate multiplied by the previous volume. The rate/volume change, calculated as the change in rate multiplied by the change in volume, is allocated between volume change and rate change at the ratio each component bears to the absolute value of its total. |
For the Three Months Ended March 31, | Increase (Decrease) | ||||||||||||||
2019(1) | 2018(1) | Amount | Percent | ||||||||||||
Net impairment losses recognized in earnings | $ | (1 | ) | $ | — | $ | (1 | ) | (50.26 | ) | |||||
Net gains (losses) on trading securities | 1 | (1 | ) | 2 | 235.32 | ||||||||||
Net (losses) gains on derivatives and hedging activities | (2 | ) | 22 | (24 | ) | (107.61 | ) | ||||||||
Standby letters of credit fees | 7 | 6 | 1 | 2.97 | |||||||||||
Other | 2 | — | 2 | 534.51 | |||||||||||
Total noninterest income | $ | 7 | $ | 27 | $ | (20 | ) | (72.52 | ) |
For the Three Months Ended March 31, 2019 (1) | |||||||||||||||||||
Advances | Investments | Consolidated Obligation Bonds | Balance Sheet | Total | |||||||||||||||
Net interest income: | |||||||||||||||||||
Gains (losses) on designated fair value hedges | $ | 5 | $ | — | $ | (4 | ) | $ | — | $ | 1 | ||||||||
Amortization or accretion of hedging activities in net interest income (2) | (7 | ) | — | — | — | (7 | ) | ||||||||||||
Net interest settlements included in net interest income (3) | 20 | — | (18 | ) | — | 2 | |||||||||||||
Total effect on net interest income | $ | 18 | $ | — | $ | (22 | ) | $ | — | $ | (4 | ) | |||||||
Net losses on derivatives: | |||||||||||||||||||
Losses on derivatives not receiving hedge accounting including net interest settlements | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | $ | (2 | ) | ||||||
Total net losses on derivatives | — | (1 | ) | — | (1 | ) | (2 | ) | |||||||||||
Net gains on trading securities (4) | — | 1 | — | — | 1 | ||||||||||||||
Total effect on noninterest income | $ | — | $ | — | $ | — | $ | (1 | ) | $ | (1 | ) |
(1) | For 2019, amounts reported include realized and unrealized gains (losses) on hedged items and derivatives in qualifying hedge relationships as part of net interest income. |
(2) | Represents the amortization or accretion of hedging fair value adjustments for both open and closed hedge positions. |
(3) | Represents interest income or expense on derivatives included in net interest income. |
(4) | Includes only those gains or losses on trading securities or financial instruments held at fair value that have an economic derivative “assigned;” therefore, this line item may not agree to the income statement. |
For the Three Months Ended March 31, 2018(1) | |||||||||||||||||||||||
Advances | Investments | Consolidated Obligation Bonds | Consolidated Obligation Discount Notes | Balance Sheet | Total | ||||||||||||||||||
Net interest income: | |||||||||||||||||||||||
Amortization or accretion of hedging activities in net interest income(2) | $ | (11 | ) | $ | — | $ | — | $ | — | $ | — | $ | (11 | ) | |||||||||
Net interest settlements included in net interest income (3) | (33 | ) | — | 4 | (1 | ) | — | (30 | ) | ||||||||||||||
Total effect on net interest income | $ | (44 | ) | $ | — | $ | 4 | $ | (1 | ) | $ | — | $ | (41 | ) | ||||||||
Net gains on derivatives and hedging activities: | |||||||||||||||||||||||
Gains on fair value hedges | $ | 14 | $ | — | $ | 5 | $ | — | $ | — | $ | 19 | |||||||||||
Gains on derivatives not receiving hedge accounting including net interest settlements | — | 1 | — | — | 2 | 3 | |||||||||||||||||
Total net gains on derivatives and hedging activities | 14 | 1 | 5 | — | 2 | 22 | |||||||||||||||||
Net losses on trading securities (4) | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||
Total effect on noninterest income | $ | 14 | $ | — | $ | 5 | $ | — | $ | 2 | $ | 21 |
(1) | For 2019, amounts reported include realized and unrealized gains (losses) on hedged items and derivatives in qualifying hedge relationships as part of net interest income. Prior period amounts do not conform to new hedge accounting guidance adopted January 1, 2019. |
(2) | Represents the amortization or accretion of hedging fair value adjustments for both open and closed hedge positions. |
(3) | Represents interest income or expense on derivatives included in net interest income. |
(4) | Includes only those gains or losses on trading securities or financial instruments held at fair value that have an economic derivative “assigned;” therefore, this line item may not agree to the income statement. |
• | the Bank’s joint and several liability for all FHLBank consolidated obligations; and |
• | the Bank’s outstanding commitments arising from standby letters of credit. |
As of March 31, 2019 | As of December 31, 2018 | |||||||||||||
Rating | Number of Borrowers | Par Value of Outstanding Advances | Number of Borrowers | Par Value of Outstanding Advances | ||||||||||
1 | 88 | $ | 2,336 | 97 | $ | 2,176 | ||||||||
2 | 55 | 16,637 | 50 | 18,472 | ||||||||||
3 | 61 | 7,681 | 75 | 22,207 | ||||||||||
4 | 103 | 51,873 | 104 | 60,897 | ||||||||||
5 | 44 | 10,688 | 57 | 3,083 | ||||||||||
6 | 16 | 307 | 13 | 361 | ||||||||||
7 | 6 | 60 | 9 | 140 | ||||||||||
8 | 2 | 223 | 3 | 262 | ||||||||||
9 | 7 | 124 | 6 | 190 | ||||||||||
10 | 5 | 68 | 5 | 85 |
Total Par Value of Outstanding Advances | LCV of Collateral Pledged by Members | First Mortgage Collateral (%) | Securities Collateral (%) | Other Real Estate Related Collateral (%) | |||||||||
As of March 31, 2019 | $ | 90,612 | $ | 337,935 | 64.28 | 9.62 | 26.10 | ||||||
As of December 31, 2018 | 108,414 | 338,362 | 64.96 | 8.85 | 26.19 |
• | instruments, such as common stock, that represent an ownership interest in an entity, other than stock in small business investment companies, or certain investments targeted to low-income people or communities; |
• | instruments issued by non-United States entities, other than those issued by United States branches and agency offices of foreign commercial banks; |
• | debt instruments that are not of investment quality, other than certain investments targeted to low-income people or communities and instruments that the Bank determined became less than investment quality because of developments or events that occurred after purchase by the Bank; |
• | whole mortgages or other whole loans, other than the following: (1) those acquired under the Bank’s mortgage purchase programs; (2) certain investments targeted to low-income people or communities; (3) certain marketable direct obligations of state, local, or tribal government units or agencies that are of investment quality; (4) MBS or asset-backed securities that are backed by manufactured housing loans or home equity loans; and (5) certain foreign housing loans that are authorized under section 12(b) of the FHLBank Act; |
• | interest-only or principal-only stripped MBS, collateralized mortgage obligations (CMOs), collateralized debt obligations, and real estate mortgage investment conduits (REMICs); |
• | residual-interest or interest-accrual classes of CMOs and REMICs; |
• | fixed-rate or variable-rate MBS, CMOs, and REMICs that are at rates equal to their contractual cap on the trade date and that have average lives that vary by more than six years under an assumed instantaneous interest-rate change of 300 basis points; and |
• | non-U.S. dollar denominated securities. |
As of March 31, 2019 | |||||||||||||||
Federal Funds Sold | Interest-bearing Deposits | Net Derivative Exposure (1) | Total | ||||||||||||
Australia | $ | 750 | $ | — | $ | — | $ | 750 | |||||||
Austria | 1,205 | — | — | 1,205 | |||||||||||
Canada | 200 | — | — | 200 | |||||||||||
Finland | 605 | — | — | 605 | |||||||||||
France | 1,100 | — | 5 | 1,105 | |||||||||||
Germany | 2,510 | — | — | 2,510 | |||||||||||
Netherlands | 500 | — | — | 500 | |||||||||||
Norway | 1,300 | — | — | 1,300 | |||||||||||
Sweden | 250 | — | — | 250 | |||||||||||
Switzerland | — | — | 9 | 9 | |||||||||||
United States of America | 4,355 | 3,444 | 41 | 7,840 | |||||||||||
Total | $ | 12,775 | $ | 3,444 | $ | 55 | $ | 16,274 |
As of December 31, 2018 | |||||||||||||||
Federal Funds Sold | Interest-bearing Deposits | Net Derivative Exposure (1) | Total | ||||||||||||
Australia | $ | 1,965 | $ | — | $ | — | $ | 1,965 | |||||||
Austria | 400 | — | — | 400 | |||||||||||
Canada | 1,935 | — | — | 1,935 | |||||||||||
Finland | 500 | — | — | 500 | |||||||||||
France | — | — | 3 | 3 | |||||||||||
Germany | 1,640 | — | — | 1,640 | |||||||||||
Netherlands | 588 | — | — | 588 | |||||||||||
Norway | 375 | — | — | 375 | |||||||||||
Switzerland | — | — | 3 | 3 | |||||||||||
United States of America | 1,575 | 6,782 | 2 | 8,359 | |||||||||||
Total | $ | 8,978 | $ | 6,782 | $ | 8 | $ | 15,768 |
As of March 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Carrying Value (1) | |||||||||||||||||||||||||||||||||||||||||||
Investment Grade | Below Investment Grade | ||||||||||||||||||||||||||||||||||||||||||
AAA | AA | A | BBB | BB | B | CCC | CC | D | Unrated | Total | |||||||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||||||||||
Government-sponsored enterprises debt obligations | $ | — | $ | 3,228 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,228 | |||||||||||||||||||||
U.S. Treasury obligations | — | 999 | — | — | — | — | — | — | — | — | 999 | ||||||||||||||||||||||||||||||||
State or local housing agency debt obligations | — | 1 | — | — | — | — | — | — | — | — | 1 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||
U.S. agency obligations-guaranteed residential | — | 112 | — | — | — | — | — | — | — | — | 112 | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises residential | — | 8,991 | — | — | — | — | — | — | — | — | 8,991 | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises commercial | 444 | 11,072 | — | — | — | — | — | — | — | — | 11,516 | ||||||||||||||||||||||||||||||||
Private-label residential | — | 76 | 94 | 102 | 113 | 39 | 234 | 42 | 62 | 453 | 1,215 | ||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 444 | 20,251 | 94 | 102 | 113 | 39 | 234 | 42 | 62 | 453 | 21,834 | ||||||||||||||||||||||||||||||||
Total investment securities | 444 | 24,479 | 94 | 102 | 113 | 39 | 234 | 42 | 62 | 453 | 26,062 | ||||||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | — | 924 | 2,473 | 47 | — | — | — | — | — | — | 3,444 | ||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | 1,500 | 2,000 | 1,000 | — | — | — | — | — | — | 4,500 | ||||||||||||||||||||||||||||||||
Federal funds sold | — | 3,305 | 8,445 | 1,025 | — | — | — | — | — | — | 12,775 | ||||||||||||||||||||||||||||||||
Total other investments | — | 5,729 | 12,918 | 2,072 | — | — | — | — | — | — | 20,719 | ||||||||||||||||||||||||||||||||
Total investments | $ | 444 | $ | 30,208 | $ | 13,012 | $ | 2,174 | $ | 113 | $ | 39 | $ | 234 | $ | 42 | $ | 62 | $ | 453 | $ | 46,781 |
As of December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||
Carrying Value (1) | |||||||||||||||||||||||||||||||||||||||||||
Investment Grade | Below Investment Grade | ||||||||||||||||||||||||||||||||||||||||||
AAA | AA | A | BBB | BB | B | CCC | CC | D | Unrated | Total | |||||||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | |||||||||||||||||||||||||||||||||||||||||||
State or local housing agency debt obligations | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||||||||
Government-sponsored enterprises debt obligations | — | 2,727 | — | — | — | — | — | — | — | — | 2,727 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||
U.S. agency obligations-guaranteed residential | — | 118 | — | — | — | — | — | — | — | — | 118 | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises residential | — | 9,304 | — | — | — | — | — | — | — | — | 9,304 | ||||||||||||||||||||||||||||||||
Government-sponsored enterprises commercial | 522 | 10,846 | — | — | — | — | — | — | — | — | 11,368 | ||||||||||||||||||||||||||||||||
Private-label residential | — | 77 | 92 | 112 | 119 | 50 | 246 | 44 | 68 | 473 | 1,281 | ||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 522 | 20,345 | 92 | 112 | 119 | 50 | 246 | 44 | 68 | 473 | 22,071 | ||||||||||||||||||||||||||||||||
Total investment securities | 522 | 23,073 | 92 | 112 | 119 | 50 | 246 | 44 | 68 | 473 | 24,799 | ||||||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | — | 2,032 | 4,703 | 47 | — | — | — | — | — | — | 6,782 | ||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | — | 750 | 2,000 | 1,000 | — | — | — | — | — | — | 3,750 | ||||||||||||||||||||||||||||||||
Federal funds sold | — | 2,865 | 4,668 | 1,445 | — | — | — | — | — | — | 8,978 | ||||||||||||||||||||||||||||||||
Total other investments | — | 5,647 | 11,371 | 2,492 | — | — | — | — | — | — | 19,510 | ||||||||||||||||||||||||||||||||
Total investments | $ | 522 | $ | 28,720 | $ | 11,463 | $ | 2,604 | $ | 119 | $ | 50 | $ | 246 | $ | 44 | $ | 68 | $ | 473 | $ | 44,309 |
Prime | Alt-A | Total | |||||||||
Investment Ratings: | |||||||||||
AA | $ | 76 | $ | — | $ | 76 | |||||
A | 94 | — | 94 | ||||||||
BBB | 97 | 5 | 102 | ||||||||
BB | 105 | 9 | 114 | ||||||||
B | 13 | 26 | 39 | ||||||||
CCC | 145 | 127 | 272 | ||||||||
CC | 27 | 22 | 49 | ||||||||
D | 65 | — | 65 | ||||||||
Unrated | 498 | 1 | 499 | ||||||||
Total unpaid principal balance | $ | 1,120 | $ | 190 | $ | 1,310 | |||||
Amortized cost | $ | 997 | $ | 153 | $ | 1,150 | |||||
Gross unrealized losses | $ | (1 | ) | $ | — | $ | (1 | ) | |||
Fair value | $ | 1,057 | $ | 161 | $ | 1,218 | |||||
Other-than-temporary impairment (Year-to-date): | |||||||||||
Total other-than-temporary impairment losses | $ | — | $ | — | $ | — | |||||
Net amount of impairment losses reclassified from accumulated other comprehensive income | (1 | ) | — | (1 | ) | ||||||
Net impairment losses recognized in earnings | $ | (1 | ) | $ | — | $ | (1 | ) | |||
Weighted average percentage of fair value to unpaid principal balance | 94.43 | % | 84.76 | % | 93.03 | % | |||||
Original weighted average credit support | 9.57 | % | 24.89 | % | 11.78 | % | |||||
Weighted average credit support | 5.94 | % | 9.25 | % | 6.42 | % | |||||
Weighted average collateral delinquency | 10.50 | % | 14.85 | % | 11.13 | % |
Significant Inputs - Weighted Average (%) | ||||||||
Classification of Securities (1) | Prepayment Rate | Default Rates | Loss Severities | Current Credit Enhancement (%) | ||||
Prime | 16.29 | 7.54 | 25.10 | 9.07 | ||||
Alt-A | 14.36 | 18.04 | 37.00 | 3.85 | ||||
Total | 15.31 | 12.89 | 31.16 | 6.42 |
As of March 31, 2019 | ||||||||||||||||||||
Notional Amount | Net Derivatives Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparty | Other Collateral Pledged To (From) Counterparty | Net Credit Exposure to Counterparties | ||||||||||||||||
Non-member counterparties: | ||||||||||||||||||||
Asset positions with credit exposure: | ||||||||||||||||||||
Double-A | $ | 2,703 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Single-A | 7,228 | 19 | (19 | ) | — | — | ||||||||||||||
Triple-B | 4,727 | 2 | (2 | ) | — | — | ||||||||||||||
Cleared derivatives | 25,679 | 34 | 322 | — | 356 | |||||||||||||||
Liability positions with credit exposure: | ||||||||||||||||||||
Single-A | 6,586 | (20 | ) | 22 | — | 2 | ||||||||||||||
Cleared derivatives | 5,863 | — | 22 | — | 22 | |||||||||||||||
Total derivative positions with non-member counterparties to which the Bank had credit exposure | 52,786 | 35 | 345 | — | 380 | |||||||||||||||
Member institutions (1) | 148 | 1 | — | (1 | ) | — | ||||||||||||||
Total | $ | 52,934 | $ | 36 | $ | 345 | $ | (1 | ) | $ | 380 |
As of December 31, 2018 | ||||||||||||||||
Notional Amount | Net Derivatives Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparty | Net Credit Exposure to Counterparties | |||||||||||||
Non-member counterparties: | ||||||||||||||||
Asset positions with credit exposure: | ||||||||||||||||
Double-A | $ | 698 | $ | — | $ | — | $ | — | ||||||||
Single-A | 5,425 | 6 | (6 | ) | — | |||||||||||
Triple-B | 4,471 | 2 | (2 | ) | — | |||||||||||
Cleared derivatives | 969 | — | 3 | 3 | ||||||||||||
Liability positions with credit exposure: | ||||||||||||||||
Double-A | 615 | (1 | ) | 1 | — | |||||||||||
Single-A | 4,816 | (28 | ) | 29 | 1 | |||||||||||
Triple-B | 4,608 | (41 | ) | 41 | — | |||||||||||
Cleared derivatives | 32,523 | (33 | ) | 343 | 310 | |||||||||||
Total derivative positions with non-member counterparties to which the Bank had credit exposure | 54,125 | (95 | ) | 409 | 314 | |||||||||||
Member institutions (1) | 3 | — | — | — | ||||||||||||
Total | $ | 54,128 | $ | (95 | ) | $ | 409 | $ | 314 |
As of March 31, 2019 | As of December 31, 2018 | |||||||||||
Hedged Item / Hedging Instrument | Hedging Objective | Hedge Accounting Designation | Notional Amount | Notional Amount | ||||||||
Advances | ||||||||||||
Pay fixed, receive variable interest-rate swap (without options) | Converts the advance’s fixed rate to a variable-rate index. | Fair value hedges | $ | 3,814 | $ | 3,716 | ||||||
Pay fixed, receive variable interest-rate swap (with options) | Converts the advance’s fixed rate to a variable-rate index and offsets option risk in the advance. | Fair value hedges | 25,347 | 25,590 | ||||||||
Pay variable with embedded features, receive variable interest-rate swap (non-callable) | Reduces interest rate sensitivity and repricing gaps by converting the advance’s variable rate to a different variable-rate index and/or offsets embedded option risk in the advance. | Fair value hedges | 56 | 206 | ||||||||
Total | 29,217 | 29,512 | ||||||||||
Investments | ||||||||||||
Pay fixed, receive variable interest-rate swap | Converts the investment’s fixed rate to a variable-rate index. | Non-qualifying hedges | 56 | 56 | ||||||||
Consolidated Obligation Bonds | ||||||||||||
Receive fixed, pay variable interest-rate swap (without options) | Converts the bond’s fixed rate to a variable-rate index. | Fair value hedges | 5,205 | 6,791 | ||||||||
Receive fixed, pay variable interest-rate swap (with options) | Converts the bond’s fixed rate to a variable-rate index and offsets option risk in the bond. | Fair value hedges | 16,368 | 14,124 | ||||||||
Total | 21,573 | 20,915 | ||||||||||
Balance Sheet | ||||||||||||
Pay fixed, receive variable interest-rate swap | Converts the asset or liability fixed rate to a variable-rate index. | Non-qualifying hedges | 100 | 100 | ||||||||
Interest-rate cap or floor | Protects against changes in income of certain assets due to changes in interest rates. | Non-qualifying hedges | 8,000 | 8,000 | ||||||||
Total | 8,100 | 8,100 | ||||||||||
Intermediary Positions and Other | ||||||||||||
Pay fixed, receive variable interest-rate swap, and receive fixed, pay variable interest-rate swap | To offset interest-rate swaps executed with members by executing interest-rate swaps with derivatives counterparties. | Non-qualifying hedges | 501 | 852 | ||||||||
Interest-rate cap or floor | To offset interest-rate caps or floors executed with members by executing interest-rate caps or floors with derivatives counterparties. | Non-qualifying hedges | 83 | 83 | ||||||||
Total | 584 | 935 | ||||||||||
Total notional amount | $ | 59,530 | $ | 59,518 |
As of March 31, 2019 | As of December 31, 2018 | ||||||||||||||||
Down 200 Basis Points | Current | Up 200 Basis Points | Down 200 Basis Points | Current | Up 200 Basis Points | ||||||||||||
Assets | 0.25 | 0.25 | 0.31 | 0.14 | 0.20 | 0.25 | |||||||||||
Liabilities | 0.31 | 0.31 | 0.27 | 0.25 | 0.25 | 0.21 | |||||||||||
Equity | (0.94 | ) | (0.91 | ) | 1.10 | (1.95 | ) | (0.80 | ) | 0.99 | |||||||
Effective duration gap | (0.06 | ) | (0.06 | ) | 0.04 | (0.11 | ) | (0.05 | ) | 0.04 |
As of March 31, 2019 | As of December 31, 2018 | ||||||||||||||||||||||
Down 200 Basis Points | Current | Up 200 Basis Points | Down 200 Basis Points | Current | Up 200 Basis Points | ||||||||||||||||||
Assets | $ | 138,866 | $ | 138,246 | $ | 137,472 | $ | 154,492 | $ | 153,977 | $ | 153,290 | |||||||||||
Liabilities | 132,207 | 131,391 | 130,638 | 147,120 | 146,378 | 145,710 | |||||||||||||||||
Equity | 6,659 | 6,855 | 6,834 | 7,372 | 7,599 | 7,580 |
• | the PwC professionals are required to disclose any relationships that may raise issues about objectivity, confidentiality, independence conflicts, or favoritism; and |
• | the Lender has not made any attempt to influence the conduct of the Bank’s audit or the objectivity and impartiality of any member of PwC’s audit engagement team. |
• | although the Lender owned more than 10 percent of the Bank’s capital stock, the Lender’s voting rights are less than 10 percent; |
• | as of March 31, 2019 and December 31, 2018, no officer or director of the Lender served on the board of directors of the Bank; and |
• | the Lender is subject to the same terms and conditions for conducting business with the Bank as any other member. |
Exhibit No. | Description | Form | Exhibit | Dated Filed | ||||
3.1 | 8-K | 3.1 | 10/26/2012 | |||||
3.2 | 8-K | 3.2 | 4/4/2018 | |||||
4.1 | 8-K | 99.2 | 8/5/2011 | |||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101.INS | 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. + | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document. + | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. + | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. + | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. + | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. + | |||||||
+ Furnished herewith |
Federal Home Loan Bank of Atlanta | ||
Date: | May 9, 2019 | By /s/ W. Wesley McMullan |
Name: W. Wesley McMullan Title: President and Chief Executive Officer | ||
Date: | May 9, 2019 | By /s/ Kirk R. Malmberg |
Name: Kirk R. Malmberg Title: Executive Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of Atlanta; |
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 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, including its consolidated subsidiaries, is made known to us by others within those entities, 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. |
Date: | May 9, 2019 | /s/ W. Wesley McMullan |
W. Wesley McMullan | ||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of Atlanta; |
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 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, including its consolidated subsidiaries, is made known to us by others within those entities, 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. |
Date: | May 9, 2019 | /s/ Kirk R. Malmberg |
Kirk R. Malmberg | ||
Executive Vice President and | ||
Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: | May 9, 2019 | /s/ W. Wesley McMullan |
W. Wesley McMullan | ||
President and Chief Executive Officer | ||
Date: | May 9, 2019 | /s/ Kirk R. Malmberg |
Kirk R. Malmberg | ||
Executive Vice President and Chief Financial Officer | ||
Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2019 |
Apr. 30, 2019 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Federal Home Loan Bank of Atlanta | |
Entity Central Index Key | 0001331465 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,969,584 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Statements of Condition (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Deposits with other FHLBanks | $ 5 | $ 20 |
Held-to-maturity securities, fair value | $ 24,149 | $ 23,846 |
Capital stock Class B putable par value (per share) | $ 100 | $ 100 |
Subclass B1 [Member] | ||
Capital stock, shares issued | 9 | 9 |
Capital stock, shares outstanding | 9 | 9 |
Subclass B2 [Member] | ||
Capital stock, shares issued | 39 | 46 |
Capital stock, shares outstanding | 39 | 46 |
Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 101 | $ 114 |
Net noncredit portion of other-than-temporary impairment losses on available-for-sale securities: | ||
Net change in fair value on other-than-temporarily impaired available-for-sale securities | (9) | (16) |
Reclassification of noncredit portion of impairment losses included in net income | 1 | 0 |
Total net noncredit portion of other-than-temporary impairment losses on available-for-sale securities | (8) | (16) |
Pension and postretirement benefit plans | 1 | 1 |
Total other comprehensive loss | (7) | (15) |
Total comprehensive income | $ 94 | $ 99 |
Basis of Presentation |
3 Months Ended |
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Mar. 31, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation The accompanying unaudited interim financial statements of the Federal Home Loan Bank of Atlanta (Bank) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). To prepare the financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and income and expenses during the reporting period. Actual results could be different from these estimates. The foregoing interim financial statements are unaudited; however, in the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods, have been included. The results of operations for interim periods are not necessarily indicative of results to be expected for the year ending December 31, 2019, or for other interim periods. The unaudited interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018, which are contained in the Bank’s 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 7, 2019 (Form 10-K). The Bank has certain financial instruments, including derivative instruments and securities purchased under agreements to resell, that are subject to offset under master netting arrangements or by operation of law. Additional information regarding derivative instruments is provided in Note 13—Derivatives and Hedging Activities to the Bank’s interim financial statements. The Bank does not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented. Based on the fair value of the related securities held as collateral, the securities purchased under agreements to resell were fully collateralized for the periods presented. Refer to Note 2—Summary of Significant Accounting Policies to the Bank’s 2018 audited financial statements for a description of all the Bank’s significant accounting policies. There have been no changes to these policies as of March 31, 2019, except for policy updates related to new accounting guidance for derivatives and hedging activities, which is described in Note 13—Derivatives and Hedging Activities to the Bank’s interim financial statements, and leases which is described below. |
Recently Issued and Adopted Accounting Guidance |
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued And Adopted Accounting Guidance | The following tables provide a summary of accounting guidance issued by the Financial Accounting Standards Board that was adopted, and recently issued guidance not yet adopted, which may impact the Bank’s financial statements. Recently Adopted Accounting Guidance
Recently Issued Accounting Guidance Not Yet Adopted
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New Accounting Pronouncements, Policy [Policy Text Block] | The following tables provide a summary of accounting guidance issued by the Financial Accounting Standards Board that was adopted, and recently issued guidance not yet adopted, which may impact the Bank’s financial statements. Recently Adopted Accounting Guidance
Recently Issued Accounting Guidance Not Yet Adopted
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Trading Securities |
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Debt Securities, Trading, Gain (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities | Trading Securities Major Security Types. The following table presents trading securities.
The following table presents net gains (losses) on trading securities.
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Available-for-sale Securities |
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Debt Securities, Available-for-sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | Available-for-sale Securities Major Security Type. The following table presents information on private-label residential mortgage-backed securities (MBS) that are classified as available-for-sale.
____________ (1) Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security. The following table presents private-label residential MBS that are classified as available-for-sale with unrealized losses. The unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position.
The following table presents private-label residential MBS that are classified as available-for-sale and issued by members or affiliates of members, all of which have been issued by Bank of America Corporation, Charlotte, NC.
____________ (1) Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security.
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Held-to-maturity Securities |
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Debt Securities, Held-to-maturity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity Securities | Held-to-maturity Securities Major Security Types. The following table presents held-to-maturity securities.
The following tables present held-to-maturity securities with unrealized losses. The unrealized losses are aggregated by major security type and by the length of time that the individual securities have been in a continuous unrealized loss position.
Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. MBS are not presented by contractual maturity because their actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.
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Other-than-temporary Impairment |
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other than Temporary Impairment Losses, Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other-than-temporary Impairment | Other-than-temporary Impairment The Bank evaluates its individual available-for-sale and held-to-maturity securities holdings in an unrealized loss position for other-than-temporary impairment on a quarterly basis. The financial amounts related to the Bank's other-than-temporary impairment are not material to the Bank's financial condition or results of operations for the periods presented. The following table presents a roll-forward of the amount of credit losses on the Bank’s investment securities recognized in earnings during the life of the securities for which a portion of the other-than-temporary loss was previously recognized in accumulated other comprehensive income.
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Advances |
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Advances [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | Advances Redemption Terms. The following table presents the Bank’s advances outstanding by year of contractual maturity.
___________ (1) The Affordable Housing Program (2) The Economic Development and Growth Enhancement Program The following table presents advances by year of contractual maturity or, for convertible advances, next conversion date.
Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances.
Credit Risk. The Bank’s potential credit risk from advances is concentrated in commercial banks, savings institutions, and credit unions and further is concentrated in certain larger borrowing relationships. The concentration of the Bank’s advances to its 10 largest borrowers was $65,680 and $80,211 as of March 31, 2019 and December 31, 2018, respectively. This concentration represented 72.5 percent and 74.0 percent of total advances outstanding as of March 31, 2019 and December 31, 2018, respectively. Based on the collateral pledged as security for advances, the Bank’s credit analysis of members’ financial condition, and prior repayment history, no allowance for credit losses on advances was deemed necessary by the Bank as of March 31, 2019 and December 31, 2018. No advance was past due as of March 31, 2019 and December 31, 2018.
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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 The following table presents information on mortgage loans held for portfolio by contractual maturity at the time of purchase.
The following table presents the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type.
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Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses The following table presents the activity in the allowance for credit losses related to conventional residential mortgage loans.
The following table presents the recorded investment in conventional residential mortgage loans by impairment methodology.
Key credit quality indicators for mortgage loans include the migration of past due mortgage loans, nonaccrual mortgage loans, and mortgage loans in process of foreclosure. The following tables present the Bank’s recorded investment in mortgage loans by these key credit quality indicators.
(1) The difference between the recorded investment and the carrying value of total mortgage loans of $1 relates to accrued interest. (2) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. Mortgage loans in the process of foreclosure are included in past due categories depending on their delinquency status. (3) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage loan portfolio segment. (4) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. (5) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest.
____________ (1) The difference between the recorded investment and the carrying value of total mortgage loans of $1 relates to accrued interest. (2) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. Mortgage loans in the process of foreclosure are included in past due categories depending on their delinquency status. (3) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage loan portfolio segment. (4) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. (5) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest. The financial amounts related to the Bank’s impaired loans and troubled debt restructurings are not material to the Bank’s financial condition or results of operations for the periods presented. |
Consolidated Obligations |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Obligations | Consolidated Obligations Consolidated obligations, consisting of consolidated obligation bonds and discount notes, are the joint and several obligations of the 11 Federal Home Loan Banks (FHLBanks) and are backed only by the financial resources of the FHLBanks. The Federal Home Loan Banks Office of Finance (Office of Finance) tracks the amount of debt issued on behalf of each FHLBank. In addition, the Bank separately tracks its specific portion of consolidated obligations for which it is the primary obligor and records it as a liability. Interest-rate Payment Terms. The following table presents the Bank’s consolidated obligation bonds by interest-rate payment type.
Redemption Terms. The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity.
The following table presents the Bank’s consolidated obligation bonds outstanding by call feature.
The following table presents the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity, or for callable consolidated obligation bonds, by next call date.
Consolidated Obligation Discount Notes. Consolidated obligation discount notes are issued to raise short-term funds and have original contractual maturities of up to one year. These consolidated obligation discount notes are issued at less than their face amounts and redeemed at par value when they mature. The following table presents the Bank’s participation in consolidated obligation discount notes.
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Capital and Mandatorily Redeemable Capital Stock |
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Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital and Mandatorily Redeemable Capital Stock | Capital and Mandatorily Redeemable Capital Stock Capital. The following table presents the Bank’s compliance with the Federal Housing Finance Agency’s (Finance Agency) regulatory capital rules and requirements.
____________ (1) Total regulatory capital does not include accumulated other comprehensive income, but does include mandatorily redeemable capital stock. The Bank declares and pays any dividends only after net income is calculated for the preceding quarter. The following table presents the Bank’s declared and paid quarterly cash dividends in 2019 and 2018.
Mandatorily Redeemable Capital Stock. The following table presents the activity in mandatorily redeemable capital stock.
The following table presents the amount of mandatorily redeemable capital stock by year of redemption. The year of redemption in the table is the end of the five-year redemption period, or with respect to activity-based stock, the later of the expiration of the five-year redemption period or the activity’s maturity date.
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Accumulated Other Comprehensive Income |
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Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income The following tables present the components comprising accumulated other comprehensive income.
____________ (1) Included in Noninterest expense - Other on the Statements of Income.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities Nature of Business Activity The Bank is exposed to interest-rate risk primarily from the effect of interest-rate changes on its interest-earning assets and on its interest-bearing liabilities that finance these assets. To mitigate the risk of loss, the Bank has established policies and procedures, which include guidelines on the amount of exposure to interest-rate changes that it is willing to accept. In addition, the Bank monitors the risk to its interest income, net interest margin, and average maturity of its interest-earning assets and funding sources. The goal of the Bank’s interest-rate risk management strategies is not to eliminate interest-rate risk, but to manage it within appropriate limits. The Bank enters into derivatives to manage the interest-rate risk exposure that is inherent in its otherwise unhedged assets and funding sources, to achieve the Bank’s risk management objectives, and to act as an intermediary between its members and counterparties. The Bank transacts most of its derivatives with large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute consolidated obligations. The Bank’s over-the-counter derivative transactions may either be (1) uncleared derivatives, which are executed bilaterally with a counterparty; or (2) cleared derivatives, which are cleared through a Futures Commission Merchant (clearing agent) with a Derivatives Clearing Organization (Clearinghouse). Once a derivatives transaction has been accepted for clearing by a Clearinghouse, the derivatives transaction is novated, and the executing counterparty is replaced with the Clearinghouse as the counterparty. The Bank is not a derivatives dealer and does not trade derivatives for short-term profit. For additional information on the Bank’s derivatives and hedging activities, see Note 17—Derivatives and Hedging Activities to the 2018 audited financial statements contained in the Bank’s Form 10-K. Financial Statement Effect and Additional Financial Information Derivative Notional Amounts. The notional amount of derivatives serves as a factor in determining periodic interest payments or cash flows received and paid. However, the notional amount of derivatives represents neither the actual amounts exchanged nor the overall exposure of the Bank to credit and market risk; the overall risk is much smaller. The risks of derivatives can be measured meaningfully on a portfolio basis that takes into account the counterparties, the types of derivatives, the items being hedged, and any offsets between the derivatives and the items being hedged. The following table presents the notional amount, fair value of derivative instruments, and total derivative 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.
___________ (1) Includes variation margin for daily settled contracts of $322 and $21 as of March 31, 2019 and December 31, 2018, respectively. (2) 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 with the same clearing agents and/or counterparty. Cash collateral posted and related accrued interest was $402 and $433 as of March 31, 2019 and December 31, 2018, respectively. Cash collateral received and related accrued interest was $25 and $9 as of March 31, 2019 and December 31, 2018, respectively. Beginning on January 1, 2019, as a result of adopting new accounting guidance related to derivatives and hedging activities, changes in fair value of the derivative hedging instrument and the hedged item attributable to the hedged risk for designated fair value hedges are recorded in net interest income in the same line as the earnings effect of the hedged item. Prior to January 1, 2019, for fair value hedges, any hedge ineffectiveness (which represented the amount by which the change in the fair value of the derivative differed from the change in the fair value of the hedge item) was recorded in noninterest income as net gains (losses) on derivatives and hedging activities. The change in fair value of the derivative hedging instruments and the related hedged items increased net interest income by $1 for the three months ended March 31, 2019. The following tables present the net gains (losses) on fair value hedging relationships.
____________ (1) Includes net interest settlements.
___________ (1) Includes net interest settlements. (2) Prior period amounts were not conformed to new hedge accounting guidance adopted January 1, 2019. The following table presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items.
___________ (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships. The following table presents net gains (losses) related to derivatives and hedging activities recorded in noninterest income (loss) on the Statements of Income. For fair value hedging relationships, the portion of net gains (losses) representing hedge ineffectiveness are recorded in noninterest income (loss) for periods prior to January 1, 2019.
__________ (1) Not applicable due to new hedge accounting guidance adopted January 1, 2019. Managing Credit Risk on Derivatives The Bank is subject to credit risk to its derivative transactions due to the risk of nonperformance by counterparties and manages this 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. For uncleared derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in such contracts to mitigate the risk. The Bank requires collateral agreements with collateral delivery thresholds on all uncleared derivatives. Additionally, collateral related to derivatives with member institutions includes collateral assigned to the Bank, as evidenced by a written security agreement, and held by the member institution for the benefit of the Bank. Certain of the Bank’s uncleared derivative instruments contain provisions that require the Bank to post additional collateral with its counterparties if there is deterioration in the Bank’s credit rating. If the Bank’s credit rating is lowered by a nationally recognized statistical rating organization (NRSRO), the Bank may be required to deliver additional collateral on uncleared derivative instruments in net liability positions. The aggregate fair value of all uncleared derivative instruments with credit-risk-related contingent features that were in a net liability position (before cash collateral and related accrued interest) as of March 31, 2019 was $6, for which the Bank was not required to post collateral as of March 31, 2019. If the Bank’s credit ratings had been lowered from its current rating to the next lower rating, the Bank would have been required to deliver $1 of collateral at fair value to its uncleared derivative counterparties as of March 31, 2019. For cleared derivatives, the Clearinghouse is the Bank’s counterparty. The Clearinghouse notifies the clearing agent of the required initial and variation margin, and the clearing agent notifies the Bank. The Bank currently utilizes the following two Clearinghouses for all cleared derivative transactions: LCH Ltd. and CME Clearing. Because the Bank is required to post initial and variation margin through the clearing agent to the Clearinghouse, it exposes the Bank to institutional credit risk if the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties, and collateral/payments is posted daily through a clearing agent for changes in the fair value of cleared derivatives. The Bank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default, including a bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the Bank’s clearing agent, or both. Based on this analysis, the Bank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. The Bank presents derivative instruments and the related cash collateral that is received or pledged, plus the associated accrued interest, on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. The following table presents the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties.
____________ (1) The Bank had net credit exposure of $1 and $2 as of March 31, 2019 and December 31, 2018, respectively, due to instances where the Bank’s pledged collateral to a counterparty exceeded the Bank’s net derivative liability position.
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values | Estimated Fair Values The Bank records trading securities, available-for-sale securities, derivative assets and liabilities, and grantor trust assets (publicly-traded mutual funds) at estimated fair value on a recurring basis. Fair value is defined under GAAP as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. In general, the transaction price will equal the exit price and therefore, represents the fair value of the asset or liability at initial recognition. In determining whether a transaction price represents the fair value of the asset or liability at initial recognition, each reporting entity is required to consider factors specific to the transaction, the asset or liability, the principal or most advantageous market for the asset or liability, and market participants with whom the entity would transact in the market. A fair value hierarchy is used to prioritize the inputs of valuation techniques used to measure fair value. The inputs are evaluated, and an overall level for the fair value measurement is determined. This overall level is an indication of how market-observable the fair value measurement is and defines the level of disclosure. In order to determine the fair value or the exit price, entities must determine the unit of account, highest and best use, principal market, and market participants. These determinations allow the reporting entity to define the inputs for fair value and level of hierarchy. Outlined below is the application of the “fair value hierarchy” to the Bank’s financial assets and liabilities that are carried at fair value or disclosed in the notes to the financial statements. Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. 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. The Bank carried grantor trust assets at fair value hierarchy Level 1 as of March 31, 2019 and December 31, 2018. Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. The Bank carried trading securities and derivatives at fair value hierarchy Level 2 as of March 31, 2019 and December 31, 2018. Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are supported by limited market activity and reflect the entity’s own assumptions. The Bank carried available-for-sale securities at fair value hierarchy Level 3 as of March 31, 2019 and December 31, 2018. The Bank utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. For financial instruments carried at fair value, the Bank reviews the fair value hierarchy classification of financial assets and liabilities on a quarterly basis. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities within the fair value hierarchy. Such reclassifications are reported as transfers in/out at fair value as of the beginning of the quarter in which the changes occur. There were no such transfers during the periods presented. Estimated Fair Value Measurements on a Recurring Basis. The following tables present, for each fair value hierarchy level, the Bank’s financial assets and liabilities that are measured at fair value on a recurring basis on its Statements of Condition.
____________ (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 with the same clearing agents and/or counterparty.
____________ (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 with the same clearing agents and/or counterparty. The following table presents a reconciliation of available-for-sale securities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
____________ (1) Related to available-for-sale securities held at period end. Described below are the Bank’s fair value measurement methodologies for financial assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition and categorized within Level 2 and Level 3 of the fair value hierarchy. Investment securities. The Bank obtains prices from multiple designated third-party pricing vendors, when available, to estimate the fair value of its investment securities. The pricing vendors use various proprietary models to price investment securities. The inputs to those models are derived from various sources including, but not limited to, the following: benchmark yields, reported trades, dealer estimates, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many investment securities do not trade on a daily basis, the pricing vendors use available information as applicable, such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing to determine the prices for individual securities. Each pricing vendor has an established challenge process in place for all investment securities valuations, which facilitates resolution of potentially erroneous prices identified by the Bank. The Bank periodically conducts reviews of its pricing vendors to confirm and further augment its understanding of the vendors’ pricing processes, methodologies, and control procedures for U.S. agency and private-label MBS. The Bank’s valuation technique for estimating the fair value of its investment securities 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 “resultant” price. All prices that are outside the threshold (“outliers”) are subject to further analysis (including, but not limited to, comparison to prices provided by an additional third-party valuation service, prices for similar securities, and/or non-binding dealer estimates) to determine if an outlier is a better estimate of fair value. If an outlier (or some other price identified in the analysis) is determined to be a better estimate of fair value, then the outlier (or the other price as appropriate) is used as the final price rather than the resultant price. Alternatively, if the analysis does not provide evidence that an outlier is more representative of the fair value, and the resultant price is the best estimate, then the resultant 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 resultant price, and the final price is determined by an evaluation of all outlier prices as described above. Multiple third-party vendor prices were received for a majority of the Bank’s investment securities holdings, and the final prices for those securities were computed by averaging the prices received as of March 31, 2019 and December 31, 2018. Based on the Bank’s review of the pricing methods and controls employed by the third-party pricing vendors and the relative lack of dispersion among the vendor prices (or the Bank’s additional analysis in those instances in which there were outliers or significant yield variances), the Bank believes that its 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. Based on the lack of significant market activity for private-label MBS, the fair value measurement for those securities were classified as Level 3 within the fair value hierarchy as of March 31, 2019 and December 31, 2018. Derivative assets and liabilities. The Bank calculates the fair values of interest-rate related derivatives using a discounted cash flow analysis which utilizes market-observable inputs. The inputs for interest-rate related derivatives uses the Overnight Index Swap curve for collateralized derivatives. Derivative instruments are transacted primarily in the institutional dealer market and priced with observable market assumptions at a mid-market valuation point. The Bank does not provide a credit valuation adjustment based on aggregate exposure by derivative counterparty when measuring the fair value of its derivatives. This is because the collateral provisions pertaining to the Bank’s derivatives obviate the need to provide such a credit valuation adjustment. The fair values of the Bank’s derivatives take into consideration the effects of legally enforceable master netting agreements, where applicable, that allow the Bank to settle positive and negative positions and offset cash collateral with the same counterparty on a net basis. The Bank and each uncleared derivative counterparty have collateral thresholds that take into account both the Bank’s and the counterparty’s credit ratings. As a result of these practices and agreements, the Bank has concluded that the impact of the credit differential between the Bank and its derivative counterparties was mitigated to an immaterial level, and no further adjustments were deemed necessary to the recorded fair values of derivative assets and liabilities on the Statements of Condition as of March 31, 2019 and December 31, 2018. The following estimated fair value amounts have been determined by the Bank using available market information and the Bank’s best judgment of appropriate valuation methods. These estimates are based on pertinent information available to the Bank as of March 31, 2019 and December 31, 2018. Although the Bank uses its best judgment in estimating the fair values of these financial instruments, there are inherent limitations in any estimation technique or valuation methodology. For example, because an active secondary market does not exist for a portion of the Bank’s financial instruments, in certain cases, fair values are not subject to precise quantification or verification and may change as economic and market factors and evaluation of those factors change. Therefore, these estimated fair values are not necessarily indicative of 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 value. The fair value tables presented below do not represent an estimate of the overall fair value of the Bank as a going concern, which would take into account future business opportunities and the net profitability of assets versus liabilities. The following tables present the carrying values and estimated fair values of the Bank’s financial instruments.
____________ (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 with the same clearing agents and/or counterparty.
____________ (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 with the same clearing agents and/or counterparty.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Consolidated obligations are backed only by the financial resources of the FHLBanks. At any time, the Finance Agency may require any FHLBank to make principal or interest payments due on any consolidated obligation, whether or not the primary obligor FHLBank has defaulted on the payment of that obligation. No FHLBank has ever had to assume or pay the consolidated obligation of another FHLBank. The par value of the other FHLBanks’ outstanding consolidated obligations for which the Bank is jointly and severally liable was $880,223 and $886,081 as of March 31, 2019 and December 31, 2018, respectively, exclusive of the Bank’s own outstanding consolidated obligations. None of the other FHLBanks defaulted on their consolidated obligations, the Finance Agency was not required to allocate any obligation among the FHLBanks, and no amount of the joint and several obligation was fixed as of March 31, 2019 and December 31, 2018. Accordingly, the Bank has not recognized a liability for its joint and several obligation related to the other FHLBanks’ consolidated obligations as of March 31, 2019 and December 31, 2018. The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations.
The Bank monitors the creditworthiness of its standby letters of credit based on an evaluation of the member. In addition, standby letters of credit are fully collateralized from the time of issuance. The Bank has established parameters for the measurement, review, classification, and monitoring of credit risk related to these standby letters of credit that result in an internal credit rating, which focuses primarily on an institution’s overall financial health and takes into account the quality of assets, earnings, and capital position. In general, borrowers categorized into the highest risk rating category have more restrictions on the types of collateral that they may use to secure standby letters of credit, may be required to maintain higher collateral maintenance levels and deliver loan collateral, and may face more stringent collateral reporting requirements. The carrying value of the guarantees related to standby letters of credit is recorded in “Other liabilities” on the Statements of Condition and amounted to $88 and $102 as of March 31, 2019 and December 31, 2018, respectively. Based on the Bank’s credit analyses and collateral requirements, the Bank does not deem it necessary to record any additional liability on the Statements of Condition for these commitments. The Bank is subject to legal proceedings arising in the normal course of business. After consultation with legal counsel, management does not anticipate, as of the date of the financial statements, that the ultimate liability, if any, arising out of these matters will have a material effect on the Bank’s financial condition or results of operations.
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Transactions With Shareholders |
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Transactions With Shareholders [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions With Shareholders | Transactions with Shareholders The Bank is a cooperative whose member institutions own substantially all of the capital stock of the Bank. Former members and certain non-members, which own the Bank’s capital stock as a result of a merger or acquisition of a member of the Bank, own the remaining capital stock to support business transactions still carried on the Bank’s Statements of Condition. All holders of the Bank’s capital stock receive dividends on their investments, to the extent declared by the Bank’s board of directors. All advances are issued to members and eligible housing associates under the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act), and mortgage loans held for portfolio were purchased from members. The Bank also maintains demand deposit accounts primarily to facilitate settlement activities that are related directly to advances and mortgage loans purchased. Transactions with any member that has an officer or director who is also a director of the Bank are subject to the same Bank policies as transactions with other members. Related Parties. In accordance with GAAP, financial statements are required to disclose material related-party transactions other than compensation arrangements, expense allowances, or other similar items that occur in the ordinary course of business. Under GAAP, related parties include owners of more than 10 percent of the voting interests of the Bank. Due to limits on member voting rights under the FHLBank Act and Finance Agency regulations, no member owned more than 10 percent of the total voting interests. Therefore, the Bank had no such related party transactions required to be disclosed for the periods presented. Shareholder Concentrations. The Bank considers shareholder concentration as members or non-members with regulatory capital stock outstanding in excess of 10 percent of the Bank’s total regulatory capital stock. The following tables present transactions with shareholders whose holdings of regulatory capital stock exceed 10 percent of total regulatory capital stock outstanding.
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Subsequent Events |
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Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
Basis of Presentation (Policies) |
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting [Text Block] | The accompanying unaudited interim financial statements of the Federal Home Loan Bank of Atlanta (Bank) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). To prepare the financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and income and expenses during the reporting period. Actual results could be different from these estimates. The foregoing interim financial statements are unaudited; however, in the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods, have been included. The results of operations for interim periods are not necessarily indicative of results to be expected for the year ending December 31, 2019, or for other interim periods. The unaudited interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018, which are contained in the Bank’s 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 7, 2019 (Form 10-K). The Bank has certain financial instruments, including derivative instruments and securities purchased under agreements to resell, that are subject to offset under master netting arrangements or by operation of law. Additional information regarding derivative instruments is provided in Note 13—Derivatives and Hedging Activities to the Bank’s interim financial statements. The Bank does not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented. Based on the fair value of the related securities held as collateral, the securities purchased under agreements to resell were fully collateralized for the periods presented. Refer to Note 2—Summary of Significant Accounting Policies to the Bank’s 2018 audited financial statements for a description of all the Bank’s significant accounting policies. There have been no changes to these policies as of March 31, 2019, except for policy updates related to new accounting guidance for derivatives and hedging activities, which is described in Note 13—Derivatives and Hedging Activities to the Bank’s interim financial statements, and leases which is described below. |
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New Accounting Pronouncements, Policy [Policy Text Block] | The following tables provide a summary of accounting guidance issued by the Financial Accounting Standards Board that was adopted, and recently issued guidance not yet adopted, which may impact the Bank’s financial statements. Recently Adopted Accounting Guidance
Recently Issued Accounting Guidance Not Yet Adopted
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Trading Securities (Tables) |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trading Securities | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Losses on Trading Securities | The following table presents net gains (losses) on trading securities.
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Debt Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Major Trading Securities | Major Security Types. The following table presents trading securities.
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Available-for-sale Securities (Tables) |
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Debt Securities, Available-for-sale [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Securities Reconciliation | Major Security Type. The following table presents information on private-label residential mortgage-backed securities (MBS) that are classified as available-for-sale.
____________ (1) Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security. |
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Summary of Available-for-Sale MBS Issued by Members or Affiliates of Members | The following table presents private-label residential MBS that are classified as available-for-sale and issued by members or affiliates of members, all of which have been issued by Bank of America Corporation, Charlotte, NC.
____________ (1) Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security.
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Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Available-for-Sale Securities with Unrealized Losses | The following table presents private-label residential MBS that are classified as available-for-sale with unrealized losses. The unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position.
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Held-to-maturity Securities (Tables) - Held-to-maturity Securities [Member] |
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Schedule of Held-to-maturity Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Held-to-Maturity Securities | Major Security Types. The following table presents held-to-maturity securities.
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Schedule of Unrealized Loss on Investments | The following tables present held-to-maturity securities with unrealized losses. The unrealized losses are aggregated by major security type and by the length of time that the individual securities have been in a continuous unrealized loss position.
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Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities by Contractual Maturity | Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. MBS are not presented by contractual maturity because their actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.
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Held-to-Maturity MBS Issued by Members or Affiliates of Members | The following table presents private-label residential MBS that are classified as held-to-maturity and issued by members or affiliates of members, all of which have been issued by Bank of America Corporation, Charlotte, NC.
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Other-than-Temporary Impairment (Tables) |
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Other than Temporary Impairment Losses, Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ScheduleofSignifcantinputsinMeasuringOtherthantemporaryimpairmentsrecognizedinearnings [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Roll-Forward Cumulative Credit Losses Recognized | The following table presents a roll-forward of the amount of credit losses on the Bank’s investment securities recognized in earnings during the life of the securities for which a portion of the other-than-temporary loss was previously recognized in accumulated other comprehensive income.
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Advances (Tables) |
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Advances [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank, Advances | Redemption Terms. The following table presents the Bank’s advances outstanding by year of contractual maturity.
___________ (1) The Affordable Housing Program (2) The Economic Development and Growth Enhancement Program The following table presents advances by year of contractual maturity or, for convertible advances, next conversion date.
Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances.
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Mortgage Loans Held for Portfolio (Tables) |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Held for Portfolio | The following table presents information on mortgage loans held for portfolio by contractual maturity at the time of purchase.
The following table presents the unpaid principal balance of mortgage loans held for portfolio by collateral or guarantee type.
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Allowance for Credit Losses (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | The following table presents the activity in the allowance for credit losses related to conventional residential mortgage loans.
The following table presents the recorded investment in conventional residential mortgage loans by impairment methodology.
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Past Due Financing Receivables | Key credit quality indicators for mortgage loans include the migration of past due mortgage loans, nonaccrual mortgage loans, and mortgage loans in process of foreclosure. The following tables present the Bank’s recorded investment in mortgage loans by these key credit quality indicators.
(1) The difference between the recorded investment and the carrying value of total mortgage loans of $1 relates to accrued interest. (2) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. Mortgage loans in the process of foreclosure are included in past due categories depending on their delinquency status. (3) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage loan portfolio segment. (4) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. (5) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest.
____________ (1) The difference between the recorded investment and the carrying value of total mortgage loans of $1 relates to accrued interest. (2) Includes mortgage loans where the decision of foreclosure or similar alternative, such as a pursuit of deed-in-lieu, has been reported. Mortgage loans in the process of foreclosure are included in past due categories depending on their delinquency status. (3) Mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of the total mortgage loan portfolio segment. (4) Mortgage loans insured or guaranteed by the Federal Housing Administration or the Department of Veterans Affairs. (5) Represents mortgage loans with contractual principal or interest payments 90 days or more past due and not accruing interest.
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Consolidated Obligations (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Obligation Bonds by Interest-Rate Payment | Interest-rate Payment Terms. The following table presents the Bank’s consolidated obligation bonds by interest-rate payment type.
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Consolidated Obligation Bonds Outstanding, by Year of Contractual Maturity | Redemption Terms. The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity.
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Callable and Noncallable Consolidated Obligations Bonds Outstanding | The following table presents the Bank’s consolidated obligation bonds outstanding by call feature.
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Summary of Callable Consolidated Obligation Bonds Outstanding, by Year of Contractual Maturity | The following table presents the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity, or for callable consolidated obligation bonds, by next call date.
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Consolidated Obligation Discount Notes | The following table presents the Bank’s participation in consolidated obligation discount notes.
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Capital and Mandatorily Redeemable Capital Stock (Tables) |
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Schedule of Compliance With Regulatory Capital Requirements | Capital. The following table presents the Bank’s compliance with the Federal Housing Finance Agency’s (Finance Agency) regulatory capital rules and requirements.
____________ (1) Total regulatory capital does not include accumulated other comprehensive income, but does include mandatorily redeemable capital stock.
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Schedule of declared quarterly cash dividends [Table Text Block] | The Bank declares and pays any dividends only after net income is calculated for the preceding quarter. The following table presents the Bank’s declared and paid quarterly cash dividends in 2019 and 2018.
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Schedule of Mandatorily Redeemable Capital Stock [Table Text Block] | Mandatorily Redeemable Capital Stock. The following table presents the activity in mandatorily redeemable capital stock.
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Amount of Mandatorily Redeemable Capital Stock by Year of Redemption | The following table presents the amount of mandatorily redeemable capital stock by year of redemption. The year of redemption in the table is the end of the five-year redemption period, or with respect to activity-based stock, the later of the expiration of the five-year redemption period or the activity’s maturity date.
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Accumulated Other Comprehensive Income (Tables) |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Comprising Accumulated Other Comprehensive Income | The following tables present the components comprising accumulated other comprehensive income.
____________ (1) Included in Noninterest expense - Other on the Statements of Income.
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Derivatives and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | The following table presents the notional amount, fair value of derivative instruments, and total derivative 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.
___________ (1) Includes variation margin for daily settled contracts of $322 and $21 as of March 31, 2019 and December 31, 2018, respectively. (2) 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 with the same clearing agents and/or counterparty. Cash collateral posted and related accrued interest was $402 and $433 as of March 31, 2019 and December 31, 2018, respectively. Cash collateral received and related accrued interest was $25 and $9 as of March 31, 2019 and December 31, 2018, respectively.
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Net Gains (Losses) on Fair Value Hedging Relationships | The following tables present the net gains (losses) on fair value hedging relationships.
____________ (1) Includes net interest settlements.
___________ (1) Includes net interest settlements. (2) Prior period amounts were not conformed to new hedge accounting guidance adopted January 1, 2019.
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Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items.
___________ (1) Includes only the portion of amortized cost representing the hedged items in fair value hedging relationships.
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Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table presents net gains (losses) related to derivatives and hedging activities recorded in noninterest income (loss) on the Statements of Income. For fair value hedging relationships, the portion of net gains (losses) representing hedge ineffectiveness are recorded in noninterest income (loss) for periods prior to January 1, 2019.
__________ (1) Not applicable due to new hedge accounting guidance adopted January 1, 2019.
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Offsetting Assets [Table Text Block] | The following table presents the fair value of derivative instruments meeting or not meeting netting requirements, including the related collateral received from or pledged to counterparties.
____________ (1) The Bank had net credit exposure of $1 and $2 as of March 31, 2019 and December 31, 2018, respectively, due to instances where the Bank’s pledged collateral to a counterparty exceeded the Bank’s net derivative liability position.
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Estimated Fair Values (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Estimated Fair Value Measurements on a Recurring Basis. The following tables present, for each fair value hierarchy level, the Bank’s financial assets and liabilities that are measured at fair value on a recurring basis on its Statements of Condition.
____________ (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 with the same clearing agents and/or counterparty.
____________ (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 with the same clearing agents and/or counterparty.
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Reconciliation of Available-For-Sale Securities Measured at Fair Value | The following table presents a reconciliation of available-for-sale securities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
____________ (1) Related to available-for-sale securities held at period end. |
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Carrying Values and Estimated Fair Values | The following tables present the carrying values and estimated fair values of the Bank’s financial instruments.
____________ (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 with the same clearing agents and/or counterparty.
____________ (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 with the same clearing agents and/or counterparty.
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off Balance Sheet Commitments [Table Text Block] | The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations.
(2) Expiration is based on settlement period rather than underlying contractual maturity of consolidated obligations.
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Transactions With Shareholders (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Transactions With Shareholders [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Transactions with Shareholders [Table Text Block] | Shareholder Concentrations. The Bank considers shareholder concentration as members or non-members with regulatory capital stock outstanding in excess of 10 percent of the Bank’s total regulatory capital stock. The following tables present transactions with shareholders whose holdings of regulatory capital stock exceed 10 percent of total regulatory capital stock outstanding.
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Trading Securities (Trading Securities by Major Security Type) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
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Schedule of Trading Securities | ||
Trading Securities | $ 1,055 | $ 55 |
Government-Sponsored Enterprises Debt Obligations [Member] | ||
Schedule of Trading Securities | ||
Trading Securities | 56 | 55 |
US Treasury Securities [Member] | ||
Schedule of Trading Securities | ||
Trading Securities | $ 999 | $ 0 |
Trading Securities (Net Losses on Trading Securities) (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2019 |
Mar. 31, 2018 |
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Debt Securities, Trading, Gain (Loss) [Abstract] | ||
Net gains (losses) on trading securities held at period end | $ 1 | $ (1) |
Available-for-sale Securities (Available-for-sale by Major Security Type) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
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Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities | $ 823 | $ 865 | ||
Mortgage-backed Securities, Private-label residential [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost of available-for-sale securities | 758 | 793 | ||
Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income | [1] | 0 | (1) | |
Gross unrealized gains on available-for-sale securities | 65 | 73 | ||
Gross unrealized losses on available-for-sale securities | 0 | 0 | ||
Available-for-sale Securities | $ 823 | $ 865 | ||
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Available-for-sale Securities (Summary of Available-for-sale MBS issued by Members or Affiliates of Members) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
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Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities | $ 823 | $ 865 | ||
M B S Issued by Members or Affiliates of Members [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized cost of available-for-sale securities | 521 | 539 | ||
Other-than-temporary Impairment Recognized in Accumulated Other Comprehensive Income | [1] | 0 | 0 | |
Gross unrealized gains on available-for-sale securities | 47 | 54 | ||
Gross unrealized losses on available-for-sale securities | 0 | 0 | ||
Available-for-sale Securities | $ 568 | $ 593 | ||
|
Held-to-maturity Securities (Summary of Held-to-Maturity MBS issued by Members or Affliates of Members (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | $ 24,184 | $ 23,879 |
Held-to-maturity securities, Gross Unrealized Gains | 43 | 55 |
Held-to-maturity securities, Gross Unrealized Loss | (78) | (88) |
Held-to-maturity securities, fair value | 24,149 | 23,846 |
M B S Issued by Members or Affiliates of Members [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost of held-to-maturity securities | 87 | 91 |
Held-to-maturity securities, Gross Unrealized Gains | 1 | 1 |
Held-to-maturity securities, Gross Unrealized Loss | (1) | (1) |
Held-to-maturity securities, fair value | $ 87 | $ 91 |
Other-than-temporary Impairment (Roll-forward of Credit Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Schedule of Roll-Forward Cumulative Credit Losses Recognized | ||
Balance, beginning of period | $ 335 | $ 394 |
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | 1 | 0 |
Increase in cash flows expected to be collected, (accreted as interest income over the remaining lives of the applicable securities) | (14) | (16) |
Balance, end of period | $ 322 | $ 378 |
Advances Advances (Redemption Terms) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Advances [Abstract] | |||||||
Overdrawn demand deposit accounts | $ 0 | $ 33 | |||||
Due in one year or less | 52,086 | 72,300 | |||||
Due after one year through two years | 15,962 | 13,298 | |||||
Due after two years through three years | 4,584 | 5,403 | |||||
Due after three years through four years | 4,722 | 4,678 | |||||
Due after four years through five years | 4,509 | 3,997 | |||||
Due after five years | 8,749 | 8,705 | |||||
Federal Home Loan Bank, Advances, Par Value | 90,612 | 108,414 | |||||
Deferred Prepayment Fees on Advances | (15) | (17) | |||||
Discount on AHP advances | [1] | (4) | (4) | ||||
Discount on EDGE advances | [2] | (2) | (2) | ||||
Hedging adjustments | 338 | 71 | |||||
Total Federal Home Loan Bank Advances | $ 90,929 | $ 108,462 | |||||
|
Advances (Advances by Year of Contractual Maturity for Convertible Advances) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Advances [Abstract] | ||
Overdrawn demand deposit accounts | $ 0 | $ 33 |
Due or convertible in one year or less | 52,919 | 73,009 |
Due or convertible after one year through two years | 16,049 | 13,484 |
Due or convertible after two years through three years | 4,606 | 5,437 |
Due or convertible after three years through four years | 4,704 | 4,642 |
Due or convertible after four years through five years | 4,444 | 3,951 |
Due or convertible after five years | 7,890 | 7,858 |
Federal Home Loan Bank, Advances, Par Value | $ 90,612 | $ 108,414 |
Advances (Interest-rate Payment Terms) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Advances [Abstract] | ||
Fixed-rate, due in one year or less | $ 28,110 | $ 40,578 |
Fixed-rate, due after one year | 25,206 | 24,043 |
Total fixed-rate | 53,316 | 64,621 |
Variable-rate, due in one year or less | 23,976 | 31,755 |
Variable-rate, due after one year | 13,320 | 12,038 |
Total variable-rate | 37,296 | 43,793 |
Federal Home Loan Bank, Advances, Par Value | $ 90,612 | $ 108,414 |
Advances (Credit Risk Narrative) (Details Textual) $ in Millions |
Mar. 31, 2019
USD ($)
Institutions
|
Dec. 31, 2018
USD ($)
Institutions
|
---|---|---|
Advances [Abstract] | ||
Number of Top Advances Borrowers | Institutions | 10 | 10 |
Advances to Ten Largest Borrowers | $ 65,680 | $ 80,211 |
Advances Ten Largest Borrowers Percent of Total | 72.50% | 74.00% |
Allowance for credit losses on advances | $ 0 | $ 0 |
Advances past due | $ 0 | $ 0 |
Mortgage Loans Held for Portfolio (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 347 | $ 361 |
Premiums | 1 | 1 |
Discounts | (1) | (1) |
Total | 347 | 361 |
Fixed-rate medium-term residential mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 7 | $ 8 |
Mortgage loans on real estate, original contract terms | 15 years | 15 years |
Fixed-rate long-term residential mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 340 | $ 353 |
Conventional Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | 324 | 338 |
Government-guaranteed or insured mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 23 | $ 23 |
Allowance for Credit Losses (Roll-forward of Allowance for Credit Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | $ 1 | |
Balance, end of period | 1 | |
Residential Portfolio Segment [Member] | Conventional Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | 1 | $ 1 |
Provision for credit losses | 0 | 0 |
Balance, end of period | $ 1 | $ 1 |
Allowance for Credit Losses (Credit Quality Indicators) (Details) - Residential Portfolio Segment [Member] - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | $ 21 | $ 19 | |||||||||||||||
Total current mortgage loans | 327 | 343 | |||||||||||||||
Total recorded investment | 348 | [1] | 362 | [2] | |||||||||||||
In process of foreclosure | [3] | $ 2 | $ 2 | ||||||||||||||
Seriously delinquent rate | [4] | 1.70% | 1.89% | ||||||||||||||
Past due 90 days or more and still accruing interest | [5] | $ 0 | $ 0 | ||||||||||||||
Loans on nonaccrual status | [6] | 6 | 6 | ||||||||||||||
Accrued Interest on Mortgage Loans | 1 | 1 | |||||||||||||||
Conventional Mortgage Loans [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 18 | 17 | |||||||||||||||
Total current mortgage loans | 307 | 322 | |||||||||||||||
Total recorded investment | 325 | [1] | 339 | [2] | |||||||||||||
In process of foreclosure | [3] | $ 2 | $ 2 | ||||||||||||||
Seriously delinquent rate | [4] | 1.77% | 1.93% | ||||||||||||||
Past due 90 days or more and still accruing interest | [5] | $ 0 | $ 0 | ||||||||||||||
Loans on nonaccrual status | [6] | 6 | 6 | ||||||||||||||
Government-guaranteed or insured mortgage loans [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 3 | 2 | |||||||||||||||
Total current mortgage loans | 20 | 21 | |||||||||||||||
Total recorded investment | 23 | [1] | 23 | [2] | |||||||||||||
In process of foreclosure | [3] | $ 0 | $ 0 | ||||||||||||||
Seriously delinquent rate | [4] | 0.68% | 1.23% | ||||||||||||||
Past due 90 days or more and still accruing interest | [5] | $ 0 | $ 0 | ||||||||||||||
Loans on nonaccrual status | [6] | 0 | 0 | ||||||||||||||
Financing Receivables, 30 to 59 Days Past Due [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 12 | 10 | |||||||||||||||
Financing Receivables, 30 to 59 Days Past Due [Member] | Conventional Mortgage Loans [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 10 | 8 | |||||||||||||||
Financing Receivables, 30 to 59 Days Past Due [Member] | Government-guaranteed or insured mortgage loans [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 2 | 2 | |||||||||||||||
Financing Receivables, 60 to 89 Days Past Due [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 3 | 3 | |||||||||||||||
Financing Receivables, 60 to 89 Days Past Due [Member] | Conventional Mortgage Loans [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 2 | 3 | |||||||||||||||
Financing Receivables, 60 to 89 Days Past Due [Member] | Government-guaranteed or insured mortgage loans [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 1 | 0 | |||||||||||||||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 6 | 6 | |||||||||||||||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Conventional Mortgage Loans [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | 6 | 6 | |||||||||||||||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Government-guaranteed or insured mortgage loans [Member] | |||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||
Total past due mortgage loans | $ 0 | $ 0 | |||||||||||||||
|
Consolidated Obligations (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
bank
| |
Debt Disclosure [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Maximum contractual maturity period of discount notes (up to one year) | 1 year |
Consolidated Obligations (Interest-rate Payment Terms) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Bonds par value | $ 69,255 | $ 79,266 |
Fixed-rate [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 23,032 | 21,217 |
Step up/down [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 3,370 | 4,379 |
Simple variable-rate [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | $ 42,853 | $ 53,670 |
Consolidated Obligations (Redemption Terms) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 69,186 | $ 79,114 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 46,956 | 55,386 |
Bonds, Due after one year through two years | 10,197 | 13,292 |
Bonds, Due after two years through three years | 2,921 | 3,387 |
Bonds, Due after three years through four years | 3,910 | 3,884 |
Bonds, Due after four years through five years | 3,368 | 1,429 |
Bonds, Due after five years | 1,903 | 1,888 |
Bonds par value | 69,255 | 79,266 |
Premiums | 6 | 7 |
Discounts | (23) | (18) |
Hedging adjustments | (52) | (141) |
Federal Home Loan Bank, Consolidated Obligations, Bonds | $ 69,186 | $ 79,114 |
Bonds, Due in one year or less, weighted average interest rate | 2.35% | 2.26% |
Bonds, Due after one year through two years, weighted average interest rate | 2.27% | 2.30% |
Bonds, Due after two years through three years, weighted average interest rate | 2.52% | 2.44% |
Bonds, Due after three years through four years, weighted average interest rate | 2.28% | 2.27% |
Bonds, Due after four years through five years, weighted average interest rate | 2.86% | 2.87% |
Bonds, Due after five years, weighted average interest rate | 3.22% | 3.23% |
Total, weighted average interest rate | 2.39% | 2.31% |
Consolidated Obligations (Bonds by Callable Feature) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Bonds par value | $ 69,255 | $ 79,266 |
Noncallable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | 53,732 | 65,237 |
Callable [Member] | ||
Debt Instrument [Line Items] | ||
Bonds par value | $ 15,523 | $ 14,029 |
Consolidated Obligations (Bonds by Maturity or Call Date) (Details) - Consolidated Obligation Bonds [Member] - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | $ 46,956 | $ 55,386 |
Bonds, Due after one year through two years | 10,197 | 13,292 |
Bonds, Due after two years through three years | 2,921 | 3,387 |
Bonds, Due after three years through four years | 3,910 | 3,884 |
Bonds, Due after four years through five years | 3,368 | 1,429 |
Bonds, Due after five years | 1,903 | 1,888 |
Bonds par value | 69,255 | 79,266 |
Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Bonds, Due in one year or less | 57,283 | 65,560 |
Bonds, Due after one year through two years | 8,118 | 10,874 |
Bonds, Due after two years through three years | 834 | 982 |
Bonds, Due after three years through four years | 400 | 429 |
Bonds, Due after four years through five years | 1,367 | 168 |
Bonds, Due after five years | $ 1,253 | $ 1,253 |
Consolidated Obligations (Discount Notes) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Short-term Debt [Line Items] | ||
Discount notes | $ 61,166 | $ 66,025 |
Short-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Discount notes | 61,166 | 66,025 |
Discount notes par value | $ 61,417 | $ 66,270 |
Discount notes weighted average interest rate | 2.42% | 2.33% |
Capital and Mandatorily Redeemable Capital Stock (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Capital [Abstract] | ||||
Redemption Period For Excess Capital Stock | 5 years | |||
Mandatorily redeemable capital stock | $ 1 | $ 1 | $ 3 | $ 1 |
Capital and Mandatorily Redeemable Capital Stock (Regulatory Capital Rules and Requirements) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Capital [Abstract] | ||
Risk-based capital, Required | $ 1,633 | $ 1,654 |
Risk-based capital, Actual | $ 6,880 | $ 7,597 |
Total regulatory capital ratio, Required | 4.00% | 4.00% |
Total regulatory capital ratio, Actual | 4.95% | 4.92% |
Total regulatory capital, Required | $ 5,558 | $ 6,179 |
Total regulatory capital, Actual | $ 6,880 | $ 7,597 |
Leverage capital ratio, Required | 5.00% | 5.00% |
Leverage capital ratio, Actual | 7.43% | 7.38% |
Leverage capital, Required | $ 6,947 | $ 7,724 |
Leverage capital, Actual | $ 10,321 | $ 11,396 |
Capital and Mandatorily Redeemable Capital Stock Schedule of Declared and Paid Quarterly Dividends (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends, Common Stock, Cash | $ 85 | $ 65 |
Common Stock Dividend-Annualized Rate | 6.47% | 5.16% |
Capital and Mandatorily Redeemable Capital Stock (Mandatorily Redeemable Capital Stock Roll-forward) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Capital [Abstract] | ||
Balance, beginning of period | $ 1 | $ 1 |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock | 0 | 32 |
Repurchase/redemption of mandatorily redeemable capital stock | 0 | (30) |
Balance, end of period | $ 1 | $ 3 |
Capital and Mandatorily Redeemable Capital Stock (Mandatorily Redeemable Capital Stock by Year of Redemption) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Capital [Abstract] | ||||
Due after three years through four years | $ 1 | $ 0 | ||
Due after four years through five years | 0 | 1 | ||
Mandatorily redeemable capital stock | $ 1 | $ 1 | $ 3 | $ 1 |
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning of period | $ 51 | ||||
Net change in fair value | (9) | $ (16) | |||
Noncredit other-than-temporary impairment losses | 1 | 0 | |||
Amortization of pension and posttretirement | 1 | 1 | |||
Total other comprehensive income (loss) | (7) | (15) | |||
Accumulated Other Comprehensive Income (Loss), End of period | 44 | ||||
Pension and Postretirement Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning of period | (21) | (24) | |||
Net change in fair value | 0 | 0 | |||
Noncredit other-than-temporary impairment losses | 0 | ||||
Amortization of pension and posttretirement | [1] | 1 | 1 | ||
Total other comprehensive income (loss) | 1 | 1 | |||
Accumulated Other Comprehensive Income (Loss), End of period | (20) | (23) | |||
Total Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning of period | 51 | 110 | |||
Net change in fair value | (9) | (16) | |||
Noncredit other-than-temporary impairment losses | 1 | ||||
Amortization of pension and posttretirement | [1] | 1 | 1 | ||
Total other comprehensive income (loss) | (7) | (15) | |||
Accumulated Other Comprehensive Income (Loss), End of period | 44 | 95 | |||
Available-for-sale Securities [Member] | Noncredit Portion of Other Than Temporary Impairment Losses on Available for Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning of period | 72 | 134 | |||
Net change in fair value | (9) | (16) | |||
Noncredit other-than-temporary impairment losses | 1 | ||||
Amortization of pension and posttretirement | [1] | 0 | 0 | ||
Total other comprehensive income (loss) | (8) | (16) | |||
Accumulated Other Comprehensive Income (Loss), End of period | $ 64 | $ 118 | |||
|
Derivatives and Hedging Activities (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Derivative [Line Items] | |||||||||
Variation Margin for Daily Settled Contracts, Net | $ 322 | $ 21 | |||||||
Cash collateral posted | 402 | 433 | |||||||
Cash collateral received | 25 | 9 | |||||||
Total notional amount of derivatives before netting and collateral adjustments | 59,530 | 59,518 | |||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 81 | 36 | |||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 91 | 163 | |||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 299 | 278 | ||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (78) | (146) | ||||||
Derivative assets | 380 | 314 | |||||||
Derivative liabilities | 13 | 17 | |||||||
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | |||||||||
Derivative [Line Items] | |||||||||
Total notional amount of derivatives before netting and collateral adjustments | [3] | 50,790 | 50,427 | ||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [3] | 76 | 32 | ||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 87 | 151 | ||||||
Not Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Total notional amount of derivatives before netting and collateral adjustments | 8,740 | 9,091 | |||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 5 | 4 | |||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 4 | 12 | |||||||
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | |||||||||
Derivative [Line Items] | |||||||||
Total notional amount of derivatives before netting and collateral adjustments | [3] | 657 | 1,008 | ||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [3] | 4 | 3 | ||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 4 | 11 | ||||||
Not Designated as Hedging Instrument [Member] | Interest rate caps or floors [Member] | |||||||||
Derivative [Line Items] | |||||||||
Total notional amount of derivatives before netting and collateral adjustments | 8,083 | 8,083 | |||||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1 | 1 | |||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 0 | $ 1 | |||||||
|
Derivatives and Hedging Activities (Net Gains (Losses) on Fair Value Hedging Relationships) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Advances | $ 656 | $ 455 | |||||
Consolidated obligation bonds | (466) | (320) | |||||
Interest rate swaps [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Net gains on derivatives and hedged items in fair value hedging relationships | 19 | ||||||
Interest Income [Member] | Advances [Member] | Interest Rate Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Advances | 656 | ||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1] | (250) | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 268 | ||||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | 18 | ||||||
Interest Income [Member] | Designated as Hedging Instrument [Member] | Advances [Member] | Interest Rate Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1],[2] | (33) | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [2] | 0 | |||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | [2] | (33) | |||||
Interest Expense [Member] | Unsecured Debt [Member] | Interest Rate Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Consolidated obligation bonds | (466) | ||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1] | 67 | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (89) | ||||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | $ (22) | ||||||
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Unsecured Debt [Member] | Interest Rate Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1],[2] | 4 | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [2] | 0 | |||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | [2] | 4 | |||||
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Short-term Debt [Member] | Interest Rate Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1],[2] | (1) | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [2] | 0 | |||||
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | [2] | (1) | |||||
Gain (Loss) on Derivative Instruments [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | [1],[2] | 206 | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | [2] | (187) | |||||
Net gains on derivatives and hedged items in fair value hedging relationships | [2] | $ 19 | |||||
|
Derivatives and Hedging Activities (Cumulative Basis Adjustments for Fair Value Hedges) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|||
---|---|---|---|---|
Advances [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Hedged Asset, Fair Value Hedge | $ 29,780 | [1] | ||
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | 324 | |||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 14 | |||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 338 | |||
Unsecured Debt [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Hedged Liability, Fair Value Hedge | 20,758 | [1] | ||
Hedged Liability,Active Fair Value Hedge, Cumulative Increase (Decrease) | (52) | |||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | |||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ (52) | |||
|
Derivatives and Hedging Activities (Net Gains (Losses) on Derivatives and Hedging Activities Recorded in Non-interest Income) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains (losses) on derivatives not designated as hedging instruments | $ (2) | $ 3 |
Gain (Loss) on Derivative Instruments, Net, Pretax | (2) | 22 |
Interest rate caps or floors [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains (losses) on derivatives not designated as hedging instruments | (1) | 1 |
Net Interest Settlements [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gains (losses) on derivatives not designated as hedging instruments | 0 | (1) |
Interest rate swaps [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 19 | |
Net gains (losses) on derivatives not designated as hedging instruments | $ (1) | $ 3 |
Derivatives and Hedging Activities (Offsetting of Derivative Assets and Derivative Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | $ 81 | $ 36 | |||||||
Derivative Liability, Fair Value, Gross Liability | 91 | 163 | |||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 299 | 278 | ||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (78) | (146) | ||||||
Derivative assets | 380 | 314 | |||||||
Derivative liabilities | 13 | 17 | |||||||
Derivative, Collateral, Obligation to Return Securities That Cannot Be Sold or Repledged | [3] | 1 | 0 | ||||||
Derivative, Collateral, Right to Reclaim Securities That Cannot Be Sold or Repledged | [3] | 0 | 0 | ||||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 379 | 314 | ||||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | [3] | 13 | 17 | ||||||
Credit Risk Contract [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Credit Derivative Exposure Net | 1 | 2 | |||||||
Uncleared derivatives [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 45 | 35 | |||||||
Derivative Liability, Fair Value, Gross Liability | 88 | 128 | |||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (43) | (33) | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (75) | (111) | |||||||
Derivative assets | 2 | 2 | |||||||
Derivative liabilities | 13 | 17 | |||||||
Derivative, Collateral, Obligation to Return Securities That Cannot Be Sold or Repledged | [3] | 1 | 0 | ||||||
Derivative, Collateral, Right to Reclaim Securities That Cannot Be Sold or Repledged | [3] | 0 | 0 | ||||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 1 | 2 | ||||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | [3] | 13 | 17 | ||||||
Cleared derivatives [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 36 | 1 | |||||||
Derivative Liability, Fair Value, Gross Liability | 3 | 35 | |||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 342 | 311 | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (3) | (35) | |||||||
Derivative assets | 378 | 312 | |||||||
Derivative liabilities | 0 | 0 | |||||||
Derivative, Collateral, Obligation to Return Securities That Cannot Be Sold or Repledged | [3] | 0 | 0 | ||||||
Derivative, Collateral, Right to Reclaim Securities That Cannot Be Sold or Repledged | [3] | 0 | 0 | ||||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | [3] | 378 | 312 | ||||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | [3] | $ 0 | $ 0 | ||||||
|
Derivatives and Hedging Activities (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Document Period End Date | Mar. 31, 2019 |
Gain (Loss) on Fair Value Hedges Recorded in Net Interest Income | $ 1 |
Derivative, Net Liability Position, Aggregate Fair Value | 6 |
Collateral already posted, aggregate fair value | 0 |
Additional Collateral, Aggregate Fair Value | $ 1 |
Estimated Fair Values (Estimated Fair Value Measurements on a Recurring Basis) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||
---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | $ 1,055 | $ 55 | ||||||
Assets: | ||||||||
Available-for-sale Securities | 823 | 865 | ||||||
Derivative assets | 380 | 314 | ||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 299 | 278 | |||||
Liabilities: | ||||||||
Derivative liabilities | 13 | 17 | ||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (78) | (146) | |||||
US Treasury Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 999 | 0 | ||||||
Government-Sponsored Enterprises Debt Obligations [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 56 | 55 | ||||||
Mortgage-backed Securities, Private-label residential [Member] | ||||||||
Assets: | ||||||||
Available-for-sale Securities | 823 | 865 | ||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | 0 | ||||||
Assets: | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Derivative assets | 0 | 0 | ||||||
Grantor trust assets (included in Other assets) | 45 | 52 | ||||||
Liabilities: | ||||||||
Derivative liabilities | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 1,055 | 55 | ||||||
Assets: | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Derivative assets | 81 | 36 | ||||||
Grantor trust assets (included in Other assets) | 0 | 0 | ||||||
Liabilities: | ||||||||
Derivative liabilities | 91 | 163 | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | 0 | ||||||
Assets: | ||||||||
Available-for-sale Securities | 823 | 865 | ||||||
Derivative assets | 0 | 0 | ||||||
Grantor trust assets (included in Other assets) | 0 | 0 | ||||||
Liabilities: | ||||||||
Derivative liabilities | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | 0 | ||||||
Assets: | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Derivative, Collateral, Right to Reclaim Cash | 299 | 278 | [2] | |||||
Grantor trust assets (included in Other assets) | 0 | 0 | ||||||
Liabilities: | ||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [2] | (78) | (146) | |||||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||||||
Assets: | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | |||||||
Assets: | ||||||||
Grantor trust assets (included in Other assets) | 45 | 52 | ||||||
Total recurring assets at fair value | 45 | 52 | ||||||
Liabilities: | ||||||||
Total recurring liabilities at fair value | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||||||
Assets: | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 1,055 | |||||||
Assets: | ||||||||
Grantor trust assets (included in Other assets) | 0 | 0 | ||||||
Total recurring assets at fair value | 1,136 | 91 | ||||||
Liabilities: | ||||||||
Total recurring liabilities at fair value | 91 | 163 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 999 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 56 | 55 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||||||
Assets: | ||||||||
Available-for-sale Securities | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | |||||||
Assets: | ||||||||
Grantor trust assets (included in Other assets) | 0 | 0 | ||||||
Total recurring assets at fair value | 823 | 865 | ||||||
Liabilities: | ||||||||
Total recurring liabilities at fair value | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||||||
Assets: | ||||||||
Available-for-sale Securities | 823 | 865 | ||||||
Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||
Assets: | ||||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 299 | 278 | ||||||
Liabilities: | ||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (78) | (146) | ||||||
Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Assets: | ||||||||
Derivative assets | 0 | 0 | ||||||
Liabilities: | ||||||||
Derivative liabilities | 0 | 0 | ||||||
Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Assets: | ||||||||
Derivative assets | 81 | 36 | ||||||
Liabilities: | ||||||||
Derivative liabilities | 91 | 163 | ||||||
Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Assets: | ||||||||
Derivative assets | 0 | 0 | ||||||
Liabilities: | ||||||||
Derivative liabilities | 0 | 0 | ||||||
Estimate of Fair Value Measurement [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 1,055 | 55 | ||||||
Assets: | ||||||||
Available-for-sale Securities | 823 | 865 | ||||||
Derivative assets | 380 | 314 | ||||||
Grantor trust assets (included in Other assets) | 45 | 52 | ||||||
Liabilities: | ||||||||
Derivative liabilities | 13 | 17 | ||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 1,055 | |||||||
Assets: | ||||||||
Grantor trust assets (included in Other assets) | 45 | 52 | ||||||
Total recurring assets at fair value | 2,303 | 1,286 | ||||||
Liabilities: | ||||||||
Total recurring liabilities at fair value | 13 | 17 | ||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 999 | |||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Government-Sponsored Enterprises Debt Obligations [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Trading Securities | 56 | 55 | ||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Private-label residential [Member] | ||||||||
Assets: | ||||||||
Available-for-sale Securities | 823 | 865 | ||||||
Estimate of Fair Value Measurement [Member] | Interest rate swaps [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||
Assets: | ||||||||
Derivative assets | 380 | 314 | ||||||
Liabilities: | ||||||||
Derivative liabilities | $ 13 | $ 17 | ||||||
|
Estimated Fair Values (Roll-forward of Level 3 Assets and Liabilities) (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - Available-for-Sale Securities, Private Label Residential Mortgage Backed Securities [Member] - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||
Reconciliation of Available-For-Sale Securities Measured at Fair Value | |||||
Balance, beginning of year | $ 865 | $ 1,104 | |||
Included in net impairment losses recognized in earnings | [1] | (1) | 0 | ||
Included in other comprehensive income | [1] | (8) | (16) | ||
Accretion of credit losses in net interest income | [1] | 15 | 16 | ||
Settlements | (48) | (51) | |||
Balance, end of year | $ 823 | $ 1,053 | |||
|
Estimated Fair Values (Fair Value Summary) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Assets: | |||||||
Cash and Due from Banks | $ 70 | $ 35 | |||||
Trading Securities | 1,055 | 55 | |||||
Available-for-sale Securities | 823 | 865 | |||||
Held-to-maturity securities | 24,184 | 23,879 | |||||
Held-to-maturity securities, fair value | 24,149 | 23,846 | |||||
Loan to another FHLBank | 0 | 500 | |||||
Interest Receivable | 261 | 295 | |||||
Derivative assets | 380 | 314 | |||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1],[2] | 299 | 278 | ||||
Liabilities: | |||||||
Interest Payable | 217 | 204 | |||||
Derivative liabilities | 13 | 17 | |||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1],[2] | (78) | (146) | ||||
Fair Value, Inputs, Level 1 [Member] | |||||||
Assets: | |||||||
Cash and Due from Banks | 70 | 35 | |||||
Interest-bearing Deposits, Fair Value Disclosure | 0 | 0 | |||||
Securities purchased under agreements to resell | 0 | 0 | |||||
Federal funds sold | 0 | 0 | |||||
Trading Securities | 0 | 0 | |||||
Available-for-sale Securities | 0 | 0 | |||||
Held-to-maturity securities, fair value | 0 | 0 | |||||
Advances | 0 | 0 | |||||
Mortgage loans held for portfolio, net | 0 | 0 | |||||
Loan to another FHLBank | 0 | ||||||
Interest Receivable | 0 | 0 | |||||
Derivative assets | 0 | 0 | |||||
Grantor trust assets (included in Other assets) | 45 | 52 | |||||
Liabilities: | |||||||
Interest-bearing deposits | 0 | 0 | |||||
Mandatorily redeemable capital stock | 1 | 1 | |||||
Interest Payable | 0 | 0 | |||||
Derivative liabilities | 0 | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | |||||||
Assets: | |||||||
Cash and Due from Banks | 0 | 0 | |||||
Interest-bearing Deposits, Fair Value Disclosure | 3,444 | 6,782 | |||||
Securities purchased under agreements to resell | 4,500 | 3,750 | |||||
Federal funds sold | 12,775 | 8,978 | |||||
Trading Securities | 1,055 | 55 | |||||
Available-for-sale Securities | 0 | 0 | |||||
Held-to-maturity securities, fair value | 23,754 | 23,428 | |||||
Advances | 91,017 | 108,448 | |||||
Mortgage loans held for portfolio, net | 363 | 374 | |||||
Loan to another FHLBank | 500 | ||||||
Accrued Interest Receivable, Fair Value Disclosure | 261 | 295 | |||||
Derivative assets | 81 | 36 | |||||
Grantor trust assets (included in Other assets) | 0 | 0 | |||||
Liabilities: | |||||||
Interest-bearing deposits | 1,163 | 1,176 | |||||
Mandatorily redeemable capital stock | 0 | 0 | |||||
Interest Payable | 217 | 204 | |||||
Derivative liabilities | 91 | 163 | |||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Assets: | |||||||
Cash and Due from Banks | 0 | 0 | |||||
Interest-bearing Deposits, Fair Value Disclosure | 0 | 0 | |||||
Securities purchased under agreements to resell | 0 | 0 | |||||
Federal funds sold | 0 | 0 | |||||
Trading Securities | 0 | 0 | |||||
Available-for-sale Securities | 823 | 865 | |||||
Held-to-maturity securities, fair value | 395 | 418 | |||||
Advances | 0 | 0 | |||||
Mortgage loans held for portfolio, net | 0 | 0 | |||||
Loan to another FHLBank | 0 | ||||||
Interest Receivable | 0 | 0 | |||||
Derivative assets | 0 | 0 | |||||
Grantor trust assets (included in Other assets) | 0 | 0 | |||||
Liabilities: | |||||||
Interest-bearing deposits | 0 | 0 | |||||
Mandatorily redeemable capital stock | 0 | 0 | |||||
Interest Payable | 0 | 0 | |||||
Derivative liabilities | 0 | 0 | |||||
Carrying Value [Member] | |||||||
Assets: | |||||||
Cash and Due from Banks | 70 | 35 | |||||
Interest-bearing Deposits, Fair Value Disclosure | 3,444 | 6,782 | |||||
Securities purchased under agreements to resell | 4,500 | 3,750 | |||||
Federal funds sold | 12,775 | 8,978 | |||||
Trading Securities | 1,055 | 55 | |||||
Available-for-sale Securities | 823 | 865 | |||||
Held-to-maturity securities | 24,184 | 23,879 | |||||
Advances | 90,929 | 108,462 | |||||
Mortgage loans held for portfolio, net | 346 | 360 | |||||
Interest Receivable | 261 | 295 | |||||
Derivative assets | 380 | 314 | |||||
Grantor trust assets (included in Other assets) | 45 | 52 | |||||
Liabilities: | |||||||
Interest-bearing deposits | 1,163 | 1,176 | |||||
Mandatorily redeemable capital stock | 1 | 1 | |||||
Interest Payable | 217 | 204 | |||||
Derivative liabilities | 13 | 17 | |||||
Estimate of Fair Value Measurement [Member] | |||||||
Assets: | |||||||
Cash and Due from Banks | 70 | 35 | |||||
Interest-bearing Deposits, Fair Value Disclosure | 3,444 | 6,782 | |||||
Securities purchased under agreements to resell | 4,500 | 3,750 | |||||
Federal funds sold | 12,775 | 8,978 | |||||
Trading Securities | 1,055 | 55 | |||||
Available-for-sale Securities | 823 | 865 | |||||
Held-to-maturity securities, fair value | 24,149 | 23,846 | |||||
Advances | 91,017 | 108,448 | |||||
Mortgage loans held for portfolio, net | 363 | 374 | |||||
Loan to another FHLBank | 500 | ||||||
Accrued Interest Receivable, Fair Value Disclosure | 261 | 295 | |||||
Derivative assets | 380 | 314 | |||||
Grantor trust assets (included in Other assets) | 45 | 52 | |||||
Liabilities: | |||||||
Interest-bearing deposits | 1,163 | 1,176 | |||||
Mandatorily redeemable capital stock | 1 | 1 | |||||
Accrued Interest Payable, Fair Value Disclosure | 217 | 204 | |||||
Derivative liabilities | 13 | 17 | |||||
Short-term Debt [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Liabilities: | |||||||
Discount notes | 0 | 0 | |||||
Short-term Debt [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Liabilities: | |||||||
Discount notes | 61,164 | 66,014 | |||||
Short-term Debt [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Liabilities: | |||||||
Discount notes | 0 | 0 | |||||
Short-term Debt [Member] | Carrying Value [Member] | |||||||
Liabilities: | |||||||
Discount notes | 61,166 | 66,025 | |||||
Short-term Debt [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Liabilities: | |||||||
Discount notes | 61,164 | 66,014 | |||||
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Liabilities: | |||||||
Bonds | 0 | 0 | |||||
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Liabilities: | |||||||
Bonds | 69,262 | 79,086 | |||||
Consolidated Obligation Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Liabilities: | |||||||
Bonds | 0 | 0 | |||||
Consolidated Obligation Bonds [Member] | Carrying Value [Member] | |||||||
Liabilities: | |||||||
Bonds | 69,186 | 79,114 | |||||
Consolidated Obligation Bonds [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Liabilities: | |||||||
Bonds | 69,262 | 79,086 | |||||
Fair Value, Measurements, Recurring [Member] | |||||||
Assets: | |||||||
Securities purchased under agreements to resell | 0 | ||||||
Trading Securities | 0 | 0 | |||||
Available-for-sale Securities | 0 | 0 | |||||
Held-to-maturity securities, fair value | 0 | 0 | |||||
Grantor trust assets (included in Other assets) | 0 | 0 | |||||
Liabilities: | |||||||
Mandatorily redeemable capital stock | 0 | 0 | |||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [2] | (78) | (146) | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Assets: | |||||||
Trading Securities | 0 | ||||||
Grantor trust assets (included in Other assets) | 45 | 52 | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Assets: | |||||||
Trading Securities | 1,055 | ||||||
Grantor trust assets (included in Other assets) | 0 | 0 | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Assets: | |||||||
Trading Securities | 0 | ||||||
Grantor trust assets (included in Other assets) | 0 | 0 | |||||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Assets: | |||||||
Trading Securities | 1,055 | ||||||
Grantor trust assets (included in Other assets) | 45 | 52 | |||||
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Assets: | |||||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 299 | 278 | |||||
Liabilities: | |||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (78) | (146) | |||||
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Assets: | |||||||
Derivative assets | 0 | 0 | |||||
Liabilities: | |||||||
Derivative liabilities | 0 | 0 | |||||
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Assets: | |||||||
Derivative assets | 81 | 36 | |||||
Liabilities: | |||||||
Derivative liabilities | 91 | 163 | |||||
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Assets: | |||||||
Derivative assets | 0 | 0 | |||||
Liabilities: | |||||||
Derivative liabilities | 0 | 0 | |||||
Interest rate swap [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Assets: | |||||||
Derivative assets | 380 | 314 | |||||
Liabilities: | |||||||
Derivative liabilities | $ 13 | $ 17 | |||||
|
Commitments and Contingencies (Details) $ in Millions |
Mar. 31, 2019
USD ($)
letter_of_credit
|
Dec. 31, 2018
USD ($)
letter_of_credit
|
|||||
---|---|---|---|---|---|---|---|
Standby Letters of Credit [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number Of Outstanding Standby Letters Of Credit Renewable Annually | letter_of_credit | 14 | 14 | |||||
Standby Letters Of Credit Issued Renewable Annually | $ 37 | $ 37 | |||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [1] | 11,615 | 12,334 | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 15,894 | 17,974 | |||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 27,509 | 30,308 | |||||
Commitments to Fund Additional Advances [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 30 | 48 | |||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | 0 | |||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 30 | 48 | |||||
Unsettled Consolidated Obligation Bonds [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [2] | 1,015 | 640 | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [2] | 0 | 0 | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 1,015 | 640 | |||||
Unsettled Discount Notes [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | [2] | 0 | 750 | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | [2] | 0 | 0 | ||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 0 | $ 750 | |||||
|
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Loss Contingencies [Line Items] | ||
The FHLBank's outstanding consolidated obligations for which the Bank is jointly and severally liable | $ 880,223 | $ 886,081 |
Other liabilities | 182 | 207 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Other liabilities | $ 88 | $ 102 |
Transactions With Shareholders (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Minimum | |||
Definition of related party, minimum percent | 10.00% | ||
Definition of shareholder concentration, percentage | 10.00% | ||
Regulatory Capital Stock Outstanding | $ 6,880 | $ 7,597 | |
Federal Home Loan Bank, Advances, Par Value | 90,612 | $ 108,414 | |
Navy Federal Credit Union [Member] | |||
Minimum | |||
Regulatory Capital Stock Outstanding | $ 527 | $ 570 | |
Percent of Total Regulatory Capital Stock Outstanding | 11.08% | 10.39% | |
Federal Home Loan Bank, Advances, Par Value | $ 12,040 | $ 13,058 | |
Percent of Total Par Value Advances | 13.29% | 12.04% | |
Interest-bearing Deposits | $ 99 | $ 0 | |
Percent of Total Interest-bearing Deposits | 8.47% | 0.04% | |
Bank of America [Member] | |||
Minimum | |||
Regulatory Capital Stock Outstanding | $ 515 | $ 855 | |
Percent of Total Regulatory Capital Stock Outstanding | 10.83% | 15.58% | |
Federal Home Loan Bank, Advances, Par Value | $ 11,759 | $ 19,759 | |
Percent of Total Par Value Advances | 12.98% | 18.23% | |
Interest-bearing Deposits | $ 0 | $ 0 | |
Percent of Total Interest-bearing Deposits | 0.01% | 0.01% |
Subsequent (Details) $ in Millions |
Apr. 25, 2019
USD ($)
|
---|---|
Subsequent Event [Line Items] | |
Payments of Dividends | $ 81 |
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