v3.26.1
Estimated Fair Values
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Estimated Fair Values
The following estimated fair value amounts have been determined by the Bank using available market information and management’s best judgment of appropriate valuation methods. These estimates are based on pertinent information available to the Bank as of March 31, 2026 and December 31, 2025. Although management uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique or valuation methodology. For example, because an active secondary market does not exist for many of the Bank’s financial instruments (e.g., advances and mortgage loans held for portfolio), in certain cases their fair values are not subject to precise quantification or verification. Therefore, the estimated fair values presented below in the Fair Value Summary Tables may not be indicative of the amounts that would have been realized in market transactions at the reporting dates. Further, the fair values do not represent an estimate of the overall market value of the Bank as a going concern, which would take into account future business opportunities.
The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at March 31, 2026 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate.
FAIR VALUE SUMMARY TABLE

 Estimated Fair Value
Financial InstrumentsCarrying ValueTotalLevel 1Level 2Level 3
Netting Adjustment(2)
Assets:  
Cash and due from banks$23,458 $23,458 $23,458 $— $— $— 
Interest-bearing deposits2,969,530 2,969,530 — 2,969,530 — — 
Securities purchased under agreements to resell7,750,000 7,750,000 — 7,750,000 — — 
Federal funds sold9,030,000 9,030,000 — 9,030,000 — — 
Trading securities (1)
6,045,601 6,045,601 — 6,045,601 — — 
Available-for-sale securities (1)
18,928,831 18,928,831 — 18,928,831 — — 
Held-to-maturity securities985,529 989,648 — 989,648 — — 
Advances44,215,047 44,261,227 — 44,261,227 — — 
Mortgage loans held for portfolio, net6,725,287 6,400,867 — 6,400,867 — — 
Accrued interest receivable272,919 272,919 — 272,919 — — 
Derivative assets (1)
7,914 7,914 — 402,346 — (394,432)
Other assets held at fair value (1)
25,817 25,817 25,817 — — — 
Unsecured loans to members included in other assets44,629 44,629 — — 44,629 — 
Liabilities:  
Deposits2,490,119 2,490,036 — 2,490,036 — — 
Consolidated obligations
Discount notes27,317,808 27,310,125 — 27,310,125 — — 
Bonds60,190,861 59,939,359 — 59,939,359 — — 
Mandatorily redeemable capital stock101,662 101,662 101,662 — — — 
Accrued interest payable395,385 395,385 — 395,385 — — 
Derivative liabilities (1)
32,713 32,713 — 580,203 — (547,490)
___________________________
(1)Financial instruments measured at fair value on a recurring basis as of March 31, 2026.
(2)Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions (inclusive of variation margin for daily settled contracts) as well as any cash collateral held or placed with those same counterparties.
The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at December 31, 2025 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate.
FAIR VALUE SUMMARY TABLE
 Estimated Fair Value
Financial InstrumentsCarrying ValueTotalLevel 1Level 2Level 3
Netting Adjustment(2)
Assets:  
Cash and due from banks$39,430 $39,430 $39,430 $— $— $— 
Interest-bearing deposits2,725,508 2,725,508 — 2,725,508 — — 
Securities purchased under agreements to resell
16,650,000 16,650,000 — 16,650,000 — — 
Federal funds sold7,409,000 7,409,000 — 7,409,000 — — 
Trading securities (1)
3,514,824 3,514,824 — 3,514,824 — — 
Available-for-sale securities (1)
19,308,192 19,308,192 — 19,308,192 — — 
Held-to-maturity securities1,048,479 1,048,632 — 1,048,632 
 
— 
 
— 
Advances50,820,106 50,905,437 — 50,905,437 — — 
Mortgage loans held for portfolio, net
6,555,131 6,238,518 — 6,238,518 — — 
Accrued interest receivable287,082 287,082 — 287,082 — — 
Derivative assets (1)
37,898 37,898 — 348,885 — (310,987)
Other assets held at fair value (1)
24,997 24,997 24,997 — — — 
Unsecured loans to members included in other assets44,633 44,633 — — 44,633 — 
Liabilities: 
Deposits2,195,932 2,195,861 — 2,195,861 — — 
Consolidated obligations
Discount notes40,185,289 40,186,405 — 40,186,405 — — 
Bonds57,885,556 57,669,223 — 57,669,223 — — 
Mandatorily redeemable capital stock
7,967 7,967 7,967 — — — 
Accrued interest payable356,354 356,354 — 356,354 — — 
Derivative liabilities (1)
4,355 4,355 — 621,895 — (617,540)
___________________________
(1)Financial instruments measured at fair value on a recurring basis as of December 31, 2025.
(2)Amounts represent the impact of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions (inclusive of variation margin for daily settled contracts) as well as any cash collateral held or placed with those same counterparties.