Advances

6 Months Ended

Jun. 30, 2019

Redemption Terms. The following table presents the Bank’s advances outstanding by year of contractual maturity.



	As of June 30, 2019			As of December 31, 2018
Overdrawn demand deposit accounts	$	1		$	33
Due in one year or less	64,245			72,300
Due after one year through two years	13,345			13,298
Due after two years through three years	4,912			5,403
Due after three years through four years	5,098			4,678
Due after four years through five years	4,470			3,997
Due after five years	8,911			8,705
Total par value	100,982			108,414
Deferred prepayment fees	(15		)	(17		)
Discount on AHP ⁽¹⁾advances	(4		)	(4		)
Discount on EDGE ⁽²⁾advances	(2		)	(2		)
Hedging adjustments	815			71
Total	$	101,776		$	108,462

___________

⁽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.



	As of June 30, 2019		As of December 31, 2018
Overdrawn demand deposit accounts	$	1	$	33
Due or convertible in one year or less	65,508		73,009
Due or convertible after one year through two years	13,672		13,484
Due or convertible after two years through three years	4,946		5,437
Due or convertible after three years through four years	5,078		4,642
Due or convertible after four years through five years	4,182		3,951
Due or convertible after five years	7,595		7,858
Total par value	$	100,982	$	108,414

Interest-rate Payment Terms. The following table presents interest-rate payment terms for advances.



	As of June 30, 2019		As of December 31, 2018
Fixed-rate:
Due in one year or less	$	35,798	$	40,578
Due after one year	25,934		24,043
Total fixed-rate	61,732		64,621
Variable-rate:
Due in one year or less	28,448		31,755
Due after one year	10,802		12,038
Total variable-rate	39,250		43,793
Total par value	$	100,982	$	108,414

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 $75,425 and $80,211 as of June 30, 2019 and December 31, 2018, respectively. This concentration represented 74.7 percent and 74.0 percent of total advances outstanding as of June 30, 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 June 30, 2019 and December 31, 2018. No advance was past due as of June 30, 2019 and December 31, 2018.