ATLANTA, March 17 -The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today filed its Form 10 Registration Statement with the Securities and Exchange Commission. The Bank's Registration Statement includes financial statements for the year ending Dec. 31, 2005 as well as restated financial results for prior periods. A link to the registration statement is available on FHLBank Atlanta's website (http://www.fhlbatl.com).
"The filing of the Form 10 and the completion of our restatement represent a significant milestone in the Bank's progress toward becoming an SEC registrant," said Raymond Christman, president and CEO of FHLBank Atlanta. "We are also pleased that it coincides with the release of year-end 2005 financial statements that display the Bank's steady growth in assets and healthy net income."
FHLBank Atlanta's net income grew by 17 percent to $344.1 million in 2005, compared with $294.1 million in 2004. FHLBank Atlanta's assets were $143.2 billion at Dec. 31, 2005, a 6.9 percent increase over assets at Dec. 31, 2004.
The Bank's restatement includes a number of adjustments related to the application of Statement of Financial Accounting Standard No. 133, Accounting for Derivative Instruments and Hedging Activities ("SFAS 133"). The cumulative effect of the restatement on net income for the years ended Dec. 31, 2001 through Dec. 31, 2004 was a decrease of $35.2 million, which will reverse in future periods as the hedging relationships mature.
About FHLBank Atlanta
FHLBank Atlanta is a $143 billion financial services organization that provides low-cost financing, community development grants, and other banking services to more than 1,200 financial institutions 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 $2 billion to affordable housing development in the United States.
Some of the statements made in this press release may be "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 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 future economic and market conditions; changes in demand for advances or consolidated obligations; changes in interest rates; legislative and regulatory changes; the registration process with the SEC; political, national, and world events; and adverse developments or events affecting or involving other FHLBanks 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.
