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 as government sponsored enterprises to support mortgage lending, the mission of the Federal Home Loan Bank System is to provide 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 funding costs. 

FHLBank Atlanta also serves the economic and housing needs of communities by providing local lenders with flexible options for community development initiatives. We contribute at least 10 percent of our net income in the form of grants and subsidized advances that help build affordable housing. Since the inception of its Affordable Housing Program (AHP) in 1990, FHLBank Atlanta has awarded more than $846 million through its AHP General Fund, and more than $272 million through its AHP Homeownership Set-aside Program, helping facilitate the purchase, construction, or rehabilitation of more than 173,000 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: 

FHLBank Atlanta had a strong year in 2022 as we remained focused on helping you get the most out of your membership in our cooperative. The economic environment saw some dramatic shifts, with the Federal Reserve increasing its target funds rate seven times, the mortgage market experiencing significant headwinds, and financial institutions experiencing increases in deposit outflows as the year went forward. In the face of these economic uncertainties, we continued to partner and engage with you throughout the year to help you move your business forward and improve your communities.

Community Investment

Through our Affordable Housing Program (AHP) General Fund we awarded close to $10 million in grant funding for 14 projects in seven states, assisting in the development of nearly 1,000 units of much needed affordable housing. We also delivered over $15 million in home purchase and rehabilitation grant funding to 1,801 households through our AHP Homeownership Set-aside Program in 2022. Not only did we exhaust the full amount of AHP funds required by regulation, we are also proud that we made an additional $5 million in funding available to you in August through our AHP Homeownership Set-aside Program. 

On top of this, we made $1 million in funding available to organizations that submitted pilot initiatives during our 2021 Heirs’ Property Prevention and Resolution Funders’ Forum. Heirs’ property is a significant issue that impacts communities across the FHLBank Atlanta district and across the country, acting as a barrier to the accumulation of generational wealth and disproportionately affecting lower income and minority communities. The Bank received 33 proposals for funding under the Heirs’ Property Prevention and Resolution Grant Initiative, representing more than $3 million in requests. We recently announced that the full $1 million in available funding has been distributed to 24 organizations. We are proud of the leadership role we have taken on heirs’ property and of the support we have received from many of you in addressing this important issue.

Working with You

Though demand for advances was modest at the start of the year, we remained focused on maintaining our relationships with you by offering educational opportunities, podcasts, and virtual roundtables designed to allow you to connect with your peers and share best practices. As the year progressed, interest rates and deposit outflows began to increase, impacting balance sheets and spurring an increase in demand for Bank advances. We saw advance demand increase across all member types and we were pleased to welcome 10 new members to our cooperative in 2022.

2022 Financial Results 

FHLBank Atlanta recorded net income of $184 million for 2022, an increase of $51 million from net income of $133 million for 2021. Increasing market interest rates, along with declining deposit balances at the Bank’s member institutions, resulted in an increase in advance demand which had a positive impact on the Bank’s net income in 2022. As of December 31, 2022, total assets were $151.6 billion, an increase of $72.9 billion, or 92.6 percent, from December 31, 2021. The Bank’s retained earnings balance remained strong at $2.3 billion as of December 31, 2022. 

The Bank's 2022 performance resulted in an annualized return on average equity (ROE) of 3.18 percent as compared to 2.79 percent for 2021. The ROE spread to the average Secured Overnight Financing Rate decreased to 154 basis points for 2022, as compared to 275 basis points for 2021. As of December 31, 2022, the Bank was in compliance with its regulatory capital requirements.

Perspectives on Washington

2022 also witnessed some important developments in Washington, DC. In August, the Federal Housing Finance Agency (FHFA) publicly announced a comprehensive review of the Federal Home Loan Bank System. The FHFA’s FHLBank System at 100: Focusing on the Future initiative included three listening sessions, an open comment period, and seven regional roundtables in 2022. Additional roundtables and a wrap-up listening session are scheduled for 2023, along with a final written comment period. The ultimate result of the initiative may result in regulatory or legislative changes that impact the FHLBank System. We have kept members of Congress from our footprint, and their staff, that serve on key committees updated throughout the FHFA review and we stand ready to engage as proposals are offered. We are grateful for the support we received from many of our members who submitted written comments and/or participated in the listening sessions and we will continue to work with you, the other FHLBanks, and our state and national trade association partners on a coordinated response to the initiative.

Looking Ahead

2023 is likely to be another year of economic uncertainty for all of us, but we will remain mission-focused and will continue to capitalize on opportunities to help you move your business forward and address the needs of your local communities. We are grateful for the trust you continue to put in FHLBank Atlanta and we look forward to continuing our partnership with you in the year ahead.

Kirk Malmberg

President and Chief Executive Officer


2022 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  



$   151,622








$    184








$    78,746








$    133








$    92,295








$    255 









R. Thornwell Dunlap III (Chair)

Chairman, President, and Chief Executive Officer



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Suzanne S. DeFerie (Vice Chair)


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Brian McLaughlin


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Edwina L. Payne

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John B. Rucker

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Kim D. Saunders

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Kirk Malmberg

President and Chief Executive Officer

Haig Kazazian III

Executive Vice President and Chief Financial Officer

Alp Can

Executive Vice President and Chief Risk Officer

Annette Hunter

Executive Vice President and Director of Business Operations

Reggie O’Shields

Executive Vice President and Chief Legal and Compliance Officer

Jeff Afonso

Senior Vice President and Chief Information Officer

Joel Badger

Senior Vice President and Chief Audit Officer

Scott Brennan

Senior Vice President and Director of Sales

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

Leslie Schreiner

Senior Vice President and Chief Diversity, Equity, and Inclusion Officer

William Shaw

Senior Vice President and Controller


Forward-Looking Statements

FHLBank Atlanta 2022 Form 10-K

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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 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



© 2023 Federal Home Loan Bank of Atlanta