v3.26.1
Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Instruments
The following table presents the notional amount, fair value of derivative instruments, and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest.
 
As of June 30, 2026As of December 31, 2025
Notional Amount of DerivativesDerivative Assets    Derivative Liabilities    Notional Amount of DerivativesDerivative Assets    Derivative Liabilities    
Derivatives in hedging relationships:
  Interest-rate swaps $94,674 $157 $187 $109,775 $104 $303 
Derivatives not designated as hedging instruments:
  Interest-rate swaps 12 — — 53 — — 
Total derivatives before netting and collateral adjustments
$94,686 157 187 $109,828 104 303 
Netting adjustments and cash collateral (1)
230 (185)230 (299)
Derivative assets and derivative liabilities$387 $2 $334 $4 
_________
(1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest, was $482 and $541 as of June 30, 2026 and December 31, 2025, respectively. Cash collateral received, including accrued interest, was $67 and $12 as of June 30, 2026 and December 31, 2025, respectively.
Net Gains (Losses) on Fair Value Hedging Relationships
The following tables present the net gains (losses) on fair value hedging relationships.
For the Three Months Ended June 30,
20262025
Interest Income (Expense)
AdvancesAvailable-for-sale SecuritiesConsolidated Obligation BondsConsolidated Obligation Discount NotesAdvancesAvailable-for-sale SecuritiesConsolidated Obligation BondsConsolidated Obligation Discount Notes
Total interest income (expense) recorded in the Statements of Income$1,084 $128 $(1,041)$(409)$1,193 $83 $(1,397)$(189)
Gains (losses) on fair value
    hedging relationships
Interest rate contracts
Derivatives (1)
$112 $89 $(28)$(4)$(35)$(39)$4 $(1)
Hedged items (2)
(94)(97)(17)5 99 47 (124)— 
Net gains (losses) on fair value
    hedging relationships		$18 $(8)$(45)$1 $64 $8 $(120)$(1)
For the Six Months Ended June 30,
20262025
Interest Income (Expense)
AdvancesAvailable-for-sale SecuritiesConsolidated Obligation BondsConsolidated Obligation Discount NotesAdvancesAvailable-for-sale SecuritiesConsolidated Obligation BondsConsolidated Obligation Discount Notes
Total interest income (expense) reported on the Statements of Income$2,117 $227 $(2,016)$(816)$2,301 $143 $(2,654)$(417)
Gains (losses) on fair value
    hedging relationships
Changes in fair value:
Derivatives (1)
$208 $158 $(86)$(12)$(206)$(88)$57 $(1)
Hedged items (2)
(170)(170)(23)19 326 100 (304)6 
Net gains (losses) on fair value
    hedging relationships		$38 $(12)$(109)$7 $120 $12 $(247)$5 
____________
(1) Includes changes in fair value and net interest settlements and excludes the interest income (expense) of the respective hedged item.
(2) Includes changes in fair value and amortization and accretion of basis adjustments.
Cumulative Basis Adjustments for Fair Value Hedges
The following tables present the total basis adjustments on hedged items designated as fair value hedges and the related
amortized cost of the hedged items.
As of June 30, 2026
AdvancesAvailable-for-sale SecuritiesConsolidated Obligations
 Bonds		Consolidated Obligations
 Discount Notes
Amortized cost of hedged asset or liability (1)
$18,987 $13,787 $28,094 $33,738 
Fair Value Hedging adjustments:
Basis adjustments for active hedging relationships
    included in amortized cost		$(280)$(91)$(182)$(10)
Basis adjustments for discontinued hedging relationships
    included in amortized cost		— — (5)— 
Total amounts of fair value hedging basis adjustments$(280)$(91)$(187)$(10)

As of December 31, 2025
AdvancesAvailable-for-sale SecuritiesConsolidated Obligations
 Bonds		Consolidated Obligations
 Discount Notes
Amortized cost of hedged asset or liability (1)
$23,557 $8,908 $36,918 $39,888 
Fair Value Hedging adjustments:
    Basis adjustments for active hedging relationships
        included in amortized cost
$(120)$79 $(204)$9 
    Basis adjustments for discontinued hedging relationships
        included in amortized cost
1 — (6)— 
Total amounts of fair value hedging basis adjustments$(119)$79 $(210)$9 
___________
(1) Includes only the portion of amortized cost representing the hedged items in active or discontinued fair value hedging relationships. Amortized cost includes
fair value hedging adjustments.
Derivatives Not Designated as Hedging Instruments [Table Text Block]
Offsetting Assets [Table Text Block]
The following table presents the fair value of derivative instruments after netting adjustments, including the related collateral received from or pledged to counterparties.
As of June 30, 2026As of December 31, 2025
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Gross recognized amount:
     Uncleared derivatives$129 $182 $81 $297 
     Cleared derivatives28 5 23 6 
Total gross recognized amount157 187 104 303 
Gross amounts of netting adjustments and cash collateral:
     Uncleared derivatives(118)(180)(73)(293)
     Cleared derivatives348 (5)303 (6)
Total gross amounts of netting adjustments and cash collateral
230 (185)230 (299)
Net amounts after netting adjustments and cash collateral:
     Uncleared derivatives11 2 8 4 
     Cleared derivatives376 — 326 — 
Total net amounts after netting adjustments and cash collateral
387 2 334 4 
Non-cash collateral received or pledged not offset-cannot be sold or repledged:
     Uncleared derivatives5 — — — 
     Cleared derivatives— — — — 
Total cannot be sold or repledged5 — — — 
Net unsecured amounts:
    Uncleared derivatives6 2 8 4 
    Cleared derivatives376 — 326 — 
Net amount (1)
$382 $2 $334 $4 
_________
(1) The amount of non-cash collateral for uncleared derivatives included in the determination of the net amount is limited to the amount needed to secure the
Bank’s or counterparties' uncleared exposure. The Bank pledged excess non-cash collateral with a fair value of $20 and $0 as of June 30, 2026 and
December 31, 2025, respectively, and the Bank received excess non-cash collateral with a fair value of $15 and $0 as of June 30, 2026 and
December 31, 2025, respectively.