v3.25.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement [Table Text Block]
The following table is a summary of the fair value estimates and related levels in the hierarchy. The carrying amounts are per the Condensed Statements of Condition. Fair value estimates represent the exit prices that we would receive to sell assets or pay to transfer liabilities in an orderly transaction with market participants at the measurement date. They do not represent an estimate of our overall market value as a going concern, as they do not take into account future business opportunities or profitability of assets and liabilities. We measure instrument-specific credit risk attributable to our consolidated obligations based on our nonperformance risk, which includes the credit risk associated with the joint and several liability of other FHLBs (see Note 16 - Commitments and Contingencies in our 2024 Form 10-K). As a result, we did not recognize any instrument-specific credit risk attributable to our consolidated obligations that are carried at fair value. See Note 2 - Summary of Significant Accounting Policies in our 2024 Form 10-K for our fair value policies and Note 15 - Fair Value in our 2024 Form 10-K for our valuation techniques and significant inputs. See Note 9 - Derivatives and Hedging Activities for more information on the Netting and Cash Collateral amounts. The net carrying amount in the below table is net of any allowance for credit losses.

Net Carrying AmountFair ValueLevel 1Level 2Level 3Netting & Cash Collateral
June 30, 2025
Carried at amortized cost
Cash and due from banks and interest-bearing deposits$2,595 $2,595 $2,595 
Federal funds sold and securities purchased under agreements to resell32,894 32,894 $32,894 
Held-to-maturity debt securities1,371 1,372 1,368 $4 
Advances62,547 62,670 62,670 
MPF Loans held in portfolio, net13,893 12,911 12,895 16 
Other assets400 400 400 
Carried at fair value on a recurring basis
Trading debt securities4,216 4,216 4,216 
Available-for-sale debt securities26,967 26,967 26,967 
Advances148 148 148 
Derivative assets13 13 865 $(852)
Other assets50 50 50 
Carried at fair value on a nonrecurring basis
MPF Loans held in portfolio, net12 12 12 
Financial assets145,106 $144,248 $2,595 $142,473 $32 $(852)
Other nonfinancial assets210 
Assets$145,316 
Carried at amortized cost
Deposits$(996)$(996)$(996)
Consolidated obligation discount notes(63,470)(63,466)(63,466)
Consolidated obligation bonds(69,660)(68,704)(68,704)
Mandatorily redeemable capital stock(32)(32)$(32)
Other liabilities(567)(567)(567)
Carried at fair value on a recurring basis
Consolidated obligation discount notes(246)(246)(246)
Consolidated obligation bonds(545)(545)(545)
Derivative liabilities(77)(77)(1,085)$1,008 
Financial liabilities(135,593)$(134,633)$(32)$(135,609)$— $1,008 
Other nonfinancial liabilities(602)
Liabilities$(136,195)
Net Carrying AmountFair ValueLevel 1Level 2Level 3Netting & Cash Collateral
December 31, 2024
Carried at amortized cost
Cash and due from banks and interest-bearing deposits$2,602 $2,602 $2,602 
Federal funds sold and securities purchased under agreements to resell27,113 27,113 $27,113 
Held-to-maturity debt securities1,666 1,662 1,657 $5 
Advances55,717 55,852 55,852 
MPF Loans held in portfolio, net13,309 12,112 12,103 9 
Other assets377 377 377 
Carried at fair value on a recurring basis
Trading debt securities3,240 3,240 3,240 
Available-for-sale debt securities24,654 24,654 24,654 
Advances130 130 130 
Derivative assets18 18 1,084 $(1,066)
Other assets57 57 57 
Carried at fair value on a nonrecurring basis
MPF Loans held in portfolio, net11 11 11 
Financial assets128,894 $127,828 $2,602 $126,267 $25 $(1,066)
Other nonfinancial assets218 
Assets$129,112 
Carried at amortized cost
Deposits$(840)$(840)$(840)
Consolidated obligation discount notes(36,739)(36,738)(36,738)
Consolidated obligation bonds(73,469)(72,213)(72,213)
Mandatorily redeemable capital stock(4)(4)$(4)
Other liabilities(505)(505)(505)
Carried at fair value on a recurring basis
Consolidated obligation bonds(8,390)(8,390)(8,390)
Derivative liabilities(27)(27)(1,421)$1,394 
Financial liabilities(119,974)$(118,717)$(4)$(120,107)$— $1,394 
Other nonfinancial liabilities(518)
Liabilities$(120,492)

We had no transfers between levels for the periods shown.
Fair Value Option, Disclosures [Table Text Block]
Fair Value Option

We may elect the fair value option for financial instruments, such as advances, MPF Loans held for sale, and consolidated obligation discount notes and bonds, in cases where hedge accounting treatment may not be achieved due to the inability to meet the hedge effectiveness testing criteria, or in certain cases where we wish to mitigate the risk associated with selecting the fair value option for other instruments. Financial instruments for which we elected the fair value option along with their related fair value are shown on our Condensed Statements of Condition. Refer to Note 2 - Summary of Significant Accounting Policies to the financial statements in our 2024 Form 10-K for further details.

The following table presents the gains (losses) in fair values of financial assets and liabilities carried at fair value under the fair value option, which are recognized in noninterest income (loss) - instruments held under the fair value option in our Condensed Statements of Income.

Three months ended June 30,Six months ended June 30,
2025202420252024
Advances$2 $— $4 $(1)
Discount notes— — — (2)
Bonds— — (3)(1)
Other(1)(1)— (2)
Noninterest income (loss) - Instruments held under the fair value option
$1 $(1)$1 $(6)

The following table reflects the difference between the aggregate unpaid principal balance (UPB) outstanding and the aggregate fair value for our long term financial instruments for which the fair value option has been elected. None of the advances were 90 days or more past due and none were on nonaccrual status.

As ofJune 30, 2025December 31, 2024
AdvancesConsolidated Obligation BondsAdvancesConsolidated Obligation Bonds
Unpaid principal balance$154 $540 $140 $8,290 
Fair value over (under) UPB(6)5 (10)100 
Fair value
$148 $545 $130 $8,390