FHLBank Atlanta is a cooperative bank that offers competitively priced financing, affordable housing grants, and other banking services to help member financial institutions make affordable mortgages and provide economic development credit to neighborhoods and communities.

We are one of 11 regional banks in the Federal Home Loan Bank System, which raises funds in the global financial markets and distributes the proceeds in the form of collateralized loans, known as advances, to members and local communities. Our members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.

Established by Congress in 1932 to support mortgage lending, the Federal Home Loan Bank System provides a stable source of funding to member financial institutions. Each FHLBank operates as an independent organization and is governed by a board of directors that is elected by member financial institutions. 

Our products, services, and programs help financial institutions manage daily liquidity; fund mortgages originated for sale in the secondary market; fund loans and investments held in portfolio; improve their asset and liability management; meet community credit needs profitably; cover temporary deposit outflows; and reduce the funding cost of asset growth. 

FHLBank Atlanta also serves the economic and housing needs of communities by providing local lenders with flexible options for community development initiatives. We contribute 10 percent of our net income in the form of grants and subsidized advances that help build affordable housing. Through 2021, FHLBank Atlanta has awarded more than $836 million through its Affordable Housing Program (AHP) General Fund, and more than $257 million through its AHP Homeownership Set-aside Program, helping facilitate the purchase, construction, or rehabilitation of more than 170,000 units of housing for families across the region. In addition, through our Community Investment Program and Economic Development Program, we make subsidized advances available to our members to help low- and moderate-income families seeking affordable housing opportunities, and assist with community economic development activities.


Dear FHLBank Atlanta Members: 

2021 was another year of challenges as response to the COVID-19 pandemic continued to impact interest rates, supply chains, inflation, housing prices and demand, and the labor market. Despite these challenges, we met some important goals in 2021 and believe our partnership with you is as strong as ever. 

Member Engagement 

We welcomed 11 new members in 2021 and continued to engage with you virtually and in person through roundtables, small group meetings, podcasts, and individual sessions. Although advance demand was modest due to elevated market liquidity levels, we remained focused on providing you with flexible funding products and strategic counsel to help you move your business forward. Additionally, in April, we were pleased to publicly announce the first pledge of electronic promissory notes as collateral, marking an important milestone in a multiyear initiative around e-notes. We further expanded collateral eligibility to accept loans with electronically signed modifications in recognition of changes in your operations due to the pandemic. 

We continued to invest in member-facing technology and launched a new FHLBAccess® in 2021 to enhance your experience when interfacing with the Bank online. We also continued to support your communities through our Affordable Housing Program (AHP), and we maintained a leadership role regarding several important initiatives that have broad impact across the financial services industry.

2021 Financial Results 

FHLBank Atlanta recorded net income of $133 million for 2021, a decrease of $122 million from net income of $255 million for 2020. Low market interest rates, coupled with federal government asset purchase programs and fiscal stimulus efforts, kept liquidity and deposit levels elevated at the Bank’s member institutions, resulting in lower demand for advances, which impacted the Bank’s net income in 2021. The Bank's 2021 performance resulted in an annualized return on average equity (ROE) of 2.79 percent as compared to 3.95 percent for 2020. The ROE spread to the average Secured Overnight Financing Rate decreased to 275 basis points for 2021, as compared to 359 basis points for 2020. The decrease in ROE for the years ended December 31, 2021 and 2020, was primarily due to the decrease in net income partially offset by the decrease in equity. As of December 31, 2021, the Bank was in compliance with its regulatory capital requirements.

As of December 31, 2021, total assets were $78.7 billion, a decrease of $13.5 billion, or 14.7 percent, from December 31, 2020 total assets value of $92.3 billion. The Bank’s retained earnings balance remained strong at $2.2 billion as of December 31, 2021 and 2020. 

LIBOR Transition 

The financial services industry’s transition away from the London Interbank Offered Rate (LIBOR) as a benchmark index remained a top priority for the Bank in 2021, and we offered various resources to help you navigate the transition to the Secured Overnight Financing Rate (SOFR), the probable dominant replacement for LIBOR. These included developing and implementing new SOFR-based products, reporting the spread of our dividends to SOFR, and continued participation in relevant industry, market, and regulatory LIBOR transition efforts. While the most frequently used LIBOR tenors will be published through mid-2023, we made significant progress to help you prepare for the eventual phase-out of LIBOR and will continue to communicate with you and provide the resources you need to prepare for this important transition.

Community Investment

Through our AHP contributions, we helped support homeownership and economic development opportunities in your communities in 2021. Through the AHP General Fund, 40 individual projects in 12 states and the District of Columbia were awarded over $18 million in grant funding to help build 2,194 housing units, translating to over $1 billion in total economic benefits. Through our Homeownership Set-aside Program, 88 different Bank members delivered over $13 million in home purchase and rehabilitation grant funding to 1,588 households, leveraging more than $300 million in residential first mortgages. 

Heirs’ Property

In December, we co-sponsored the Heirs’ Property Prevention and Resolution Funders’ Forum. The event was specifically designed to match nonprofit organizations and other entities with potential funders positioned to deliver resources that can help resolve and prevent issues stemming from heirs’ property, such as vacancy, abandonment, and unrealized equity in impoverished neighborhoods. The forum was co-sponsored by Federal Home Loan Bank of Boston, Federal Home Loan Bank of Dallas, Federal Home Loan Bank of Pittsburgh, Federal Reserve Bank of Atlanta, Federal Reserve Bank of Richmond, and Asset Funders Network. The event featured 84 presentations from organizations hailing from 22 states and the District of Columbia. Forty potential funders attended, including 10 FHLBank Atlanta members.

The View from Washington

As expected, the new administration and new Congress in Washington came with a change in priorities and new challenges and opportunities for the Bank and the financial services industry. Proposed legislation to increase AHP contributions from all FHLBanks was a particular focal point throughout the year, and will require continued attention in 2022. Worries over inflation and supply chain problems also received considerable attention in 2021, and, along with concerns over expected interest rate increases from the Fed. We will monitor these and other issues as they develop and will leverage the relationships we have established with policymakers to ensure our concerns and the concerns of the industry are understood.

The Year Ahead

Though it may seem like the pandemic is coming to an end, the impact of responses to it are likely to linger for some time. As your trusted advisor, FHLBank Atlanta stands ready to work closely with you to move your business forward despite the uncertain times. We are grateful for your partnership and we look forward to helping you get the most out of your membership in our cooperative in 2022.

Kirk Malmberg

President and Chief Executive Officer 


2021 FHLBank Atlanta Financial Summary

Selected Items at Year End (dollar amounts in millions)


Total Assets 




Capital Stock    

Retained Earnings 


Annual Operating Results (dollar amounts in millions)


Net Income     

Dividends Paid    

Dividend Rate   

Performance Ratios


Return on Average Assets    

Return on Average Equity        

Total Average Equity to Average Assets  


$    78,746








$    133








$    92,295








$    255 










$   149,857








$    367








Richard A. Whaley (Chair)

President, Chief Executive Officer, and Director

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Brian E. Argrett (Vice Chair)

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William C. Handorf

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Jonathan Kislak

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Kim C. Liddell


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Edwina L. Payne

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Garrett Richter

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John B. Rucker

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Kim D. Saunders

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Robert L. Strickland Jr.
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Kirk Malmberg

President and Chief Executive Officer

Alp Can

Executive Vice President and Chief Risk Officer

Haig Kazazian III

Executive Vice President and Chief Financial Officer

Reggie O’Shields

Executive Vice President and Chief Legal and Compliance Officer

Joel Badger

Senior Vice President and Chief Audit Officer

Scott Brennan

Senior Vice President and Director of Sales

Tina Carew

Senior Vice President and Corporate Secretary

Sharon Cook

Senior Vice President and Chief Marketing Officer

Arthur Fleming

Senior Vice President and Director of Community Investment Services

Dawn Gehring

Senior Vice President and Chief Human Resources Officer

Annette Hunter

Senior Vice President and Director of Business Operations

Leslie Schreiner

First Vice President and Director of Diversity, Equity, and Inclusion

William Shaw

Senior Vice President and Controller


Forward-Looking Statements

FHLBank Atlanta 2021 Form 10-K

View as HTML

Some of the statements made in this announcement are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank's control, and which may cause the Bank's actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by the forward-looking statements.

The forward-looking statements may not be realized due to a variety of factors, including without limitation any one or more of the following factors: the impact of the COVID-19 pandemic on the Bank, its employees, members and counterparties, or on the capital markets and the U.S. economy, which impact is evolving and unknowable at this time and could include impacts to the Bank’s operations, liquidity, profitability, financial condition, and results of operations and dividend. Additional factors include legislative, regulatory and accounting actions, changes, approvals or requirements; uncertainties relating to the potential phase-out of LIBOR; future economic and market conditions (including the housing market); changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, and world events, disruptions in information systems; membership changes; and adverse developments or events affecting or involving other Federal Home Loan Banks or the FHLBank System in general. Additional factors that might cause the Bank's results to differ from these forward-looking statements are provided in detail in the Bank’s filings with the SEC, which are available at www.fhlbatl.com and www.sec.gov

New factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements. These statements speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of the forward-looking statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law.


Sales, Trading, and Membership


Media Relations

Peter Garuccio



FHLBank Atlanta

Corporate Offices

1475 Peachtree Street, N.E.

Atlanta, GA 30309



© 2022 Federal Home Loan Bank of Atlanta