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 through our Affordable Housing Program (AHP). Through 2019, FHLBank Atlanta has awarded more than $790 million through its AHP Competitive program, and more than $226 million through its homeowner assistance products, helping facilitate the purchase, construction, or rehabilitation of more than 159,000 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 shareholders to help low- and moderate-income families seeking affordable housing opportunities and assist with community economic development activities.



Dear FHLBank Atlanta Shareholders:


Thanks to your partnership in 2019, FHLBank Atlanta continued to advance its mission of serving the housing finance needs of communities throughout the Southeast. As your trusted advisor, we focused on returning value to you through products and solutions designed to help you achieve your business goals, manage your liquidity and balance sheet positions, and serve your customers. We also focused on providing strategic counsel to help you address complex business challenges such as declining interest rates, collateral management, Community Reinvestment Act (CRA) compliance, and the expected phase-out of the London Interbank Offered Rate (LIBOR) as a reference rate.


2019 Financial Results

FHLBank Atlanta recorded net income of $367 million for 2019, a decrease of $49 million, or 11.94 percent, from net income of $416 million for 2018. This decrease in net income was primarily related to a decrease in outstanding advances during 2019 compared to 2018, and was also related to changes in interest rates and their subsequent impact on the Bank’s derivative positions, interest-earning assets, and interest- bearing liabilities. The Bank’s return on equity (ROE) was 5.09 percent for 2019, compared to 5.54 percent for 2018. ROE spread to average three-month LIBOR decreased to 276 basis points for 2019, as compared to 323 basis points for 2018.


As of December 31, 2019, total assets were $149.9 billion, a decrease of $4.6 billion, or 2.99 percent, from December 31, 2018. The Bank’s retained earnings balance totaled $2.2 billion, increasing by $43 million compared to December 31, 2018.


Working with you as your Trusted Advisor

In a year when interest rates unexpectedly declined, FHLBank Atlanta maintained its focus on serving as your trusted advisor. We added 13 new shareholders in 2019 – five banks, four credit unions, three insurance companies, and one new community development financial institution – and we prioritized engaging with you to help you navigate business challenges and capitalize on opportunities.


We conducted 167 credit and collateral training events, helping shareholders maximize their collateral value and borrowing capacity. We conducted CRA consultations with shareholders from Georgia, North Carolina, South Carolina, and Virginia, and hosted a Disaster Recovery Forum in Florida, highlighting how our Community Rebuild and Restore product can help communities impacted by natural disasters like Hurricane Michael.


We also remained committed to helping you prepare for the expected phase-out of LIBOR as a benchmark interest rate at the end of 2021. LIBOR is deeply embedded in the financial system and it is imperative that financial institutions of all sizes measure their LIBOR exposures and implement the operational and process changes necessary for transitioning to a new reference rate. As industry preparations for the phase out accelerate, we will continue to keep you informed of new developments at FHLBank Atlanta and stand ready to serve as a resource as you prepare your own operations for this important transition.


Diversity and Inclusion

With respect to diversity and inclusion, the Bank presented on aspects of this important topic at several events around the district as we continued building our internal diversity and inclusion program. We also co-hosted a forum with the Women’s Affordable Housing Network pertaining to diversity in the affordable housing industry, hosted two Minority Depository Institution-focused education and outreach forums, and hosted the Bank’s first Low-income Housing Tax Credit bootcamp.


Community Investment

Through our Affordable Housing Program (AHP), we continued to help you support vital housing initiatives and champion homeownership opportunities in your communities. The Bank’s AHP reached some important milestones in 2019. Through our partnerships with you, our homeowner assistance products provided $18.1 million in funding and helped 3,216 homeowners purchase or rehabilitate a home. This represents the highest number of homeowners helped in a single year in the 22-year history of the program. Through our AHP Competitive program, we awarded more than $30 million to help finance 4,644 affordable rental and homeownership units, representing the highest dollar amount of AHP Competitive funds awarded since 2011, and the highest number of units supported by AHP Competitive funds since 2010.


Perspectives on Washington

Despite the entrenched partisanship in the nation’s capital, a few important policy measures managed to move forward in 2019. The Financial Accounting Standards Board approved a delay in the effective date for the Current Expected Credit Loss standard until January 2023. The House of Representatives passed the SAFE Banking Act, providing protections for depository institutions that provide financial services to cannabis-related businesses. Prospects for passage of the legislation in the Senate improved late in the year but remain uncertain. And the Treasury Department released its much anticipated housing finance reform plan in September. The plan includes a recommendation that the “net worth sweep” of Fannie Mae and Freddie Mac profits be revisited, significantly advancing the potential for recapitalization and release of the two entities from government conservatorships.


Looking Ahead

As your trusted advisor, we will continue working closely with you to help you meet your business needs and serve your communities. We appreciate your partnership and look forward to capitalizing on opportunities to help you be successful in 2020.




Wes McMullan

President and Chief Executive Officer



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Richard A. Whaley (Chair)

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Robert L. Strickland Jr. (Vice Chair)

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William C. Handorf

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Scott C. Harvard

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Jonathan Kislak

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Garrett S. Richter

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John B. Rucker

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W. Wesley McMullan

President and Chief Executive Officer


Alp Can

Executive Vice President and Chief Risk Officer


Kirk Malmberg

Executive Vice President and Chief Operating Officer


Reggie O’Shields

Executive Vice President and Director of Enterprise Solutions, General Counsel and Chief Compliance Officer


Joel Badger

Senior Vice President and Chief Audit Officer


Scott Brennan

Senior Vice President and Director of Sales


Julia Brown

Senior Vice President and Corporate Secretary


Sharon Cook

Senior Vice President and Chief Marketing Officer


Bryan Delong

Senior Vice President and Chief Human Resources Officer





Arthur Fleming

Senior Vice President and Director of Community Investment Services


Melissa Hoggatt

Senior Vice President and Chief Information Officer


Annette Hunter

Senior Vice President and Director of Business Operations


Haig Kazazian III

Senior Vice President and Chief Financial Officer


Robert Kovach

Senior Vice President and Chief Credit Officer


Eric Mondres

Senior Vice President and Director of Government and Industry Relations


Leslie Schreiner

First Vice President and Director of Diversity and Inclusion


William Shaw

Senior Vice President and Controller



© 2020 Federal Home Loan Bank of Atlanta