Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table presents information on mortgage loans held for portfolio, all of which are secured by one- to four-unit residential properties and single-unit homes.


(In millions)	March 31, 2026		December 31, 2025
Fixed rate medium-term mortgage loans(1)	$	8	$	9
Fixed rate long-term mortgage loans(1)	590		599
Subtotal	598		608
Premiums	33		33
Discounts	(1)		(1)
Mortgage loans held for portfolio	630		640
Less: Allowance for credit losses	(1)		(1)
Total mortgage loans held for portfolio, net	$	629	$	639

(1)Medium-term loans have original contractual terms of 15 years or less, and long-term loans have contractual terms of more than 15 years.

Financing Receivable Credit Quality Indicators

The following table presents the payment status for mortgage loans and other delinquency statistics for the Bank’s mortgage loans.


(Dollars in millions)
Payment Status, at Amortized Cost(1)	March 31, 2026			December 31, 2025
30 – 59 days delinquent	$	10		$	8
60 – 89 days delinquent	2			3
90 days or more delinquent	17			15
Total past due	29			26
Total current loans	601			614
Total mortgage loans held for portfolio	$	630		$	640
In process of foreclosure, included above(2)	$	1		$	1
Nonaccrual loans(3)	$	17		$	15

90 days or more delinquent loans as a percentage of total mortgage loans outstanding	2.71		%	2.42		%

(1) The amortized cost in a loan is the unpaid principal balance of the loan, adjusted for net deferred loan fees or costs, amortized premiums or discounts, and direct write-downs.

(2) Includes loans for which the servicer has reported a decision to foreclose or to pursue a similar alternative, such as deed-in-lieu. Loans in process of foreclosure are included in past due or current loans depending on their delinquency status.

(3) At March 31, 2026, and December 31, 2025, $5 million of mortgage loans on nonaccrual status did not have an associated allowance for credit losses because these loans were either previously charged off to the expected recoverable value or the fair value of the underlying collateral, including any credit enhancements, is greater than the amortized cost of the loans.