Dear FHLBank Atlanta Members: 

Thanks to your partnership and engagement, 2023 was a strong year for FHLBank Atlanta. We navigated banking industry disruptions and collectively focused on serving your communities. I am pleased to share this report and reflect on the major events and accomplishments of 2023.

2023 Financial Results

The Bank recorded its highest net income on record in 2023, driven by higher interest rates and increased member demand for liquidity. The Bank reported net income of $649 million for 2023, an increase of $465 million from net income of $184 million in 2022.  This resulted in an annualized return on average equity (ROE) of 7.43 percent. 

Advances outstanding were $96.6 billion as of December 31, 2023. Total assets were $152.4 billion as of December 31, 2023, an increase of $748 million from the prior year. Retained earnings increased to $2.5 billion, up from $2.3 billion in the prior year.

Member Engagement

We continued to grow our partnership with members and welcomed 22 new members to the cooperative in 2023. Additionally, when the failure of three banks in March dramatically increased member demand for funding, FHLBank Atlanta and the FHLBank System executed on the mission to be a reliable source of liquidity. As advance demand moderated, FHLBank Atlanta continued to meet members’ ongoing liquidity and asset-liability management needs as well as offer educational workshops, roundtables, and virtual meetings.

Community Investment 

Throughout 2023, I was proud of the ways our members partnered with developers and community groups to address housing affordability challenges, utilizing FHLBank Atlanta funding to increase the availability of safe and affordable housing.

We awarded $20 million through our Affordable Housing Program (AHP) General Fund in 2023, which supported 28 affordable multifamily housing initiatives. Additionally, to help low- to moderate-income families and individuals purchase homes, FHLBank Atlanta provided $19.3 million in AHP Homeownership Set-aside funds in 2023. We also awarded more than $8 million in funding through our Multifamily Housing Bridge Fund, which we launched at the end of 2023. The program was developed to address the growing number of affordable housing projects facing delays due to financing gaps caused by inflation and rising construction costs. Grants will support the completion of 28 multifamily affordable rental housing projects, encompassing 2,357 units.

In 2023, FHLBank Atlanta also awarded $1 million in total to 24 organizations that created programs to mitigate heirs’ property matters. Heirs’ property, which disproportionately affects low-income communities, occurs when a property owner passes away without a will designating a successor owner, fracturing title to the property and hindering the accumulation of generational wealth.

Looking ahead, FHLBank Atlanta’s total commitment to affordable housing and community development will exceed $100 million for 2024. While each FHLBank is required to commit 10 percent of its income to support affordable housing and community development, FHLBank Atlanta has voluntarily committed an additional five percent of 2023 income this year.  Of this $100 million, we recently announced the availability of $40 million through our AHP Homeownership Set-aside Program, which is the most contributed through this grant program in the Bank’s history.

Perspectives on Washington

In November 2023, our regulator, the Federal Housing Finance Agency (FHFA), published a long-awaited report entitled System at 100: Focusing on the Future. The report, which includes approximately 45 recommendations for the System, was based on a year-long review that included listening sessions, public comment periods, and roundtables held throughout the country. FHLBank Atlanta has supported the FHFA’s process and appreciates the members that took part by sharing how our cooperative strengthens your communities. 

We are committed to keeping members informed as we learn more about the FHFA’s next steps and the implementation of proposed recommendations. FHLBank Atlanta is engaged with the FHFA and the other FHLBanks in an effort to continue carrying out our mission and advocating for the needs of our members and their communities.

Looking Ahead

FHLBank Atlanta remains dedicated to serving as source of support for your businesses. Our goal is always to offer the right products as well as the advice you need in any market condition.  We thank you for the trust you place in FHLBank Atlanta and look forward to another year of partnership and positive community impact.

Kirk Malmberg

President and Chief Executive Officer