v3.26.1
Advances (Reports)
 3 Months Ended
Mar. 31, 2026
Federal Home Loan Banks [Abstract]  
Advances
Note 4 — Advances
Redemption Terms. The following table presents advances outstanding by redemption term and weighted-average interest rate.
(Dollars in millions)March 31, 2026December 31, 2025
Redemption Term
Amount
Outstanding
Weighted
Average
Interest Rate
Amount
Outstanding
Weighted
Average
Interest Rate
Within 1 year
$22,881 3.82 %$22,763 3.85 %
After 1 year through 2 years7,176 4.05 6,476 4.08 
After 2 years through 3 years3,165 4.01 4,218 4.03 
After 3 years through 4 years1,071 3.48 996 3.83 
After 4 years through 5 years1,414 3.88 1,591 3.68 
After 5 years2,080 3.80 2,105 3.79 
Total par value37,787 3.87 %38,149 3.90 %
Valuation adjustments for hedging activities(37)8 
Valuation adjustments under fair value option42 70 
Total$37,792 $38,227 
Carrying amounts exclude accrued interest receivable of $76 million and $67 million at March 31, 2026, and December 31, 2025, respectively.
The following table summarizes advances at March 31, 2026, and December 31, 2025, by the earlier of the year of redemption term or next call date for callable advances and by the earlier of the year of redemption term or next put date for putable advances.
Earlier of Redemption
Term or Next Call Date		Earlier of Redemption
Term or Next Put Date
(In millions)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Within 1 year$23,856 $24,038 $27,654 $27,533 
After 1 year through 2 years6,476 5,476 5,782 5,272 
After 2 years through 3 years3,165 4,218 2,261 3,188 
After 3 years through 4 years1,071 996 677 577 
After 4 years through 5 years1,414 1,591 872 1,033 
After 5 years1,805 1,830 541 546 
Total par value$37,787 $38,149 $37,787 $38,149 
Concentration Risk. The following tables present the concentration in advances by borrowers and their affiliates that is 10% or more of total advances outstanding, or 10% or more of total advance interest income.

March 31, 2026Three Months Ended
March 31, 2026
(Dollars in millions)
Name of Borrower
Advances
Outstanding		Percentage of
Total
Advances
Outstanding
Interest
Income from
Advances(1)
Percentage of
Total Interest
Income from
Advances
Western Alliance Bank$5,200 14 %$31 8 %
City National Bank3,100 8 45 12 

March 31, 2025Three Months Ended
March 31, 2025
(Dollars in millions)
Name of Borrower
Advances
Outstanding		Percentage of
Total
Advances
Outstanding
Interest
Income from
Advances(1)
Percentage of
Total Interest
Income from
Advances
Western Alliance Bank$3,700 10 %$41 9 %
JPMorgan Chase, National Association(2)
3,374 9 70 16 
(1)    Interest income amounts exclude prepayment fees and the interest effect of interest rate exchange agreements with derivative counterparties.
(2)    A nonmember. On May 1, 2023, the California Department of Financial Protection and Innovation closed First Republic Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. On the same date, the FDIC transferred all of the deposits and substantially all of the assets of First Republic Bank, including advances outstanding from the Bank, to JPMorgan Chase, National Association, a nonmember. These advances outstanding are fully collateralized and are not expected to result in any credit loss to the Bank.
Credit Risk Exposure and Security Terms. At March 31, 2026, and December 31, 2025, the Bank had a perfected security interest in collateral pledged by each borrowing member, or by the member's affiliate on behalf of the member, and by each nonmember borrower, with an estimated value in excess of the outstanding credit products for that borrower. At March 31, 2026, and December 31, 2025, none of the Bank’s credit products were past due or on nonaccrual status. There were no modifications to credit products related to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025.
Based on the collateral pledged as security for advances, the Bank’s credit analyses of borrowers’ financial condition, repayment history on advances, and the Bank’s credit extension and collateral policies as of March 31, 2026, and December 31, 2025, the Bank expects to collect all amounts due according to the contractual terms of the advances. Therefore, no allowance for credit losses on advances was deemed necessary by the Bank as of March 31, 2026, and December 31, 2025.
Interest Rate Payment Terms. Interest rate payment terms by redemption term for advances are detailed below:
(In millions)March 31, 2026December 31, 2025
Par value of advances:
Fixed rate:
Due within 1 year$9,628 $10,754 
Due after 1 year14,006 14,386 
Total fixed rate23,634 25,140 
Adjustable rate:
Due within 1 year
13,253 12,009 
Due after 1 year900 1,000 
Total adjustable rate14,153 13,009 
Total par value$37,787 $38,149