v3.25.1
Capital
 3 Months Ended
Mar. 31, 2025
Banking Regulation, Total Capital [Abstract]  
Capital
Note 9 — Capital
Capital Requirements. The FHLBank Act and regulations governing the operations of the FHLBanks require that the Bank’s minimum capital stock requirement for shareholders must be sufficient to enable the Bank to meet its regulatory requirements for total regulatory capital, leverage capital, and risk-based capital.
As of March 31, 2025, and December 31, 2024, the Bank complied with these capital rules and requirements as shown in the following table.
March 31, 2025December 31, 2024
(Dollars in millions)RequiredActualRequiredActual
Risk-based capital$1,174 $7,118 $1,058 $7,272 
Total regulatory capital$3,120 $7,118 $3,269 $7,272 
Total regulatory capital ratio4.00 %9.13 %4.00 %8.90 %
Leverage capital$3,900 $10,676 $4,087 $10,908 
Leverage ratio5.00 %13.69 %5.00 %13.35 %
Mandatorily Redeemable Capital Stock. The Bank had mandatorily redeemable capital stock totaling $153 million outstanding to five institutions at March 31, 2025, and $331 million outstanding to seven institutions at December 31, 2024. These amounts have been classified as a liability on the Bank’s Statements of Condition. The changes in mandatorily redeemable capital stock for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended
(In millions)March 31, 2025March 31, 2024
Balance at the beginning of the period$331 $706 
Reclassified from/(to) capital during the period— 36 
Repurchase/redemption
(178)(76)
Balance at the end of the period$153 $666 
The following table presents mandatorily redeemable capital stock amounts by contractual year of redemption at March 31, 2025, and December 31, 2024.
(In millions)
Contractual Year of Redemption
March 31, 2025December 31, 2024
Year 2
$— $1 
Year 3
3 3 
Year 4
149 309 
Year 5
— 18 
Past contractual redemption date because of remaining activity(1)
1 — 
Total$153 $331 
(1)    Represents mandatorily redeemable capital stock that is past the end of the contractual redemption period because there is activity outstanding to which the mandatorily redeemable capital stock relates.
If activity-based stock becomes excess stock as a result of an activity no longer remaining outstanding, the Bank may repurchase those shares, at its sole discretion, subject to the statutory and regulatory restrictions on excess stock redemption.
Excess Stock Repurchase, Retained Earnings, and Dividend Framework. There have been no significant changes to the Bank’s capital plan, capital stock requirements (including excess stock repurchase provisions), or dividend framework from those disclosed in the Bank’s 2024 Form 10-K.
In January 2025, the required level of retained earnings was increased from $1.4 billion to $1.6 billion mainly attributable to higher non-MBS investment balances.
Excess stock totaled $116 million, or 0.15% of total assets as of March 31, 2025. Excess stock totaled $111 million, or 0.14% of total assets as of December 31, 2024.
On April 24, 2025, the Board declared a quarterly cash dividend on the average capital stock outstanding during the first quarter of 2025 at an annualized rate of 8.75%, totaling $59 million. The Bank recorded the dividend on April 24, 2025, and expects to pay the dividend on May 8, 2025.
For more information on the Bank’s membership capital stock requirement and activity-based capital stock requirement, mandatorily redeemable capital stock, excess stock repurchase, retained earnings, and dividend framework, see “Item 8. Financial Statements and Supplementary Data – Note 11 – Capital” in the Bank’s 2024 Form 10-K.
Concentration. No institution held 10% or more of the Bank’s outstanding capital stock, including mandatorily
redeemable capital stock, as of March 31, 2025, or December 31, 2024