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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________ 
FORM 10-Q
_____________________________________
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
OR 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 000-51845
 ____________________________________ 
FEDERAL HOME LOAN BANK OF ATLANTA
(Exact name of registrant as specified in its charter)
_____________________________________  
Federally chartered corporation
 
56-6000442
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
1475 Peachtree Street, NE, Atlanta, Georgia
 
30309
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (404) 888-8000
_____________________________________  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days.    ý  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ý  Yes    ¨  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
¨
 
 
 
 
Non-accelerated filer
x  
Smaller reporting company
¨
 
 
Emerging growth company
¨
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ¨  Yes    ý  No
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
N/A
N/A

The number of shares outstanding of the registrant’s Class B Stock, par value $100, as of April 30, 2019 was 49,969,584.


Table of Contents


Table of Contents
 

Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Table of Contents


PART I. FINANCIAL INFORMATION.

Item 1. Financial Statements.
FEDERAL HOME LOAN BANK OF ATLANTA
STATEMENTS OF CONDITION
(Unaudited)
(In millions, except par value)

 
As of March 31, 2019
 
As of December 31, 2018
Assets
 
 
 
Cash and due from banks
$
70

 
$
35

Interest-bearing deposits (including deposits with other FHLBanks of $5 and $20 as of March 31, 2019 and December 31, 2018, respectively)
3,444

 
6,782

Securities purchased under agreements to resell
4,500

 
3,750

Federal funds sold
12,775

 
8,978

Investment securities:
 
 
 
    Trading securities
1,055

 
55

    Available-for-sale securities
823

 
865

    Held-to-maturity securities (fair value of $24,149 and $23,846 as of March 31, 2019 and December 31, 2018, respectively)
24,184

 
23,879

Total investment securities
26,062

 
24,799

Advances
90,929

 
108,462

Mortgage loans held for portfolio, net:
 
 
 
Mortgage loans held for portfolio
347

 
361

Allowance for credit losses on mortgage loans
(1
)
 
(1
)
Total mortgage loans held for portfolio, net
346

 
360

Loan to another FHLBank

 
500

Accrued interest receivable
261

 
295

Derivative assets
380

 
314

Other assets
173

 
201

Total assets
$
138,940

 
$
154,476

Liabilities
 
 
 
Interest-bearing deposits
$
1,163

 
$
1,176

Consolidated obligations, net:
 
 
 
Discount notes
61,166

 
66,025

Bonds
69,186

 
79,114

Total consolidated obligations, net
130,352

 
145,139

Mandatorily redeemable capital stock
1

 
1

Accrued interest payable
217

 
204

Affordable Housing Program payable
89

 
85

Derivative liabilities
13

 
17

Other liabilities
182

 
207

Total liabilities
132,017

 
146,829

Commitments and contingencies (Note 15)

 

Capital
 
 
 
Capital stock Class B putable ($100 par value) issued and outstanding shares:
 
 
 
Subclass B1 issued and outstanding shares: 9 as of March 31, 2019 and December 31, 2018
913

 
891

Subclass B2 issued and outstanding shares: 39 and 46 as of March 31, 2019 and December 31, 2018, respectively
3,840

 
4,595

Total capital stock Class B putable
4,753

 
5,486

Retained earnings:
 
 
 
Restricted
484

 
463

Unrestricted
1,642

 
1,647

Total retained earnings
2,126

 
2,110

Accumulated other comprehensive income
44

 
51

Total capital
6,923

 
7,647

Total liabilities and capital
$
138,940

 
$
154,476


The accompanying notes are an integral part of these financial statements.

3

Table of Contents


FEDERAL HOME LOAN BANK OF ATLANTA
STATEMENTS OF INCOME
(Unaudited)
(In millions)
 
 
For the Three Months Ended March 31,
 
2019
 
2018
Interest income
 
 
 
Advances
$
656

 
$
455

Interest-bearing deposits
28

 
14

Securities purchased under agreements to resell
26

 
6

Federal funds sold
78

 
49

Trading securities
1

 

Available-for-sale securities
23

 
26

Held-to-maturity securities
172

 
127

Mortgage loans
4

 
6

Total interest income
988

 
683

Interest expense
 
 
 
Consolidated obligations:
 
 
 
 Discount notes
372

 
224

 Bonds
466

 
320

Interest-bearing deposits
6

 
4

Total interest expense
844

 
548

Net interest income
144

 
135

Noninterest income (loss)
 
 
 
Total other-than-temporary impairment losses

 

Net amount of impairment losses reclassified from accumulated other comprehensive income
(1
)
 

Net impairment losses recognized in earnings
(1
)
 

Net gains (losses) on trading securities
1

 
(1
)
Net (losses) gains on derivatives and hedging activities
(2
)
 
22

Standby letters of credit fees
7

 
6

Other
2

 

Total noninterest income
7

 
27

Noninterest expense
 
 
 
Compensation and benefits
20

 
20

Other operating expenses
9

 
9

Finance Agency
3

 
2

Office of Finance
2

 
2

Other
5

 
2

Total noninterest expense
39


35

Income before assessment
112

 
127

Affordable Housing Program assessment
11

 
13

Net income
$
101


$
114


The accompanying notes are an integral part of these financial statements.

4

Table of Contents


FEDERAL HOME LOAN BANK OF ATLANTA
STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In millions)
 
 
 
For the Three Months Ended March 31,
 
 
2019
 
2018
Net income
 
$
101

 
$
114

Other comprehensive loss income:
 
 
 
 
Net noncredit portion of other-than-temporary impairment losses on available-for-sale securities:
 
 
 
 
Net change in fair value on other-than-temporarily impaired available-for-sale securities
 
(9
)
 
(16
)
Reclassification of noncredit portion of impairment losses included in net income
 
1

 

Total net noncredit portion of other-than-temporary impairment losses on available-for-sale securities
 
(8
)
 
(16
)
Pension and postretirement benefit plans
 
1

 
1

Total other comprehensive loss
 
(7
)
 
(15
)
Total comprehensive income
 
$
94

 
$
99


The accompanying notes are an integral part of these financial statements


.

5

Table of Contents


FEDERAL HOME LOAN BANK OF ATLANTA
STATEMENTS OF CAPITAL
(Unaudited)
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Stock Class B Putable
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Income
 
Total Capital    
 
Shares        
 
Par Value
 
Restricted    
 
Unrestricted    
 
Total        
 
Balance, December 31, 2017
52

 
$
5,154

 
$
380

 
$
1,623

 
$
2,003

 
$
110

 
$
7,267

Issuance of capital stock
35

 
3,495

 

 

 

 

 
3,495

Repurchase/redemption of capital stock
(40
)
 
(3,869
)
 

 

 

 

 
(3,869
)
Net shares reclassified to mandatorily redeemable capital stock

 
(32
)
 

 

 

 

 
(32
)
Comprehensive income (loss)

 

 
23

 
91

 
114

 
(15
)
 
99

Cash dividends on capital stock

 

 

 
(65
)
 
(65
)
 

 
(65
)
Balance, March 31, 2018
47

 
$
4,748

 
$
403

 
$
1,649

 
$
2,052

 
$
95

 
$
6,895

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2018
55

 
$
5,486

 
$
463

 
$
1,647

 
$
2,110

 
$
51

 
$
7,647

Issuance of capital stock
20

 
2,029

 

 

 

 

 
2,029

Repurchase/redemption of capital stock
(27
)
 
(2,762
)
 

 

 

 

 
(2,762
)
Net shares reclassified to mandatorily redeemable capital stock

 

 

 

 

 

 

Comprehensive income (loss)

 

 
21

 
80

 
101

 
(7
)
 
94

Cash dividends on capital stock

 

 

 
(85
)
 
(85
)
 

 
(85
)
Balance, March 31, 2019
48

 
$
4,753

 
$
484

 
$
1,642

 
$
2,126

 
$
44

 
$
6,923


The accompanying notes are an integral part of these financial statements.

6

Table of Contents


FEDERAL HOME LOAN BANK OF ATLANTA
STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
 
 
For the Three Months Ended March 31,
 
2019
 
2018
Operating activities
 
 
 
Net income
$
101

 
$
114

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
(53
)
 
8

Net change in fair value adjustment on derivatives and related hedging activities
(295
)
 
179

  Net change in fair value adjustment on trading securities
(1
)
 
1

  Net impairment losses recognized in earnings
1

 

Net change in:
 
 
 
  Accrued interest receivable
34

 
(27
)
  Other assets
25

 
22

  Affordable Housing Program payable
3

 
3

  Accrued interest payable
14

 
2

  Other liabilities
(25
)
 
(33
)
  Total adjustments
(297
)
 
155

Net cash (used in) provided by operating activities
(196
)
 
269

Investing activities
 
 
 
Net change in:
 
 
 
  Interest-bearing deposits
3,369

 
(475
)
  Securities purchased under agreements to resell
(750
)
 
(3,500
)
  Federal funds sold
(3,797
)
 
(1,348
)
  Loan to another FHLBank
500

 
200

Trading securities:
 
 
 
  Purchases of long-term
(999
)
 

Available-for-sale securities:
 
 
 
  Proceeds from principal collected
48

 
51

Held-to-maturity securities:
 
 
 
  Proceeds from principal collected
891

 
1,273

  Purchases of long-term
(1,196
)
 
(2,945
)
Advances:
 
 
 
  Proceeds from principal collected
99,457

 
140,699

  Made
(81,655
)
 
(130,323
)
Mortgage loans:
 
 
 
  Proceeds from principal collected
14

 
19

Proceeds from sale of foreclosed assets

 
1

Purchases of premises, equipment, and software

 
(1
)
Net cash provided by investing activities
15,882

 
3,651

 
 
 
 
 
 
 
 
 
 
 
 

7

Table of Contents


FEDERAL HOME LOAN BANK OF ATLANTA
STATEMENTS OF CASH FLOWS—(Continued)
(Unaudited)
(In millions)

 
For the Three Months Ended March 31,
 
2019
 
2018
Financing activities
 
 
 
Net change in interest-bearing deposits
3

 
3

Net payments on derivatives containing a financing element

 
(1
)
Proceeds from issuance of consolidated obligations:
 
 
 
 Discount notes
274,674

 
280,479

 Bonds
13,719

 
14,051

Payments for debt issuance costs
(4
)
 
(3
)
Payments for maturing and retiring consolidated obligations:
 
 
 
 Discount notes
(279,491
)
 
(275,982
)
 Bonds
(23,734
)
 
(24,275
)
Proceeds from issuance of capital stock
2,029

 
3,495

Payments for repurchase/redemption of capital stock
(2,762
)
 
(3,869
)
Payments for repurchase/redemption of mandatorily redeemable capital stock

 
(30
)
Cash dividends paid
(85
)
 
(65
)
Net cash used in financing activities
(15,651
)
 
(6,197
)
Net increase (decrease) in cash and due from banks
35

 
(2,277
)
Cash and due from banks at beginning of the period
35

 
2,357

Cash and due from banks at end of the period
$
70

 
$
80

Supplemental disclosures of cash flow information:
 
 
 
 Cash paid for:
 
 
 
Interest
$
871

 
$
523

Affordable Housing Program assessment, net
$
8

 
$
9

 Noncash investing and financing activities:
 
 
 
Net shares reclassified to mandatorily redeemable capital stock
$

 
$
32

Held-to-maturity securities acquired with accrued liabilities
$

 
$
97

Transfers of mortgage loans to real estate owned
$

 
$
1


The accompanying notes are an integral part of these financial statements.

 


8

Table of Contents


FEDERAL HOME LOAN BANK OF ATLANTA
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Dollars in millions)

Note 1—Basis of Presentation

The accompanying unaudited interim financial statements of the Federal Home Loan Bank of Atlanta (Bank) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). To prepare the financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and income and expenses during the reporting period. Actual results could be different from these estimates. The foregoing interim financial statements are unaudited; however, in the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods, have been included. The results of operations for interim periods are not necessarily indicative of results to be expected for the year ending December 31, 2019, or for other interim periods. The unaudited interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018, which are contained in the Bank’s 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 7, 2019 (Form 10-K).

The Bank has certain financial instruments, including derivative instruments and securities purchased under agreements to resell, that are subject to offset under master netting arrangements or by operation of law. Additional information regarding derivative instruments is provided in Note 13Derivatives and Hedging Activities to the Bank’s interim financial statements. The Bank does not have any offsetting liabilities related to its securities purchased under agreements to resell for the periods presented. Based on the fair value of the related securities held as collateral, the securities purchased under agreements to resell were fully collateralized for the periods presented.

Refer to Note 2Summary of Significant Accounting Policies to the Bank’s 2018 audited financial statements for a description of all the Bank’s significant accounting policies. There have been no changes to these policies as of March 31, 2019, except for policy updates related to new accounting guidance for derivatives and hedging activities, which is described in Note 13Derivatives and Hedging Activities to the Bank’s interim financial statements, and leases which is described below.

Beginning on January 1, 2019, as a result of adopting new accounting guidance for leases, the Bank recognized right-of-use assets and lease liabilities on its existing leases. The adoption of this guidance did not have a material impact on the Bank’s financial condition or results of operations.


9

Table of Contents
FEDERAL HOME LOAN BANK OF ATLANTA
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Dollars in millions)


Note 2—Recently Issued and Adopted Accounting Guidance

The following tables provide a summary of accounting guidance issued by the Financial Accounting Standards Board that was adopted, and recently issued guidance not yet adopted, which may impact the Bank’s financial statements.

Recently Adopted Accounting Guidance
Accounting Standard Update (ASU)
 
Description
 
Effective Date
 
Effect on Financial Statements or Other Significant Matters
Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedging Purposes
(ASU 2018-16)
 
This guidance permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes.
 
January 1, 2019
 
The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations.
Targeted Improvements to Accounting for Hedging Activities
(ASU 2017-12)
 
This guidance amends the accounting for derivatives and hedging activities to better portray the economics of the transactions.
 
January 1, 2019
 
The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations.
Premium Amortization on Purchased Callable Debt Securities
(ASU 2017-08)
 
This guidance shortens the amortization period for certain callable debt securities held at a premium by requiring that the premium be amortized to the earliest call date, rather than contractual maturity.
 
January 1, 2019
 
The adoption of this guidance did not have an impact on the Bank’s financial condition or results of operations.
Leases
(ASU 2016-02)
 
The guidance amends the accounting for leases. It will require lessees to recognize a right-of-use asset and lease liability for virtually all leases.
 
January 1, 2019
 
The adoption of this guidance did not have a material impact on the Bank’s financial condition or results of operations.


10

Table of Contents
FEDERAL HOME LOAN BANK OF ATLANTA
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Dollars in millions)


Recently Issued Accounting Guidance Not Yet Adopted
Accounting Standard Update (ASU)
 
Description
 
Effective Date
 
Effect on Financial Statements or Other Significant Matters
Disclosure Framework–Changes to the Disclosure Requirements for Defined Benefit Plans
(ASU 2018-14)
 
This guidance amends the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.
 
December 31, 2020

Early adoption is permitted
 
The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations.

Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement
(ASU 2018-13)
 
This guidance amends the disclosure requirements on fair value measurements.
 
January 1, 2020

Early adoption is permitted
 
The Bank does not intend to adopt this guidance early. This guidance is not expected to have any impact on the Bank’s financial condition or results of operations.

Measurement of Credit Losses on Financial Instruments
(ASU 2016-13)
 
This guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.
 
January 1, 2020

Early adoption is permitted

 
The Bank does not intend to adopt this guidance early. The Bank has completed its preliminary assessment of the impact of this guidance on all its financial assets, including advances, investments, and other financial assets, and does not expect the adoption of this guidance to have a material impact on its financial condition or results of operations. However, the Bank will continue to evaluate this guidance, as well as the economic conditions and forecasts at the time of adoption. The ultimate impact on the Bank’s financial condition and results of operations will depend upon the composition of the financial assets held by the Bank at the adoption date, as well as the economic conditions and forecasts at that time.




11

Table of Contents
FEDERAL HOME LOAN BANK OF ATLANTA
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Dollars in millions)



Note 3—Trading Securities

Major Security Types. The following table presents trading securities.
 
As of March 31, 2019
 
As of December 31, 2018
U.S. Treasury obligations
$
999

 
$

Government-sponsored enterprises debt obligations
56

 
55

Total
$
1,055

 
$
55


The following table presents net gains (losses) on trading securities.
 
 
For the Three Months Ended March 31,
 
 
2019
 
2018
Net gains (losses) on trading securities held at period end
 
$
1

 
$
(1
)


Note 4—Available-for-sale Securities

Major Security Type. The following table presents information on private-label residential mortgage-backed securities (MBS) that are classified as available-for-sale.
 
Amortized    
Cost
 
Other-than-temporary
Impairment
Recognized in
Accumulated Other
Comprehensive Income (1)
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated Fair Value
As of March 31, 2019
$
758

 
$

 
$
65

 
$

 
$
823

As of December 31, 2018
$
793

 
$
(1
)
 
$
73

 
$

 
$
865

____________ 
(1) Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security.

The following table presents private-label residential MBS that are classified as available-for-sale with unrealized losses. The unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position. 
 
Less than 12 Months
 
12 Months or More
 
Total
 
  Number of  
Positions
 
Estimated
  Fair  Value  
 
Gross
  Unrealized  
Losses
 
  Number of  
Positions
 
Estimated
  Fair  Value  
 
Gross
  Unrealized  
Losses
 
  Number of  
Positions
 
Estimated
  Fair  Value  
 
Gross
  Unrealized  
Losses
As of March 31, 2019
1

 
$
3

 
$

 
2

 
$
4

 
$

 
3

 
$
7

 
$

As of December 31, 2018
1

 
$
3

 
$

 
2

 
$
4

 
$
(1
)
 
3

 
$
7

 
$
(1
)



12

Table of Contents
FEDERAL HOME LOAN BANK OF ATLANTA
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Dollars in millions)


The following table presents private-label residential MBS that are classified as available-for-sale and issued by members or affiliates of members, all of which have been issued by Bank of America Corporation, Charlotte, NC.
 
Amortized  
Cost
 
Other-than-temporary
Impairment
Recognized in
Accumulated Other
Comprehensive Income (1)
 
Gross
  Unrealized  
Gains
 
Gross
  Unrealized  
Losses
 
Estimated
  Fair  Value  
As of March 31, 2019
$
521

 
$

 
$
47

 
$

 
$
568

As of December 31, 2018
$
539

 
$

 
$
54

 
$

 
$
593


____________ 
(1) Amounts represent the non-credit portion of an other-than-temporary impairment during the life of the security.

Note 5—Held-to-maturity Securities

Major Security Types. The following table presents held-to-maturity securities.
 
 
As of March 31, 2019
 
As of December 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
State or local housing agency debt obligations
$
1

 
$

 
$

 
$
1

 
$
1

 
$

 
$

 
$
1

Government-sponsored enterprises debt obligations
3,172

 
4

 
(1
)
 
3,175

 
2,672

 
5

 
(2
)
 
2,675

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency obligations-guaranteed residential
112

 
1

 

 
113

 
118

 
2

 

 
120

Government-sponsored enterprises residential
8,991

 
31

 
(40
)
 
8,982

 
9,304

 
40

 
(43
)
 
9,301

Government-sponsored enterprises commercial
11,516

 
3

 
(36
)
 
11,483

 
11,368

 
4

 
(41
)
 
11,331

Private-label residential
392

 
4

 
(1
)
 
395

 
416

 
4

 
(2
)
 
418

Total
$
24,184

 
$
43

 
$
(78
)
 
$
24,149

 
$
23,879

 
$
55

 
$
(88
)
 
$
23,846




13

Table of Contents
FEDERAL HOME LOAN BANK OF ATLANTA
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Dollars in millions)


The following tables present held-to-maturity securities with unrealized losses. The unrealized losses are aggregated by major security type and by the length of time that the individual securities have been in a continuous unrealized loss position.
 
 
As of March 31, 2019
 
Less than 12 Months
 
12 Months or More
 
Total
 
Number of
Positions
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Number of
Positions
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Number of
Positions
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
State or local housing agency debt obligations

 
$

 
$

 
1

 
$
1

 
$

 
1

 
$
1

 
$

Government-sponsored enterprises debt obligations
12

 
1,204

 
(1
)
 
1

 
100

 

 
13

 
1,304

 
(1
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government-sponsored enterprises residential
70

 
1,784

 
(6
)
 
22

 
2,568

 
(34
)
 
92

 
4,352

 
(40
)
Government-sponsored enterprises commercial
43

 
6,906

 
(30
)
 
34

 
1,310

 
(6
)
 
77

 
8,216

 
(36
)
Private-label residential
22

 
98

 

 
13

 
37

 
(1
)
 
35

 
135

 
(1
)
Total
147

 
$
9,992

 
$
(37
)
 
71

 
$
4,016

 
$
(41
)
 
218

 
$
14,008

 
$
(78
)
 
 
As of December 31, 2018
 
Less than 12 Months
 
12 Months or More
 
Total
 
Number of
Positions
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Number of
Positions
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
 
Number of
Positions
 
Estimated
Fair Value
 
Gross
Unrealized
Losses
State or local housing agency debt obligations

 
$

 
$

 
1

 
$
1

 
$

 
1

 
$
1

 
$

Government-sponsored enterprises debt obligations
12

 
1,235

 
(1
)
 
1

 
99

 
(1
)
 
13

 
1,334

 
(2
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government-sponsored enterprises residential
54

 
2,704

 
(13
)
 
22

 
1,382

 
(30
)
 
76

 
4,086

 
(43
)
Government-sponsored enterprises commercial
58

 
7,406

 
(34
)
 
18

 
1,015

 
(7
)
 
76

 
8,421

 
(41
)
Private-label residential
26

 
139

 
(1
)
 
11

 
25

 
(1
)
 
37

 
164

 
(2
)
Total
150

 
$
11,484

 
$
(49
)
 
53

 
$
2,522

 
$
(39
)
 
203

 
$
14,006

 
$
(88
)



14

Table of Contents
FEDERAL HOME LOAN BANK OF ATLANTA
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Dollars in millions)


Redemption Terms. The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity. MBS are not presented by contractual maturity because their actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.
 
As of March 31, 2019
 
As of December 31, 2018
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
Non-mortgage-backed securities:
 
 
 
 
 
 
 
Due in one year or less
$
597

 
$
597

 
$
225

 
$
225

Due after one year through five years
2,315

 
2,316

 
2,057

 
2,058

Due after five years through 10 years
201