v3.26.1
Derivatives and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table summarizes the notional balances and estimated fair values of the Bank’s outstanding derivatives (inclusive of variation margin on daily settled contracts) and the amounts offset against those values in the statement of condition at March 31, 2026 and December 31, 2025 (in thousands).
 March 31, 2026December 31, 2025
 Notional Amount of
Derivatives		Estimated Fair ValueNotional Amount of
Derivatives		Estimated Fair Value
Derivative
Assets		Derivative
Liabilities		Derivative
Assets		Derivative
Liabilities
Derivatives designated as hedging instruments      
Interest rate swaps      
Advances (1)
$23,812,750 $30,653 $29,056 $28,564,835 $34,801 $31,802 
Available-for-sale securities (1)
18,991,520 181,682 65,264 19,288,313 153,747 88,347 
Consolidated obligation bonds (1)
32,602,500 80,561 484,468 31,257,900 75,150 499,337 
Consolidated obligation discount notes (2)
766,000 11 396 966,000 651 — 
Total derivatives designated as hedging
   instruments
76,172,770 292,907 579,184 80,077,048 264,349 619,486 
Derivatives not designated as hedging
   instruments
      
Interest rate swaps      
Advances— — — 850,000 2 — 
Available-for-sale securities49,382 3 10 653,337 1 33 
Mortgage loans held for portfolio713,465 2,464 513 713,465 3,387 92 
Consolidated obligation bonds116,445 83 — 106,445 519 35 
Consolidated obligation discount notes
16,751,000 89 19 28,021,000 65 515 
Trading securities4,696,050 2 311 3,196,050 469 — 
Counterparty exposure10,000,000 106,385 — 10,000,000 79,726 1,568 
Intermediary transactions6,186 35 32 18,558 60 56 
Other200,000 43 8 400,000 — 109 
Interest rate swaptions
Available-for-sale securities1,150,000 335 — 1,150,000 307 — 
Mortgage delivery commitments
18,078 — 126 25,952 — 1 
Total derivatives not designated as
    hedging instruments
33,700,606 109,439 1,019 45,134,807 84,536 2,409 
Total derivatives before collateral and netting adjustments
$109,873,376 402,346 580,203 $125,211,855 348,885 621,895 
Cash collateral and related accrued interest
 (77,657)(230,739) (9,797)(316,400)
Cash received or remitted in excess of variation margin requirements— 24 (48)2 
Netting adjustments (316,775)(316,775) (301,142)(301,142)
Total collateral and netting adjustments (3)
 (394,432)(547,490) (310,987)(617,540)
Net derivative balances reported in statements of condition
 $7,914 $32,713  $37,898 $4,355 
_____________________________
(1)Derivatives designated as fair value hedges.
(2)Derivatives designated as cash flow hedges.
(3)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 as well as any cash collateral held or placed with those same counterparties.
Net Gains (Losses) on Fair Value and Cash Flow Hedging Relationships [Table Text Block]
The following table presents the components of net gains (losses) on qualifying fair value and cash flow hedging relationships for the three months ended March 31, 2026 and 2025 (in thousands). Gains and losses on derivatives in fair value hedging relationships include the change in fair value of the derivatives and the net interest income/expense associated with those derivatives.
Interest Income (Expense)
AdvancesAvailable-for-Sale SecuritiesConsolidated Obligation BondsConsolidated Obligation Discount NotesOther Comprehensive Income (Loss)
Three Months Ended March 31, 2026
Total amount of the financial statement line item$530,708 $215,764 $(557,767)$(315,092)$944 
Gains (losses) on fair value hedging relationships included in the financial statement line item
Interest rate contracts
Derivatives$96,130 $93,657 $(82,786)$— $— 
Hedged items(66,509)(60,613)13,403 — — 
Net gains (losses) on fair value hedging relationships
$29,621 $33,044 $(69,383)$— $— 
Gains (losses) on cash flow hedging relationships included in the financial statement line item
Interest rate contracts
Reclassified from AOCI into interest expense
$— $— $— $3,395 $(3,395)
Recognized in OCI— — — — 4,358 
Net gains on cash flow hedging relationships$— $— $— $3,395 $963 
Three Months Ended March 31, 2025
Total amount of the financial statement line item$768,217 $252,746 $(934,377)$(180,870)$(13,552)
Gains (losses) on fair value hedging relationships included in the financial statement line item
Interest rate contracts
Derivatives$(124,786)$(238,429)$125,546 $— $— 
Hedged items
191,790 312,607 (257,878)— — 
Net gains (losses) on fair value hedging relationships
$67,004 $74,178 $(132,332)$— $— 
Gains (losses) on cash flow hedging relationships included in the financial statement line item
Interest rate contracts
Reclassified from AOCI into interest expense
$— $— $— $5,732 $(5,732)
Recognized in OCI— — — — (7,746)
Net gains (losses) on cash flow hedging relationships$— $— $— $5,732 $(13,478)
Cumulative Basis Adjustments for Fair Value Hedges [Table Text Block]
The following table presents the cumulative basis adjustments on hedged items either designated or previously designated as fair value hedges and the related amortized cost of those items as of March 31, 2026 and December 31, 2025 (in thousands).
Line Item in Statement of Condition of Hedged Item
Amortized Cost of Hedged Asset/(Liability) (1)
Basis Adjustments for Active Hedging Relationships Included in Amortized CostBasis Adjustments for Discontinued Hedging Relationships Included in Amortized Cost
Total Fair Value Hedging Basis Adjustments (2)
March 31, 2026
Advances$23,779,593 $(88,353)$(298)$(88,651)
Available-for-sale securities18,745,712 (270,970)(6,767)(277,737)
Consolidated obligation bonds(32,226,490)473,072 (47)473,025 
December 31, 2025
Advances$28,592,914 $(17,351)$(479)$(17,830)
Available-for-sale securities19,125,045 (210,472)(7,822)(218,294)
Consolidated obligation bonds(30,995,980)460,026 (404)459,622 
_____________________________
(1)Reflects the amortized cost of hedged items in active or discontinued fair value hedging relationships, which includes fair value hedging basis adjustments.
(2)Reflects the cumulative life-to-date unamortized hedging gains (losses) on the hedged items.
Net Gains (Losses) on Derivatives and Hedging Activities Recorded in Non-interest Income [Table Text Block]
The following table presents the components of net gains (losses) on derivatives and hedging activities that are reported in other income (loss) for the three months ended March 31, 2026 and 2025 (in thousands).
Gain (Loss) Recognized in
Other Income (Loss) for the
Three Months Ended March 31,
 20262025
Derivatives not designated as hedging instruments  
Interest rate swaps$(676)$(8,969)
Net interest income on interest rate swaps5,884 3,112 
Interest rate swaptions28 (1,349)
Mortgage delivery commitments(671)850 
Total net gains (losses) related to derivatives not designated as hedging instruments4,565 (6,356)
Price alignment amount on variation margin for daily settled derivative contracts(1)
501 2,089 
Net gains (losses) on derivatives and hedging activities reported in other income (loss)$5,066 $(4,267)
_____________________________
(1)Reflects the price alignment amounts on variation margin for daily settled derivative contracts that are not designated as hedging instruments. The price alignment amounts on variation margin for daily settled derivative contracts that are designated as hedging instruments are recorded in the same line item as the earnings effect of the hedged item.