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UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM 8-K |
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CURRENT REPORT |
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Pursuant to Section 13 or 15(d) of |
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The Securities Exchange Act of 1934 |
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Date of Report (Date of earliest event reported) : October 27, 2011 |
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FEDERAL HOME LOAN BANK OF ATLANTA |
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(Exact name of registrant as specified in its charter) |
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Federally chartered corporation |
000-51845 |
56-6000442 |
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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1475 Peachtree Street, NE |
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Atlanta, GA 30309 |
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(Address of principal executive offices) |
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(404) 888-8000 |
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(Registrant's telephone number, including area code) |
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Not Applicable |
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(Former name or former address, if changed since last report.) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On October 27, 2011, the Federal Home Loan Bank of Atlanta (the "Bank") issued a press release reporting certain unaudited financial results for the quarter ended September 30, 2011. Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of the press release.
The information being furnished pursuant to Item 2.02 of this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On October 27, 2011, the Bank announced that it will repurchase up to $700 million of subclass B1 membership excess capital stock and B2 activity-based excess capital stock on November 17, 2011. The amount of excess stock to be repurchased from any individual shareholder will be based on the shareholder's total excess capital stock as of November 10, 2011, and an allocation methodology described in the notice. Attached as Exhibit 99.2 to this Current Report on Form 8-K is a copy of the form notice.
Item 8.01. Other Events.
On October 27, 2011, the board of directors of the Bank declared an annualized dividend rate for the third quarter of 2011 equal to 0.80 percent. Attached as Exhibit 99.3 to this Current Report on Form 8-K is a copy of the related press release.
Item 9.01. Exhibits.
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99.1 |
Press Release, dated October 27, 2011, regarding unaudited financial results |
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99.2 |
Form of Notice to Current Shareholders, dated October 27, 2011 |
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99.3 |
Press Release, dated October 27, 2011, regarding third quarter dividend |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Federal Home Loan Bank of Atlanta |
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Date: October 27, 2011 |
By: _/s/ Kirk R. Malmberg ________ |
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Kirk R. Malmberg |
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Executive Vice President, |
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Chief Financial Officer |
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[FHLBank Atlanta logo]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: Sharon Cook
Federal Home Loan Bank of Atlanta
scook@fhlbatl.com
(404) 888-8173
Federal Home Loan Bank of Atlanta Announces Third Quarter 2011 Operating Highlights
ATLANTA, October 27, 2011 -
Federal Home Loan Bank of Atlanta (the Bank) today released unaudited financial highlights for the quarter ended September 30, 2011. The Bank will announce full unaudited financial results in its Form 10-Q filing with the Securities and Exchange Commission, which is expected to be filed on or about November 10, 2011.The Bank reported net income of approximately $32 million for the third quarter 2011, a decrease of approximately $42 million from net income of approximately $74 million for third quarter 2010. As of September 30, 2011, the Bank had total assets of approximately $118.9 billion, a decrease of $13 billion, or 9.82 percent, from December 31, 2010.
The Bank's retained earnings balance was approximately $1.2 billion as of September 30, 2011, an increase of approximately $79 million, or 7.02 percent, from December 31, 2010. Capital stock decreased from approximately $7.2 billion at December 31, 2010 to approximately $5.9 billion at September 30, 2011.
The Bank's third quarter 2011 performance resulted in an annualized return on equity (ROE) of 1.78 percent as compared to 3.71 percent for third quarter 2010. The ROE spread to average three-month LIBOR decreased to 1.48 percent for the third quarter 2011 compared to 3.32 percent for the third quarter 2010.
Federal Home Loan Bank of Atlanta
Financial Highlights
(Unaudited)
(Dollars in millions)
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Statements of Condition |
As of September 30, 2011 |
As of December 31, 2010 |
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Investments |
$ 41,204 |
$ 39,879 |
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Advances, net |
75,363 |
89,258 |
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Mortgage loans held for portfolio, net |
1,742 |
2,039 |
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Total assets |
118,852 |
131,798 |
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Consolidated obligations, net |
107,777 |
119,113 |
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Total capital stock |
5,910 |
7,224 |
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Retained earnings |
1,203 |
1,124 |
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Accumulated other comprehensive loss |
(317) |
(402) |
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Total capital |
6,796 |
7,946 |
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Capital-to-assets ratio (GAAP) |
5.72% |
6.03% |
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Capital-to-assets ratio (Regulatory) |
6.25% |
6.74% |
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Three Months Ended September 30, |
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2011 |
2010 |
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Net interest income |
$115 |
$138 |
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Net impairment losses recognized in earnings |
(19) |
(14) (1) |
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Noninterest (loss) income |
(31) |
9 |
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Total noninterest expense |
29 |
32 |
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Total assessments |
4 |
27 |
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Net income |
32 |
74 |
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Return on average assets |
0.10% |
0.21% |
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Return on average equity |
1.78% |
3.71% |
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Additional financial information concerning the Bank's results of operations for the most recently completed quarter will be available in the Bank's Form 10-Q scheduled to be filed on or about November 10, 2011 with the Securities and Exchange Commission and will be available at www.fhlbatl.com or www.sec.gov.
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About the Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members-its shareholders and customers-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. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System which since 1990 has contributed more than $4 billion to the Affordable Housing Program.
For more information visit our website at www.fhlbatl.com.
Some of the statements made in this announcement are "forward-looking statements," 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 legislative and regulatory actions, changes or approvals; future economic and market conditions (including the housing market and the market for mortgage-backed securities); changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates and prepayment speeds, default rates, delinquencies and losses on mortgage-backed securities; political, national and world events; 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 our filings with the Securities and Exchange Commission, which are available at www.sec.gov.
New factors may emerge from time to time, and it is not possible for us to predict the nature, or assess the potential impact, of each new factor 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.
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[FHLBank Atlanta logo]
Shareholder Notice No. 2011-05
Subject: Repurchase of Subclass B1 Membership Excess Capital Stock and Subclass B2 Activity-based Excess Capital Stock
Dated: October 27, 2011
The Bank will repurchase up to $700 million of Subclass B1 Membership excess capital stock and Subclass B2 Activity-based excess capital stock on November 17, 2011 (the Repurchase Date). The amount of excess stock to be repurchased from any shareholder will be based on the shareholder's total excess capital stock as of November 10, 2011.
If a shareholder had no excess stock on November 10, 2011, or has no excess stock on the Repurchase Date, the Bank will not repurchase any excess stock from that shareholder on the Repurchase Date. Shareholders with excess stock on the Repurchase Date may not opt out of the repurchase.
The Bank will credit the proceeds from the repurchase of any excess stock to each shareholder's daily investment account at the close of business on November 17, 2011. Funds will be available on the next business day. The repurchase of excess capital stock is subject to the Bank continuing to meet all applicable statutory and regulatory conditions for an excess stock repurchase and all other conditions provided in the Bank's Capital Plan.
For questions about the excess stock repurchase, please call the Funding Desk at 800.536.9650, extension 8011.
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The Bank will use the following allocation methodology to determine the amount of excess stock to repurchase from each shareholder:
[FHLBank Atlanta logo]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: Sharon Cook
Federal Home Loan Bank of Atlanta
scook@fhlbatl.com
(404) 888-8173
Federal Home Loan Bank of Atlanta Declares Third Quarter 2011 Dividend,
Announces Quarterly Excess Stock Repurchase
ATLANTA, October 27, 2011 - The Board of Directors of Federal Home Loan Bank of Atlanta (the Bank) has approved an annualized dividend rate for the third quarter of 2011 of 0.80 percent.
"Our continued ability to pay a dividend is a reflection of the long-term value that we provide to shareholders," said Scott C. Harvard, Chairman of the FHLBank Atlanta Board of Directors. "We are pleased to once again increase the amount of excess stock repurchase this quarter to $700 million, continuing our efforts to reduce excess stock."
For the fourth consecutive quarter, the dividend rate is equal to average three-month LIBOR plus 0.50 percent for the period of July 1, 2011, to September 30, 2011. The dividend payout is applicable to capital stock held during that period. The dividend will be credited to shareholders' daily investment accounts at the close of business on November 3, 2011.
The Bank also announced that it will repurchase up to $700 million of membership excess capital stock and activity-based excess capital stock on November 17, 2011(the Repurchase Date). The amount of excess stock to be repurchased from any shareholder will be based on the shareholder's total excess capital stock as of November 10, 2011. Shareholders will be notified regarding the details of this repurchase.
If you have questions, please contact FHLBank Atlanta's Funding Desk at 1.800.536.9650, ext. 8011.
About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members-its shareholders and customers-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. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System which since 1990 has contributed more than $4 billion to the Affordable Housing Program.
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