ATLANTA, May 22 /PRNewswire/ -- Federal Home Loan Bank of Atlanta (the
Bank) has reported financial results for the quarter ended March 31, 2008,
and today announced dividend guidance for the second quarter of 2008.
2008 First Quarter Operating Highlights
As of March 31, 2008, the Bank had total assets of $195.4 billion, an
increase of $6.5 billion or 3.43 percent from December 31, 2007. The
increase in total assets was primarily a result of an increase in advances
and held-to- maturity securities, partially offset by a decrease in federal
funds sold. Advances, the largest asset on the Bank's balance sheet,
increased $9.2 billion, or 6.47 percent, during the first quarter of 2008.
The Bank had net income of $116.6 million for the first quarter of
2008, which represented an increase of 21.8 percent from net income of
$95.8 million for the first quarter of 2007. The increase in net income was
due to an increase in net interest income, resulting from higher average
advances and mortgage-backed securities balances during the period.
"The Bank performed very well in the first quarter by executing its
mission with focus and vigor," said Richard A. Dorfman, the Bank's
President and Chief Executive Officer. "Advance balances grew steadily as
member financial institutions sought a reliable source of wholesale funding
as well as a competitive return on their investment."
The 2008 first quarter performance resulted in an annualized return on
equity (ROE) of 5.72 percent, compared to 6.25 percent for the first
quarter of 2007, with an improved ROE spread to three-month LIBOR between
periods, equaling 2.43 percent for the quarter ended March 31, 2008 as
compared to 0.89 percent for the quarter ended March 31, 2007. The Bank
also had an annualized return on average assets of 0.25 percent for the
first quarter of 2008, compared to 0.27 percent for the same period in
2007.
For the first quarter of 2008, the Bank distributed $114.4 million of
earnings to members as a return on their capital investments in the Bank,
representing an annualized dividend rate of 6.0 percent, unchanged from the
annualized dividend rate for the quarter ended December 31, 2007. The
Bank's retained earnings balance was $471.0 million as of March 31, 2008.
The Bank filed its full financial report on Form 10-Q on Monday, May
12, 2008.
Second Quarter 2008 Dividend Guidance
Based upon currently available information, the Bank expects to pay an
annualized dividend in the range of 5.0 percent to 5.75 percent for the
quarter ending June 30, 2008.
About the Federal Home Loan Bank of Atlanta
The Bank is a cooperative financial services organization that provides
funding, community development grants, and other banking services to more
than 1,200 member financial institutions in Alabama, Florida, Georgia,
Maryland, North Carolina, South Carolina, Virginia, and the District of
Columbia. The Bank is one of 12 district banks in the Federal Home Loan
Bank System (the FHLBank System), which since 1990 has contributed more
than $2 billion to affordable housing development in the United States.
Some of the statements made in this announcement, including, without
limitation, those statements that relate to the Bank's dividend guidance
for the second quarter of 2008, 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: the Bank's actual net income
results, which drive the determination of actual dividend payments;
legislative and regulatory actions or changes; future economic and market
conditions; changes in demand for advances or consolidated obligations of
the Bank and/or the FHLBank System; changes in interest rates; 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 http://www.sec.gov.
You should not place undue reliance on forward-looking statements,
since the statements speak only as of the date that they are made. 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.
SOURCE Federal Home Loan Bank of Atlanta
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Related links:
http://www.fhlbatl.com
http://www.prnewswire.com/comp/149931.html /
CONTACT:
Christopher McEntee, Federal Home Loan Bank
of Atlanta, +1-404-888-8158, cmcentee@fhlbatl.com
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