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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________ 
FORM 10-Q
_____________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 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, GA
(Address of principal executive offices)
30309
(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.      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).      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
 
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. Yes No
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      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 July 31, 2019 was 51,685,103.


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 June 30, 2019
 
As of December 31, 2018
Assets
 
 
 
Cash and due from banks
$
95

 
$
35

Interest-bearing deposits (including deposits with other FHLBanks of $5 and $20 as of June 30, 2019 and December 31, 2018, respectively)
3,738

 
6,782

Securities purchased under agreements to resell
4,500

 
3,750

Federal funds sold
10,210

 
8,978

Investment securities:
 
 
 
    Trading securities
1,556

 
55

    Available-for-sale securities
777

 
865

    Held-to-maturity securities (fair value of $25,846 and $23,846 as of June 30, 2019 and December 31, 2018, respectively)
25,864

 
23,879

Total investment securities
28,197

 
24,799

Advances
101,776

 
108,462

Mortgage loans held for portfolio, net of allowance for credit losses of $1 as of June 30, 2019 and December 31, 2018
328

 
360

Loan to another FHLBank

 
500

Accrued interest receivable
307

 
295

Derivative assets
368

 
314

Other assets
173

 
201

Total assets
$
149,692

 
$
154,476

Liabilities
 
 
 
Interest-bearing deposits
$
1,400

 
$
1,176

Consolidated obligations, net:
 
 
 
Discount notes
64,833

 
66,025

Bonds
75,468

 
79,114

Total consolidated obligations, net
140,301

 
145,139

Mandatorily redeemable capital stock
1

 
1

Accrued interest payable
231

 
204

Affordable Housing Program payable
88

 
85

Derivative liabilities
9

 
17

Other liabilities
292

 
207

Total liabilities
142,322

 
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 June 30, 2019 and December 31, 2018
915

 
891

Subclass B2 issued and outstanding shares: 43 and 46 as of June 30, 2019 and December 31, 2018, respectively
4,281

 
4,595

Total capital stock Class B putable
5,196

 
5,486

Retained earnings:
 
 
 
Restricted
502

 
463

Unrestricted
1,636

 
1,647

Total retained earnings
2,138

 
2,110

Accumulated other comprehensive income
36

 
51

Total capital
7,370

 
7,647

Total liabilities and capital
$
149,692

 
$
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 June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Interest income
 
 
 
 
 
 
 
Advances
$
659

 
$
537

 
$
1,315

 
$
992

Interest-bearing deposits
25

 
17

 
53

 
31

Securities purchased under agreements to resell
28

 
11

 
54

 
17

Federal funds sold
77

 
59

 
155

 
108

Trading securities
9

 
1

 
10

 
1

Available-for-sale securities
21

 
26

 
44

 
52

Held-to-maturity securities
175

 
153

 
347

 
280

Mortgage loans
5

 
5

 
9

 
11

Total interest income
999

 
809

 
1,987

 
1,492

Interest expense
 
 
 
 
 
 
 
Consolidated obligations:
 
 
 
 
 
 
 
 Discount notes
410

 
282

 
782

 
506

 Bonds
450

 
392

 
916

 
712

Interest-bearing deposits
7

 
4

 
13

 
8

Total interest expense
867

 
678

 
1,711

 
1,226

Net interest income
132

 
131

 
276

 
266

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

 

 

 

Net amount of impairment losses reclassified from accumulated other comprehensive income
(2
)
 
(1
)
 
(3
)
 
(1
)
Net impairment losses recognized in earnings
(2
)

(1
)

(3
)
 
(1
)
Net gains (losses) on trading securities
1

 
(1
)
 
2

 
(2
)
Net (losses) gains on derivatives and hedging activities
(2
)
 
14

 
(4
)
 
36

Standby letters of credit fees
6

 
7

 
13

 
13

Other
1

 
2

 
3

 
2

Total noninterest income
4


21


11

 
48

Noninterest expense
 
 
 
 
 
 
 
Compensation and benefits
17

 
19

 
37

 
39

Other operating expenses
10

 
9

 
19

 
18

Finance Agency
2

 
2

 
5

 
4

Office of Finance
1

 
1

 
3

 
3

Other
2

 
2

 
7

 
4

Total noninterest expense
32


33


71


68

Income before assessment
104

 
119

 
216

 
246

Affordable Housing Program assessment
11

 
12

 
22

 
25

Net income
$
93


$
107


$
194


$
221


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 June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
93

 
$
107

 
$
194

 
$
221

Other comprehensive loss:
 
 
 
 
 
 
 
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
(10
)
 
(2
)
 
(19
)
 
(18
)
Reclassification of noncredit portion of impairment losses included in net income
2

 
1

 
3

 
1

Total net noncredit portion of other-than-temporary impairment losses on available-for-sale securities
(8
)
 
(1
)
 
(16
)
 
(17
)
Pension and postretirement benefit plans

 
1

 
1

 
2

Total other comprehensive loss
(8
)
 

 
(15
)
 
(15
)
Total comprehensive income
$
85

 
$
107

 
$
179

 
$
206


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, March 31, 2018
47

 
$
4,748

 
$
403

 
$
1,649

 
$
2,052

 
$
95

 
$
6,895

Issuance of capital stock
26

 
2,637

 

 

 

 

 
2,637

Repurchase/redemption of capital stock
(20
)
 
(2,084
)
 

 

 

 

 
(2,084
)
Net shares reclassified to mandatorily redeemable capital stock

 
(1
)
 

 

 

 

 
(1
)
Comprehensive income

 

 
21

 
86

 
107

 

 
107

Cash dividends on capital stock

 

 

 
(80
)
 
(80
)
 

 
(80
)
Balance, June 30, 2018
53

 
$
5,300

 
$
424

 
$
1,655

 
$
2,079

 
$
95

 
$
7,474

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, March 31, 2019
48

 
$
4,753

 
$
484

 
$
1,642

 
$
2,126

 
$
44

 
$
6,923

Issuance of capital stock
29

 
2,902

 

 

 

 

 
2,902

Repurchase/redemption of capital stock
(25
)
 
(2,459
)
 

 

 

 

 
(2,459
)
Net shares reclassified to mandatorily redeemable capital stock

 

 

 

 

 

 

Comprehensive income (loss)

 

 
18

 
75

 
93

 
(8
)
 
85

Cash dividends on capital stock

 

 

 
(81
)
 
(81
)
 

 
(81
)
Balance, June 30, 2019
52

 
$
5,196

 
$
502

 
$
1,636

 
$
2,138

 
$
36

 
$
7,370


Balance, December 31, 2017
52

 
$
5,154

 
$
380

 
$
1,623

 
$
2,003

 
$
110

 
$
7,267

Issuance of capital stock
61

 
6,132

 

 

 

 

 
6,132

Repurchase/redemption of capital stock
(60
)
 
(5,953
)
 

 

 

 

 
(5,953
)
Net shares reclassified to mandatorily redeemable capital stock

 
(33
)
 

 

 

 

 
(33
)
Comprehensive income (loss)

 

 
44

 
177

 
221

 
(15
)
 
206

Cash dividends on capital stock

 

 

 
(145
)
 
(145
)
 

 
(145
)
Balance, June 30, 2018
53

 
$
5,300

 
$
424

 
$
1,655

 
$
2,079

 
$
95

 
$
7,474

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2018
55

 
$
5,486

 
$
463

 
$
1,647

 
$
2,110

 
$
51

 
$
7,647

Issuance of capital stock
49

 
4,931

 

 

 

 

 
4,931

Repurchase/redemption of capital stock
(52
)
 
(5,221
)
 

 

 

 

 
(5,221
)
Net shares reclassified to mandatorily redeemable capital stock

 

 

 

 

 

 

Comprehensive income (loss)

 

 
39

 
155

 
194

 
(15
)
 
179

Cash dividends on capital stock

 

 

 
(166
)
 
(166
)
 

 
(166
)
Balance, June 30, 2019
52

 
$
5,196

 
$
502

 
$
1,636

 
$
2,138

 
$
36

 
$
7,370


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 Six Months Ended June 30,
 
2019
 
2018
Operating activities
 
 
 
Net income
$
194

 
$
221

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization

 
70

Net change in derivatives and hedging activities
(670
)
 
268

  Net change in fair value adjustment on trading securities
(2
)
 
2

  Net impairment losses recognized in earnings
3

 
1

Net change in:
 
 
 
  Accrued interest receivable
(12
)
 
(90
)
  Other assets
25

 
30

  Affordable Housing Program payable
2

 
3

  Accrued interest payable
27

 
30

  Other liabilities
(28
)
 
(34
)
  Total adjustments
(655
)
 
280

Net cash (used in) provided by operating activities
(461
)
 
501

Investing activities
 
 
 
Net change in:
 
 
 
  Interest-bearing deposits
3,065

 
(1,701
)
  Securities purchased under agreements to resell
(750
)
 

  Federal funds sold
(1,232
)
 
(4,338
)
  Loan to another FHLBank
500

 
200

Trading securities:
 
 
 
  Purchases of long-term
(1,499
)
 

Available-for-sale securities:
 
 
 
  Proceeds from principal collected
96

 
117

Held-to-maturity securities:
 
 
 
  Proceeds from principal collected
1,908

 
2,700

  Purchases of long-term
(3,780
)
 
(3,956
)
Advances:
 
 
 
  Proceeds from principal collected
195,145

 
229,834

  Made
(187,712
)
 
(232,365
)
Mortgage loans:
 
 
 
  Proceeds from principal collected
32

 
40

Proceeds from sale of foreclosed assets
1

 
1

Purchases of premises, equipment, and software
(1
)
 
(2
)
Net cash provided by (used in) investing activities
5,773

 
(9,470
)
 
 
 
 
 
 
 
 
 
 
 
 

7

Table of Contents


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

 
For the Six Months Ended June 30,
 
2019
 
2018
Financing activities
 
 
 
Net change in interest-bearing deposits
237

 
(141
)
Net payments on derivatives containing a financing element
(1
)
 
(3
)
Proceeds from issuance of consolidated obligations:
 
 
 
 Discount notes
531,999

 
554,778

 Bonds
42,555

 
40,185

Payments for debt issuance costs
(6
)
 
(6
)
Payments for maturing and retiring consolidated obligations:
 
 
 
 Discount notes
(533,211
)
 
(539,662
)
 Bonds
(46,369
)
 
(47,737
)
Proceeds from issuance of capital stock
4,931

 
6,132

Payments for repurchase/redemption of capital stock
(5,221
)
 
(5,953
)
Payments for repurchase/redemption of mandatorily redeemable capital stock

 
(32
)
Cash dividends paid
(166
)
 
(145
)
Net cash (used in) provided by financing activities
(5,252
)
 
7,416

Net increase (decrease) in cash and due from banks
60

 
(1,553
)
Cash and due from banks at beginning of the period
35

 
2,357

Cash and due from banks at end of the period
$
95

 
$
804

Supplemental disclosures of cash flow information:
 
 
 
 Cash paid for:
 
 
 
Interest
$
1,660

 
$
1,096

Affordable Housing Program assessment, net
$
19

 
$
21

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

 
$
33

Held-to-maturity securities acquired with accrued liabilities
$
114

 
$

Transfers of mortgage loans to real estate owned
$

 
$
1


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

 


8

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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 June 30, 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 June 30, 2019
 
As of December 31, 2018
U.S. Treasury obligations
$
1,498

 
$

Government-sponsored enterprises debt obligations
58

 
55

Total
$
1,556

 
$
55


The following table presents net gains (losses) on trading securities.
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net gains (losses) on trading securities held at period end
$
1

 
$
(1
)
 
$
2

 
$
(2
)


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 June 30, 2019
$
721

 
$
(1
)
 
$
57

 
$

 
$
777

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 June 30, 2019
1

 
$
3

 
$

 
2

 
$
4

 
$
(1
)
 
3

 
$
7

 
$
(1
)
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 June 30, 2019
$
498

 
$

 
$
41

 
$

 
$
539

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 June 30, 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
4,172

 
5

 
(1
)
 
4,176

 
2,672

 
5

 
(2
)
 
2,675

Mortgage-backed securities: