~~The decrease in standby letters of credit fees income is due to the decreased balance in standby letters of credit.~~

Noninterest Expense and Affordable Housing Program (AHP) Assessment

~~The decrease in total noninterest expense for~~During the ~~first nine months~~second quarter of ~~2021, compared to the same period in 2020, was primarily due to~~2022 the Bank ~~making an additional $20~~made a $5 million ~~retirement plan~~voluntary non-statutory contribution ~~during January of 2020, which was recorded in compensation~~to its Affordable Housing Program over and ~~benefits expense.~~above the AHP assessment.

The Bank records AHP assessment expense at a rate of 10 percent of income before assessment, excluding interest expense on mandatorily redeemable capital stock.

Additional Financial Data

The following table presents additional financial data for the Bank for the periods presented (dollars in millions):


	As of and for the Three Months Ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Statements of Condition (at period end)
Total assets	$	140,298	$	118,191	$	84,450	$	78,746	$	77,508
Advances	93,071		72,320		51,538		45,415		43,779
Investments (1)	45,172		43,861		31,405		31,821		30,979
Mortgage loans held for portfolio, net	124		131		139		149		162

Loan to another FHLBank	1,300		500		—		—		—
Interest-bearing deposits	2,360		2,225		2,158		2,054		2,308
Consolidated obligations, net:
Discount notes (2)	55,794		51,749		27,228		25,506		22,796
Bonds (2)	74,994		57,498		49,407		46,186		47,609
Total consolidated obligations, net (2)	130,788		109,247		76,635		71,692		70,405

Affordable Housing Program payable	59		60		60		61		68
Capital stock - putable	4,241		3,442		2,656		2,383		2,332
Retained earnings	2,260		2,246		2,242		2,228		2,244
Accumulated other comprehensive loss	(51)		(46)		(39)		(16)		(6)
Total capital	6,450		5,642		4,859		4,595		4,570
Statements of Income (for the period ended)
Net interest income	81		71		68		44		64




Net (losses) gains on derivatives	(1)		—		1		—		—
Standby letters of credit fees	2		1		2		2		2
Other (expense) income (3)	—		(1)		3		1		2
Noninterest expense	30		41		34		40		38
Income before assessment	52		30		40		8		30
Affordable Housing Program assessment	5		3		4		1		3
Net income	47		27		36		7		27
Performance Ratios (%)
Return on equity (4)	3.06		1.96		3.19		0.58		2.31
Return on assets (5)	0.15		0.10		0.18		0.03		0.13
Net interest margin (6)	0.26		0.27		0.35		0.22		0.32
Regulatory capital ratio (at period end) (7)	4.63		4.81		5.80		5.86		5.90
Equity to assets ratio (8)	4.77		5.16		5.75		5.79		5.80
Dividend payout ratio (9)	71.22		84.19		60.82		333.49		84.86

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____________

(1) Investments consist of interest-bearing deposits, securities purchased under agreements to resell, federal funds sold, and securities classified as available-for-sale and held-to-maturity.

(2) The amounts presented are the Bank’s primary obligations on consolidated obligations outstanding. The par value of the other FHLBanks’ outstanding consolidated obligations for which the Bank is jointly and severally liable was as follows (in millions):


September 30, 2022	$	898,285
June 30, 2022	771,366
March 31, 2022	621,599
December 31, 2021	580,909
September 30, 2021	570,985

(3) Other (expense) income includes service fees and other items. For the quarter ended March 31, 2022, amount includes a $4 million gain on litigation settlements, net.

(4) Calculated as net income, divided by average total equity.

(5) Calculated as net income, divided by average total assets.

(6) Net interest margin is net interest income as a percentage of average earning assets.

(7) Regulatory capital ratio is regulatory capital, which does not include accumulated other comprehensive loss, but does include mandatorily redeemable capital stock, as a percentage of total assets as of period end.

(8) Calculated as average total equity, divided by average total assets.

(9) Calculated as dividends declared during the period divided by net income during the period.

Liquidity and Capital Resources

Liquidity is necessary to satisfy members’ borrowing needs on a timely basis, repay maturing and called consolidated obligations, and meet other obligations and operating requirements. Many members rely on the Bank as a source of standby liquidity, so the Bank attempts to be in a position to meet member funding needs on a timely basis. The Bank is required to maintain liquidity in accordance with the FHLBank Act, Finance Agency regulations, and policies established by the Bank’s

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management and board of directors. In addition, the Finance Agency, at times, has issued guidance and expectations to the FHLBanks related to liquidity.

Sources of Liquidity. The Bank’s principal source of liquidity is consolidated obligation debt instruments. To provide additional liquidity, the Bank also may use other short-term borrowings, such as federal funds purchased, securities sold under agreements to repurchase, and loans from other FHLBanks. The Bank’s consolidated obligations are not obligations of the United States and are not guaranteed by either the United States or any government agency, but have historically received the same credit rating as the government bond credit rating of the United States. As a result, the Bank generally has comparatively stable access to funding through a diverse investor base at relatively favorable spreads to U.S. Treasury rates. The Bank’s income and liquidity would be adversely affected if it were not able to access the capital markets at competitive rates for an extended period.

The Bank’s short-term funding is generally driven by member advance demand and is achieved through the issuance of consolidated discount notes and short-term consolidated bonds. Access to short-term debt markets has been reliable because investors, driven by increased liquidity preferences and risk aversion, including the effects of recent SEC money market fund reform, have often sought the Bank’s short-term debt as an asset of choice.

The Bank is focused on maintaining an adequate liquidity balance and a funding balance between its financial assets and financial liabilities. The Bank monitors the funding balance between financial assets and financial liabilities and is committed to prudent risk management practices. In managing and monitoring the amounts of assets that require refunding, the Bank considers contractual maturities of its financial assets, as well as certain assumptions regarding expected cash flows (i.e. estimated prepayments and scheduled amortizations). External factors including Bank member borrowing needs, supply and demand in the debt markets, and other factors may also affect the liquidity balances and the funding balance between financial assets and financial liabilities.

Contingency plans are in place that prioritize the allocation of liquidity resources in the event of operational disruptions at the Bank or the Office of Finance. Under the FHLBank Act, the Secretary of Treasury has the authority, at his discretion, to purchase consolidated obligations up to an aggregate amount of $4.0 billion. No borrowings under this authority have been outstanding since 1977.

Liquidity Reserves for Deposits. Finance Agency regulations require the Bank to hold a total amount of cash, obligations of the U.S., and advances with maturities of less than five years, in an amount not less than the amount of total member deposits. The Bank has complied with this requirement ~~during~~throughout the first nine months of ~~September 30, 2021.~~2022.

Operational Liquidity. In order to ensure adequate operational liquidity (generally, the ready cash and borrowing capacity available to meet the Bank’s ~~intra-day~~intraday needs) each day, Bank policy establishes a daily liquidity target based upon member

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deposit levels and current day liability maturities and asset settlements. The Bank has met this liquidity requirement throughout the first nine months of ~~September 30, 2021.~~2022.

Additional Liquidity Guidance. The Finance Agency issued an Advisory Bulletin on FHLBank liquidity (Liquidity Guidance AB) that communicates the Finance Agency’s expectations with respect to the maintenance of sufficient liquidity to enable the Bank to provide advances and standby letters of credit for members during a sustained capital market disruption, assuming no access to capital markets and assuming renewal of all maturing advances for a period of between ten to thirty calendar days. The Finance Agency periodically issues supervisory letters that identify thresholds for measures of liquidity within the established ranges set forth in the Liquidity Guidance AB.

The Liquidity Guidance AB’s measurements of liquidity include a cash flow scenario, on a daily basis, that projects forward the number of days for which the Bank should maintain positive cash balances assuming the renewal of all maturing advances and the maintenance of a liquidity reserve for outstanding letters of credit. The measurements of liquidity also include a funding gap measurement of the difference between assets and liabilities that are scheduled to mature during a specified period, expressed as a percentage of the Bank’s total assets to reduce the liquidity risks associated with a mismatch in asset and liability maturities, including an undue reliance on short-term debt funding, which may increase debt rollover risk. The Liquidity Guidance AB permits an FHLBank to temporarily decrease its liquidity position, in a safe and sound manner, below the stated regulatory levels, as necessary for providing unanticipated extensions of advances to members or draws on letters of credit to beneficiaries.

The Bank has met this liquidity requirement as directed by the Finance Agency throughout the first nine months of ~~2021.~~2022.

Summary of Cash Flows

~~Sources~~

The following table presents a summary of ~~Liquidity.~~ net cash provided by (used in) the Bank’s operating, investing, and financing activities (in millions):


		For the Nine Months Ended September 30,
		2022		2021
Net cash provided by (used in):
	Operating activities	$	1,329	$	647
	Investing activities	(65,487)		13,302
	Financing activities	63,348		(14,775)
	Net change in cash and due from banks	$	(810)	$	(826)

Two primary drivers that can impact net operating cash flows are fluctuations in net income and net change in derivatives and hedging activities. The ~~Bank’s principal source~~Bank recorded a net positive change of ~~liquidity is consolidated obligation debt instruments. To provide additional liquidity,~~$987 million in derivative and hedging activities for the ~~Bank also may use other short-term borrowings, such as federal funds purchased, securities sold under agreements~~first nine months of 2022 compared to ~~repurchase,~~a net positive change of $495 million in derivative and loans from other FHLBanks. The Bank’s consolidated obligations are not obligations of the United States and are not guaranteed by either the United States or any government agency, but have historically receivedhedging activities for the same ~~credit rating as~~period in 2021. The change in derivative and hedging activities was driven by the ~~government bond credit rating~~change in interest rates.

Net cash provided by investing activities fluctuate primarily based on advances and investing activities. The Bank originated $248.7 billion of advances and collected $199.7 billion of advances principal for the ~~United States. As a result,~~first nine months of 2022 compared to $57.8 billion and $65.4 billion, respectively, for the Bank generally has comparatively stable access to funding through a diverse investor base at relatively favorable spreads to U.S. Treasury rates. The Bank’s income and liquidity would be adversely affected if it were not able to access the capital markets at competitive rates for an extended period.

~~As discussed elsewhere~~same period in ~~this Report, the COVID-19 pandemic continued to impact the financial markets during the third quarter of~~ 2021. The Bank ~~maintained continual access~~purchased investment securities of $7.3 billion and received proceeds from principal collected of $2.8 billion for the first nine months of 2022 compared to ~~funding~~$1.6 billion and ~~adapted its debt~~$6.4 billion, respectively, for the same period in 2021. For the first nine months of 2022, the Bank recorded a net change of negative $10.8 billion related to liquid investments compared to a net change of positive $846 million for the same period in 2021.

Net cash used in financing activities fluctuate primarily based on the issuance ~~to meet the needs of its members throughout the third quarter of 2021.~~and payments for maturing and retiring consolidated obligations. The Bank ~~relies on access~~issued $704.8 billion in consolidated obligations and paid $643.5 billion for maturing and retiring consolidated obligations for the first nine months of 2022, compared to $461.6 billion and $475.9 billion, respectively, for the ~~capital markets to meet its funding needs, and the Bank expects continued sufficient access to capital markets.~~ same period in 2021.

~~The Bank’s short-term funding is generally driven by member demand and is achieved through~~

Anticipated Cash Expenditures

As of September 30, 2022, there have been no material changes outside the ~~issuance~~ordinary course of consolidated discount notes and short-term consolidated bonds. Access to short-term debt markets has been reliable because investors, driven by increased liquidity preferences and risk aversion, including the effects of money market fund reform, have often soughtbusiness in the Bank’s ~~short-term debt~~anticipated cash expenditures, as ~~an asset of choice.~~

The Bank is focused on maintaining an adequate liquidity balance and a funding balance between its financial assets and financial liabilities. The Bank monitors the funding balance between financial assets and financial liabilities and is committed to prudent risk management practices. In managing and monitoring the amounts of assets that require refunding, the Bank considers contractual maturities of its financial assets, as well as certain assumptions regarding expected cash flows (i.e. estimated prepayments and scheduled amortizations). External factors including Bank member borrowing needs, supply and demandreported in the ~~debt markets, and other factors may also affect the liquidity balances and the funding balance between financial assets and financial liabilities. See the notes to the~~ Bank’s ~~interim financial statements for more information regarding contractual maturities of certain of the Bank’s financial assets and liabilities.~~Form 10-K.

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~~purchase consolidated obligations up to an aggregate amount of $4.0 billion. No borrowings under this authority have been outstanding since 1977.~~

Off-balance Sheet Commitments

The Bank’s primary off-balance sheet commitments are as follows:

•the Bank’s joint and several liability for all FHLBank consolidated obligations; and

•the Bank’s outstanding commitments arising from standby letters of credit.

Should an FHLBank be unable to satisfy its payment obligation under a consolidated obligation for which it is the primary obligor, any of the other FHLBanks, including the Bank, ~~could~~can be called upon to repay all or any part of such payment obligation, as determined or approved by the Finance Agency. As of September 30, ~~2021~~2022 and December 31, ~~2020,~~2021, none of the other FHLBanks had defaulted on their consolidated obligations; the Finance Agency was not required to allocate any obligation among the FHLBanks; and no amount of ~~the~~ joint and several obligation ~~was~~has been fixed. Accordingly, the Bank has not recognized a liability for its joint and several obligations related to other FHLBanks’ consolidated obligations as of September 30, ~~2021~~2022 and December 31, ~~2020.~~2021. As of September 30, ~~2021,~~2022, the FHLBanks had ~~$641.4~~$1,031.9 billion in aggregate par value of consolidated obligations issued and outstanding, ~~$70.5~~$133.6 billion of which was attributable to the Bank. No FHLBank has ever defaulted on its principal or interest payments under any consolidated obligation, and the Bank has never been required to make payments under any consolidated obligation as a result of the failure of another FHLBank to meet its obligations.

The Bank generally requires standby letters of credit to contain language permitting the Bank, upon annual renewal dates and prior notice to the beneficiary, to choose not to renew the standby letter of credit, which effectively terminates the standby letter of credit prior to its scheduled final expiration date. Based on the creditworthiness of the member applicant and appropriate additional fees, the Bank may issue standby letters of credit that have terms of longer than one year without annual renewals or that have no stated maturity and are subject to renewal on an annual basis.

Commitments to extend credit, including standby letters of credit, are agreements to lend. The Bank issues a standby letter of credit on behalf of a member in exchange for a fee. A member may use these standby letters of credit to facilitate a financing arrangement. Management regularly reviews its standby letter of credit pricing in light of several factors, including the Bank’s potential liquidity needs related to draws on its standby letters of credit. Based on management’s credit analyses and collateral requirements, the Bank does not deem it necessary to have an allowance for credit losses for ~~these~~ unfunded standby letters of credit as of September 30, ~~2021.~~2022.

Refer to Note ~~13—~~11—Commitments and Contingencies to the Bank’s interim financial statements for more information about the Bank’s outstanding standby letters of credit.

~~Contractual Obligations~~

~~As of September 30, 2021, there have been no material changes outside the ordinary course of business in the Bank’s contractual obligations as reported in the Bank’s Form 10-K.~~

Legislative and Regulatory Developments

Significant regulatory actions and developments for the period covered by this Report not previously disclosed are summarized below.

Amendment to FINRA Rule 4210: Margining of Covered Agency Transactions. On August 15, 2022 the SEC published amendments to Financial Industries Regulatory ~~Interpretation on Eligibility~~Authority (FINRA) FINRA Rule 4210 that delayed the effectiveness of ~~Mortgage Participations as Collateral~~margining requirements for ~~FHLBank Advances.~~ Oncovered agency transactions from October ~~4, 2021,~~26, 2022 until at least April 24, 2023. Once the ~~Finance Agency published a Regulatory Interpretation on Eligibility of Mortgage Loan Participations as Collateral for Federal Home Loan~~margining requirements are effective, the Bank ~~Advances. The Regulatory Interpretation addresses whether an FHLBank can accept as collateral~~may be required to ~~secure advances mortgage loan participations~~collateralize our transactions that ~~cannot be readily liquidated in the form in~~are covered agency transactions, which ~~they are~~include to be ~~pledged.~~announced transactions (TBAs). These collateralization requirements could have the effect of reducing the overall profitability of engaging in covered agency transactions, including TBAs. The Regulatory Interpretation concludes that mortgage loan participations must meet the requirements of Finance Agency regulation 12 CFR 1266.7(a)(4), including the requirement that the collateral can be “liquidated in due course” in order to be eligible to secure FHLBank advances. It further concludes that participations for which there would be a known impediment to liquidation do not meet such requirement and therefore are not eligible collateral for advances. Finally, the Regulatory Interpretation rescinds prior guidance from FHLBank System regulators that provide mortgage loan participations may be eligible as collateral under regulatory provisions other than 12 CFR 1266.7(a)(4). The Regulatory Interpretation becomes effective on December 13, 2021.

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~~Although the~~ Bank does not ~~currently~~ expect ~~the Regulatory Interpretation~~this rule to have a material ~~impact~~effect on its financial condition or results of ~~operations, this restriction on collateral may negatively impact future borrowing by certain members.~~

operations.

~~FHLBank Membership.~~ On September 9, 2021, the Finance Agency published a Supervisory Letter on FHLBank Membership Issues covering five issues, including (1) Requirements for De Novo Community Development Financial Institutions, (2) Automatic Transfer of Membership, (3) Large Non-Member Institution Merging with a Small Member, (4) Applicant’s Compliance with “Financial Condition” Requirement, and (5) Definition of Insurance Company. The Supervisory Letter is intended to provide uniform guidance to the FHLBanks in the event they encounter similar circumstances. The Bank continues to evaluate the Supervisory Letter and its effect on Bank membership.

~~Fair Housing and Fair Lending Enforcement.~~ On July 9, 2021, the Finance Agency published a Policy Statement on Fair Lending to communicate its general position on monitoring and information gathering, supervisory examinations, and administrative enforcement related to the Equal Credit Opportunity Act, the Fair Housing Act, and the Federal Housing Enterprises Financial Safety and Soundness Act. The Policy Statement became effective on the date of publication.

On August 12, 2021, the Finance Agency and the U.S. Department of Housing and Urban Development announced they had entered into a Memorandum of Understanding regarding fair housing and fair lending enforcement. Under the Memorandum of Understanding, the two agencies will focus on enhancing their enforcement of the Fair Housing Act, and their oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.

The Bank continues to monitor these actions and guidance as they evolve and to evaluate their potential impact on the Bank.

~~COVID-19 Developments~~

~~Additional COVID-19 Presidential, Legislative and Regulatory Developments.~~ In light of the COVID-19 pandemic, the President of the United States, through executive orders, governmental agencies, including the SEC, OCC, Federal Reserve, FDIC, National Credit Union Administration, CFTC and the Finance Agency, as well as state governments and agencies, have taken, and may continue to take, actions to provide various forms of relief from, and guidance regarding, the financial, operational, credit, market, and other effects of the pandemic, and the Congress has enacted and may continue to enact pandemic relief legislation, some of which may have a direct or indirect impact on the Bank or its members. Many of these actions are temporary in nature. The Bank continues to monitor these actions and guidance as they evolve and to evaluate their potential impact on the Bank.

~~Other Legislative Matters~~

As previously disclosed, Congress is considering legislation, currently in the budget reconciliation process, that would require that the FHLBanks set aside higher percentages of their earnings for their affordable housing and community investment programs than is currently required by law.~~The FHLBanks continue to actively monitor any such potential legislation and developments.~~

Risk Management

The Bank’s lending, investment and funding activities, and use of derivative hedge instruments expose the Bank to a number of risks. A robust risk management framework aligns risk-taking activities with the Bank’s strategies and risk appetite. A risk management framework also balances risks and rewards. The Bank’s risk management framework consists of risk governance, risk appetite, and risk management policies.

The Bank’s board of directors and management recognize that risks are inherent to the Bank’s business model and that the process of establishing a risk appetite does not imply that the Bank seeks to mitigate or eliminate all risk. By defining and managing to a specific risk appetite, the board of directors and management ensure that there is a common understanding of the

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Bank’s desired risk profile, which enhances strategic and tactical decisions. Additionally, the Bank aspires to (1) sustain a corporate culture of transparency, integrity, and adherence to legal and ethical obligations; and (2) achieve and exceed best practices in governance, ethics, and compliance.

The Bank’s board of directors and management have established a risk appetite statement and risk metrics for controlling and escalating actions based on the continuing objectives that represent the foundation of the Bank’s strategic and tactical planning, as described in the Bank’s Form 10-K.

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Discussion of the Bank’s management of its LIBOR transition risk, credit risk and market risk is provided below. Further discussion of these risks, as well as the Bank’s management of its liquidity, operational, and business risks, is contained in the Bank’s Form 10-K.

Transition of LIBOR to an Alternative Reference Rate

OnPursuant to the March 5, 2021 ~~the~~ United Kingdom's Financial Conduct Authority (FCA) ~~announced that all~~announcement, 1-week and 2-month U.S. dollar LIBOR ceased being provided by its administrator on December 31, 2021 and the remaining U.S. dollar LIBOR settings will ~~either~~ cease ~~to be~~being provided by ~~any~~an administrator or no longer be representative immediately after ~~December 31, 2021, in the case of 1-week and 2-month U.S. dollar LIBOR, and immediately after~~ June 30, ~~2023, in the case of the remaining U.S. dollar LIBOR settings.~~2023. Although the FCA does not expect the remaining LIBOR tenors to become unrepresentative before the applicable cessation date and intends to consult on requiring the administrator of LIBOR to continue publishing LIBOR of certain currencies and tenors on a non-representative, synthetic basis for a period after the applicable cessation date,June 30, 2023, there is no assurance that LIBOR, of any particular currency or tenor, will continue to be published or be representative through any particular date.

Certain of the Bank’s assets and liabilities, and certain collateral pledged to the Bank, are indexed to LIBOR, with exposure extending past ~~December 31, 2021 and~~ June 30, 2023. The Bank ~~is currently evaluating~~continues to evaluate and ~~planning~~plan for the eventual replacement of the LIBOR benchmark interest rate, including the probability of SOFR as the dominant replacement in the capital markets. On July 1, 2021, the Finance Agency issued a Supervisory Letter to the FHLBanks regarding its expectations regarding an FHLBank’s use of alternative rates other than SOFR. The Supervisory Letter provides guidance on considerations, such as volume of underlying transactions, credit sensitivity, modeling risk and others, that an FHLBank should take into account prior to employing an alternative reference rate.

In general, the transition away from LIBOR may ~~result in~~present increased market risk, credit risk, operational risk and business risk for the Bank. The Bank has adopted a LIBOR transition plan, which outlines the Bank’s transition activities, including LIBOR exposure evaluation, risk management, legal, operational, systems and operations, shareholder and external communication and education, and other aspects of planning. The Bank has a LIBOR Steering Committee, which oversees the Bank’s transition away from LIBOR in accordance with the strategies and requirements put forth by senior management and regulatory guidance, providing periodic reports to the Bank’s executive management committee and board of directors.

As part of the Bank’s risk LIBOR exposure evaluation and risk management, the Bank has developed an inventory of financial instruments impacted by the LIBOR transition and has worked to identify and update contracts that may require adding or adjusting the fallback language. The Bank has added or adjusted fallback language in all outstanding LIBOR-linked advance confirmations ~~consolidated obligations~~ and its credit and collateral policy to include fallback language addressing the discontinuation of LIBOR as a benchmark rate. Further, the Bank and each of its counterparties has adhered to the Supplement to the 2006 ISDA Definitions and the ISDA 2020 ~~IBOR~~LIBOR Fallbacks Protocol. This adherence by the Bank and its counterparties amended all of the Bank’s legacy bilateral LIBOR-based derivative transactions to apply the new ISDA-recommended ~~IBOR~~LIBOR fallbacks in the event of the relevant ~~IBOR’s~~LIBOR’s cessation. It is also anticipated that LIBOR-based derivative transactions cleared through a clearinghouse and that mature after June 30, 2023 will also have their LIBOR-based rate transactions amended to become or be replaced by SOFR-based rate transactions pursuant to clearinghouse rules. The Bank is monitoring developments with respect to the Adjustable Interest Rate (LIBOR) Act and its impact on the fallback language contained in the Bank’s remaining LIBOR exposure, including its investment portfolio.

The Bank has LIBOR exposure related to advances, investment securities, consolidated obligation bonds, and derivatives. The following tables present the Bank’s LIBOR-indexed variable-rate financial instruments and interest-rate swaps with LIBOR exposure as of September 30, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively, is set forth below (in millions).

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		As of September 30, 2021											As of September 30, 2022
		Due/Terminates in		Due/Terminates in		Due/Terminates through		Due/Terminates					Due/Terminates in		Due/Terminates through		Due/Terminates
		2021		2022		June 30, 2023		thereafter		Total			2022		June 30, 2023		thereafter		Total
Assets with LIBOR exposure	Assets with LIBOR exposure											Assets with LIBOR exposure
Advance by redemption term (principal amount) (1)	Advance by redemption term (principal amount) (1)	$	2,854	$	907	$	5	$	830	$	4,596	Advance by redemption term (principal amount) (1)	$	—	$	5	$	5	$	10
Investment securities by contractual maturity (principal amount)	Investment securities by contractual maturity (principal amount)											Investment securities by contractual maturity (principal amount)
Non-mortgage-backed securities	Non-mortgage-backed securities	50		435		—		465		950		Non-mortgage-backed securities	50		—		465		515
Mortgage-backed securities	Mortgage-backed securities	4		10		56		11,910		11,980		Mortgage-backed securities	—		13		8,846		8,859
Total investment securities	Total investment securities	54		445		56		12,375		12,930		Total investment securities	50		13		9,311		9,374
LIBOR-indexed interest-rate swaps notional amount (receive leg)	LIBOR-indexed interest-rate swaps notional amount (receive leg)											LIBOR-indexed interest-rate swaps notional amount (receive leg)
Cleared	Cleared	102		1,090		385		4,103		5,680		Cleared	94		282		2,587		2,963
Uncleared	Uncleared	24		96		23		2,535		2,678		Uncleared	14		22		96		132
Total interest-rate swaps	Total interest-rate swaps	126		1,186		408		6,638		8,358		Total interest-rate swaps	108		304		2,683		3,095
Total principal/notional amount	Total principal/notional amount	$	3,034	$	2,538	$	469	$	19,843	$	25,884	Total principal/notional amount	$	158	$	322	$	11,999	$	12,479

Liabilities with LIBOR exposure	Liabilities with LIBOR exposure											Liabilities with LIBOR exposure

LIBOR-indexed interest-rate swaps notional amount (pay leg)	LIBOR-indexed interest-rate swaps notional amount (pay leg)											LIBOR-indexed interest-rate swaps notional amount (pay leg)
Cleared	Cleared	164		142		71		50		427		Cleared	$	—	$	71	$	50	$	121
Uncleared		53		28		—		—		81

Total notional amount interest-rate swaps		$	217	$	170	$	71	$	50	$	508

____________	____________											____________
(1) Includes all fixed-rate advances that have cap/floor optionality and excludes convertible advances.	(1) Includes all fixed-rate advances that have cap/floor optionality and excludes convertible advances.											(1) Includes all fixed-rate advances that have cap/floor optionality and excludes convertible advances.

Recently Issued But Not Yet Adopted Accounting Guidance

See Note 2—Recently Issued But Not Yet Adopted Accounting Standards to the Bank’s interim financial statements for a discussion of recently issued but not yet adopted accounting standards.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The following quantitative and qualitative disclosures about market risk should be read in conjunction with the quantitative and qualitative disclosures about market risk that are included in the Bank’s Form 10-K. The information provided herein is intended to update the disclosures made in the Bank’s Form 10-K.

Changes in interest rates and spreads can have a direct effect on the value of the Bank’s assets and liabilities. As a result of the volume of the Bank’s interest-earning assets and interest-bearing liabilities, the component of market risk having the greatest effect on the Bank’s financial condition and results of operations is interest-rate risk. A description of the Bank’s management of interest-rate risk is contained in the Bank’s Form 10-K.

The Bank uses derivative financial instruments to reduce the interest-rate risk exposure inherent in otherwise unhedged assets and funding positions. These derivatives are used to adjust the effective maturity, repricing frequency, or option characteristics of financial instruments to achieve risk management objectives.

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The following table presents the notional amounts of derivative financial instruments (in millions). The category “Fair value hedges” represents hedge strategies for which hedge accounting is achieved. The category “Non-qualifying hedges” represents hedge strategies for which the derivatives are not in designated hedging relationships that formally meet the hedge accounting requirements under GAAP.

As of September 30, 2021

As of December 31, 2020

As of September 30, 2022

As of December 31, 2021

Hedged Item / Hedging Instrument

Hedging Objective

Hedge
Accounting
Designation

Notional Amount

Hedged Item / Hedging Instrument

Hedging Objective

Hedge
Accounting
Designation

Notional Amount

Advances

Pay fixed, receive variable interest-rate swap (without options)

Converts the advance’s fixed rate to a variable-rate index.

Fair value
hedges

1,929

2,306

Pay fixed, receive variable interest-rate swap (without options)

Converts the advance’s fixed rate to a variable-rate index.

Fair value
hedges

2,622

1,909

Pay fixed, receive variable interest-rate swap (with options)

Converts the advance’s fixed rate to a variable-rate index and offsets option risk in the advance.

Fair value
hedges

18,531

22,501

Pay fixed, receive variable interest-rate swap (with options)

Converts the advance’s fixed rate to a variable-rate index and offsets option risk in the advance.

Fair value
hedges

12,036

18,420

Non-qualifying
hedges

—

Pay-fixed with embedded features, receive-variable interest-rate swap (non-callable)

Reduces interest-rate sensitivity and repricing gaps by converting the advance’s fixed rate to a variable-rate index and/or offsets embedded option risk in the advance.

Fair value hedges

725

558

Pay-fixed with embedded features, receive-variable interest-rate swap (non-callable)

Reduces interest-rate sensitivity and repricing gaps by converting the advance’s fixed rate to a variable-rate index and/or offsets embedded option risk in the advance.

Fair value hedges

373

742

Pay variable with embedded features, receive variable interest-rate swap (non-callable)

Reduces interest-rate sensitivity and repricing gaps by converting the advance’s variable rate to a different variable-rate index and/or offsets embedded option risk in the advance.

Fair value hedges

Pay variable with embedded features, receive variable interest-rate swap (non-callable)

Reduces interest-rate sensitivity and repricing gaps by converting the advance’s variable rate to a different variable-rate index and/or offsets embedded option risk in the advance.

Fair value hedges

—

Total

21,206

25,406

Total

15,031

21,079

Investments

Pay fixed, receive variable interest-rate swap

Converts the investment’s fixed rate to a variable-rate index.

Non-qualifying
hedges

—

Consolidated Obligation Bonds

Receive fixed, pay variable interest-rate swap (without options)

Converts the bond’s fixed rate to a variable-rate index.

Fair value
hedges

1,145

1,395

Receive fixed, pay variable interest-rate swap (without options)

Converts the bond’s fixed rate to a variable-rate index.

Fair value
hedges

1,770

788

Receive fixed, pay variable interest-rate swap (with options)

Converts the bond’s fixed rate to a variable-rate index and offsets option risk in the bond.

Fair value
hedges

19,410

Receive fixed, pay variable interest-rate swap (with options)

Converts the bond’s fixed rate to a variable-rate index and offsets option risk in the bond.

Fair value
hedges

41,487

24,473

Total

20,555

1,480

Total

43,257

25,261

Consolidated Obligation Discount Notes

Receive fixed, pay variable interest-rate swap

Converts the discount note’s fixed rate to a variable-rate index.

Fair value
hedges

—

1,115

Receive fixed, pay variable interest-rate swap

Converts the discount note’s fixed rate to a variable-rate index.

Fair value
hedges

18,511

—

Balance Sheet

Pay variable, receive fixed interest rate swap

Interest-rate swap not linked to specific assets, liabilities or forecasted transactions.

Non-qualifying hedges

Pay fixed, receive variable interest rate swap

Interest-rate swap not linked to specific assets, liabilities or forecasted transactions.

Non-qualifying hedges

Interest-rate cap or floor

Protects against changes in income of certain assets due to changes in interest rates.

Non-qualifying hedges

4,000

Total

4,040

Intermediary Positions and Other

Pay fixed, receive variable interest-rate swap, and receive fixed, pay variable interest-rate swap

To offset interest-rate swaps executed with members by executing interest-rate swaps with derivatives counterparties.

Non-qualifying
hedges

Total notional amount

80,862

50,404


Federally chartered corporation						56-6000442
United States
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A


PART I. FINANCIAL INFORMATION		3
Item 1.	Financial Statements (Unaudited)	3
	STATEMENTS OF CONDITION	3
	STATEMENTS OF INCOME	4
	STATEMENTS OF COMPREHENSIVE INCOME	5
	STATEMENTS OF CAPITAL	6
	STATEMENTS OF CASH FLOWS	7
	NOTES TO FINANCIAL STATEMENTS	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2928
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5651
Item 4.	Controls and Procedures	5853
PART II. OTHER INFORMATION		5954
Item 1.	Legal Proceedings	5954
Item 1A.	Risk Factors	5954
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5954
Item 3.	Defaults Upon Senior Securities	5954
Item 4.	Mine Safety Disclosure	5954
Item 5.	Other Information	5954
Item 6.	Exhibits	6055
SIGNATURES		6156


		As of September 30, 2021		As of December 31, 2020			As of September 30, 2022		As of December 31, 2021
Assets	Assets					Assets
Cash and due from banks	Cash and due from banks	$	2,079	$	2,905	Cash and due from banks	$	69	$	879
Interest-bearing deposits (including deposits with other FHLBanks of $3 and $5 as of September 30, 2021 and December 31, 2020, respectively)		689		1,644
Interest-bearing deposits (including deposits with other FHLBanks of $3 as of September 30, 2022 and December 31, 2021)						Interest-bearing deposits (including deposits with other FHLBanks of $3 as of September 30, 2022 and December 31, 2021)	1,264		688
Securities purchased under agreements to resell	Securities purchased under agreements to resell	3,500		9,500		Securities purchased under agreements to resell	11,000		7,000
Federal funds sold	Federal funds sold	9,609		3,270		Federal funds sold	10,670		6,420
Investment securities:	Investment securities:					Investment securities:
Trading securities		—		1,562
Available-for-sale securities (amortized cost of $1,597 and $0 as of September 30, 2021 and December 31, 2020, respectively)		1,597		—
Held-to-maturity securities (fair value of $15,635 and $20,489 as of September 30, 2021 and December 31, 2020, respectively)		15,584		20,404

Available-for-sale securities (amortized cost of $2,649 and $2,648 as of September 30, 2022 and December 31, 2021, respectively)						Available-for-sale securities (amortized cost of $2,649 and $2,648 as of September 30, 2022 and December 31, 2021, respectively)	2,604		2,639
Held-to-maturity securities (fair value of $19,221 and $15,099 as of September 30, 2022 and December 31, 2021, respectively)						Held-to-maturity securities (fair value of $19,221 and $15,099 as of September 30, 2022 and December 31, 2021, respectively)	19,634		15,074
Total investment securities	Total investment securities	17,181		21,966		Total investment securities	22,238		17,713
Advances	Advances	43,779		52,168		Advances	93,071		45,415

Mortgage loans held for portfolio, net	Mortgage loans held for portfolio, net	162		218		Mortgage loans held for portfolio, net	124		149

Loan to another FHLBank						Loan to another FHLBank	1,300		—
Accrued interest receivable	Accrued interest receivable	65		88		Accrued interest receivable	188		57
Derivative assets	Derivative assets	344		391		Derivative assets	272		331

Other assets, net	Other assets, net	100		145		Other assets, net	102		94
Total assets	Total assets	$	77,508	$	92,295	Total assets	$	140,298	$	78,746
Liabilities	Liabilities					Liabilities
Interest-bearing deposits	Interest-bearing deposits	$	2,308	$	1,998	Interest-bearing deposits	$	2,360	$	2,054
Consolidated obligations, net:	Consolidated obligations, net:					Consolidated obligations, net:
Discount notes	Discount notes	22,796		25,385		Discount notes	55,794		25,506
Bonds	Bonds	47,609		59,379		Bonds	74,994		46,186
Total consolidated obligations, net	Total consolidated obligations, net	70,405		84,764		Total consolidated obligations, net	130,788		71,692

Mandatorily redeemable capital stock						Mandatorily redeemable capital stock	—		1
Accrued interest payable	Accrued interest payable	59		45		Accrued interest payable	222		72
Affordable Housing Program payable	Affordable Housing Program payable	68		82		Affordable Housing Program payable	59		61
Derivative liabilities	Derivative liabilities	8		11		Derivative liabilities	45		22
Other liabilities	Other liabilities	90		135		Other liabilities	374		249
Total liabilities	Total liabilities	72,938		87,035		Total liabilities	133,848		74,151
Commitments and contingencies (Note 13)		0		0
Commitments and contingencies (Note 11)						Commitments and contingencies (Note 11)
Capital	Capital					Capital
Capital stock Class B putable ($100 par value) issued and outstanding shares:	Capital stock Class B putable ($100 par value) issued and outstanding shares:					Capital stock Class B putable ($100 par value) issued and outstanding shares:
Subclass B1 issued and outstanding shares: 7 and 10 as of September 30, 2021 and December 31, 2020, respectively		734		943
Subclass B2 issued and outstanding shares: 16 and 21 as of September 30, 2021 and December 31, 2020, respectively		1,598		2,135
Subclass B1 issued and outstanding shares: 7,272,687 and 7,143,718 as of September 30, 2022 and December 31, 2021, respectively						Subclass B1 issued and outstanding shares: 7,272,687 and 7,143,718 as of September 30, 2022 and December 31, 2021, respectively	727		715
Subclass B2 issued and outstanding shares: 34,980,090 and 16,681,827 as of September 30, 2022 and December 31, 2021, respectively						Subclass B2 issued and outstanding shares: 34,980,090 and 16,681,827 as of September 30, 2022 and December 31, 2021, respectively	3,498		1,668
Subclass B3 issued and outstanding shares: 154,324 and 0 as of September 30, 2022 and December 31, 2021, respectively						Subclass B3 issued and outstanding shares: 154,324 and 0 as of September 30, 2022 and December 31, 2021, respectively	16		—
Total capital stock Class B putable	Total capital stock Class B putable	2,332		3,078		Total capital stock Class B putable	4,241		2,383
Retained earnings:	Retained earnings:					Retained earnings:
Restricted	Restricted	613		588		Restricted	636		615
Unrestricted	Unrestricted	1,631		1,610		Unrestricted	1,624		1,613
Total retained earnings	Total retained earnings	2,244		2,198		Total retained earnings	2,260		2,228
Accumulated other comprehensive loss	Accumulated other comprehensive loss	(6)		(16)		Accumulated other comprehensive loss	(51)		(16)
Total capital	Total capital	4,570		5,260		Total capital	6,450		4,595
Total liabilities and capital	Total liabilities and capital	$	77,508	$	92,295	Total liabilities and capital	$	140,298	$	78,746


		Capital Stock Class B Putable			Retained Earnings						Accumulated Other Comprehensive Loss		Total Capital			Capital Stock Class B Putable			Retained Earnings						Accumulated Other Comprehensive Loss		Total Capital
		Shares	Par Value		Restricted		Unrestricted		Total
Balance, December 31, 2019		50	$	4,988	$	537	$	1,616	$	2,153	$	22	$	7,163
Issuance of capital stock		48	4,868		—		—		—		—		4,868
Repurchase/redemption of capital stock		(65)	(6,493)		—		—		—		—		(6,493)
Net shares reclassified to mandatorily redeemable capital stock		—	(22)		—		—		—		—		(22)
Comprehensive income (loss)		—	—		44		176		220		(39)		181
Partial recovery of prior capital distribution to Financing Corporation		—	—		—		29		29		—		29
Cash dividends on capital stock		—	—		—		(204)		(204)		—		(204)
Balance, September 30, 2020		33	$	3,341	$	581	$	1,617	$	2,198	$	(17)	$	5,522
																Shares	Par Value		Restricted		Unrestricted		Total		Accumulated Other Comprehensive Loss		Total Capital
Balance, December 31, 2020	Balance, December 31, 2020	31	$	3,078	$	588	$	1,610	$	2,198	$	(16)	$	5,260	Balance, December 31, 2020	31	$	3,078	$	588	$	1,610	$	2,198
Issuance of capital stock	Issuance of capital stock	8	887		—		—		—		—		887		Issuance of capital stock	8	887		—		—		—		—		887
Repurchase/redemption of capital stock	Repurchase/redemption of capital stock	(16)	(1,632)		—		—		—		—		(1,632)		Repurchase/redemption of capital stock	(16)	(1,632)		—		—		—		—		(1,632)
Net shares reclassified to mandatorily redeemable capital stock	Net shares reclassified to mandatorily redeemable capital stock	—	(1)		—		—		—		—		(1)		Net shares reclassified to mandatorily redeemable capital stock	—	(1)		—		—		—		—		(1)
Comprehensive income	Comprehensive income	—	—		25		101		126		10		136		Comprehensive income	—	—		25		101		126		10		136

Cash dividends on capital stock	Cash dividends on capital stock	—	—		—		(80)		(80)		—		(80)		Cash dividends on capital stock	—	—		—		(80)		(80)		—		(80)
Balance, September 30, 2021	Balance, September 30, 2021	23	$	2,332	$	613	$	1,631	$	2,244	$	(6)	$	4,570	Balance, September 30, 2021	23	$	2,332	$	613	$	1,631	$	2,244	$	(6)	$	4,570

Balance, December 31, 2021															Balance, December 31, 2021	24	$	2,383	$	615	$	1,613	$	2,228	$	(16)	$	4,595
Issuance of capital stock															Issuance of capital stock	59	5,977		—		—		—		—		5,977
Repurchase/redemption of capital stock															Repurchase/redemption of capital stock	(41)	(4,095)		—		—		—		—		(4,095)
Net shares reclassified to mandatorily redeemable capital stock															Net shares reclassified to mandatorily redeemable capital stock	—	(24)		—		—		—		—		(24)
Comprehensive income (loss)															Comprehensive income (loss)	—	—		21		89		110		(35)		75

Cash dividends on capital stock															Cash dividends on capital stock	—	—		—		(78)		(78)		—		(78)
Balance, September 30, 2022															Balance, September 30, 2022	42	$	4,241	$	636	$	1,624	$	2,260	$	(51)	$	6,450


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,					For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2021		2020		2021		2020			2022		2021		2022		2021
Interest income	Interest income									Interest income
Advances	Advances	$	73	$	135	$	256	$	786	Advances	$	488	$	73	$	723	$	256
Interest-bearing deposits	Interest-bearing deposits	—		1		1		17		Interest-bearing deposits	18		—		24		1
Securities purchased under agreements to resell	Securities purchased under agreements to resell	—		2		2		30		Securities purchased under agreements to resell	55		—		72		2
Federal funds sold	Federal funds sold	2		2		5		46		Federal funds sold	52		2		74		5
Trading securities	Trading securities	—		1		1		8		Trading securities	—		—		—		1
Available-for-sale securities	Available-for-sale securities	1		—		1		3		Available-for-sale securities	8		1		14		1
Held-to-maturity securities	Held-to-maturity securities	28		44		93		243		Held-to-maturity securities	97		28		165		93
Mortgage loans	Mortgage loans	3		3		8		10		Mortgage loans	2		3		5		8
Total interest income	Total interest income	107		188		367		1,143		Total interest income	720		107		1,077		367
Interest expense	Interest expense									Interest expense
Consolidated obligations:	Consolidated obligations:									Consolidated obligations:
Discount notes	Discount notes	2		40		9		344		Discount notes	283		2		370		9
Bonds	Bonds	41		59		121		530		Bonds	345		41		473		121
Interest-bearing deposits	Interest-bearing deposits	—		—		—		5		Interest-bearing deposits	11		—		14		—

Total interest expense	Total interest expense	43		99		130		879		Total interest expense	639		43		857		130
Net interest income	Net interest income	64		89		237		264		Net interest income	81		64		220		237

Noninterest income (loss)	Noninterest income (loss)									Noninterest income (loss)

Net (losses) gains on trading securities		—		—		(1)		5
Net realized gains from sale of available-for-sale securities		—		—		—		82
Net realized gains from sale of held-to-maturity securities		—		—		—		3
Net gains (losses) on derivatives		—		1		1		(6)
Net losses on trading securities										Net losses on trading securities	—		—		—		(1)

Net (losses) gains on derivatives										Net (losses) gains on derivatives	(1)		—		—		1
Standby letters of credit fees	Standby letters of credit fees	2		4		9		16		Standby letters of credit fees	2		2		5		9
Gain on litigation settlements, net										Gain on litigation settlements, net	—		—		4		—
Other	Other	2		4		3		8		Other	—		2		(2)		3
Total noninterest income	Total noninterest income	4		9		12		108		Total noninterest income	1		4		7		12
Noninterest expense	Noninterest expense									Noninterest expense
Compensation and benefits	Compensation and benefits	19		21		58		81		Compensation and benefits	14		19		52		58
Other operating expenses	Other operating expenses	10		8		27		26		Other operating expenses	11		10		33		27
Federal Housing Finance Agency	Federal Housing Finance Agency	3		3		8		8		Federal Housing Finance Agency	2		3		7		8
Office of Finance	Office of Finance	1		1		5		5		Office of Finance	2		1		6		5
Other	Other	5		2		11		7		Other	1		5		7		11
Total noninterest expense	Total noninterest expense	38		35		109		127		Total noninterest expense	30		38		105		109
Income before assessment	Income before assessment	30		63		140		245		Income before assessment	52		30		122		140
Affordable Housing Program assessment	Affordable Housing Program assessment	3		7		14		25		Affordable Housing Program assessment	5		3		12		14
Net income	Net income	$	27	$	56	$	126	$	220	Net income	$	47	$	27	$	110	$	126


FEDERAL HOME LOAN BANK OF ATLANTA STATEMENTS OF CASH FLOWS—(Continued) (Unaudited) (In millions)
FEDERAL HOME LOAN BANK OF ATLANTA STATEMENTS OF CASH FLOWS—(Continued) (Unaudited) (Dollars in millions)						FEDERAL HOME LOAN BANK OF ATLANTA STATEMENTS OF CASH FLOWS—(Continued) (Unaudited) (Dollars in millions)
		For the Nine Months Ended September 30,					For the Nine Months Ended September 30,
		2021		2020			2022		2021
Financing activities	Financing activities					Financing activities
Net change in interest-bearing deposits	Net change in interest-bearing deposits	312		450		Net change in interest-bearing deposits	308		312

Net payments on derivatives containing a financing element	Net payments on derivatives containing a financing element	(4)		(3)		Net payments on derivatives containing a financing element	(3)		(4)
Proceeds from issuance of consolidated obligations:	Proceeds from issuance of consolidated obligations:					Proceeds from issuance of consolidated obligations:
Discount notes	Discount notes	427,310		270,257		Discount notes	649,151		427,310
Bonds	Bonds	34,315		59,849		Bonds	55,628		34,315
Payments for debt issuance costs	Payments for debt issuance costs	(2)		(7)		Payments for debt issuance costs	(5)		(2)
Payments for maturing and retiring consolidated obligations:	Payments for maturing and retiring consolidated obligations:					Payments for maturing and retiring consolidated obligations:
Discount notes	Discount notes	(429,891)		(286,765)		Discount notes	(619,021)		(429,891)
Bonds	Bonds	(45,989)		(79,524)		Bonds	(24,489)		(45,989)
Proceeds from issuance of capital stock	Proceeds from issuance of capital stock	887		4,868		Proceeds from issuance of capital stock	5,977		887
Payments for repurchase/redemption of capital stock	Payments for repurchase/redemption of capital stock	(1,632)		(6,493)		Payments for repurchase/redemption of capital stock	(4,095)		(1,632)
Payments for repurchase/redemption of mandatorily redeemable capital stock	Payments for repurchase/redemption of mandatorily redeemable capital stock	(1)		(22)		Payments for repurchase/redemption of mandatorily redeemable capital stock	(25)		(1)
Partial recovery of prior capital distribution to Financing Corporation		—		29

Cash dividends paid	Cash dividends paid	(80)		(204)		Cash dividends paid	(78)		(80)
Net cash used in financing activities		(14,775)		(37,565)
Net (decrease) increase in cash and due from banks		(826)		3,275
Net cash provided by (used in) financing activities						Net cash provided by (used in) financing activities	63,348		(14,775)
Net decrease in cash and due from banks						Net decrease in cash and due from banks	(810)		(826)
Cash and due from banks at beginning of the period	Cash and due from banks at beginning of the period	2,905		911		Cash and due from banks at beginning of the period	879		2,905
Cash and due from banks at end of the period	Cash and due from banks at end of the period	$	2,079	$	4,186	Cash and due from banks at end of the period	$	69	$	2,079
Supplemental disclosures of cash flow information:	Supplemental disclosures of cash flow information:					Supplemental disclosures of cash flow information:
Cash paid for:	Cash paid for:					Cash paid for:
Interest	Interest	$	122	$	1,129	Interest	$	504	$	122
Affordable Housing Program assessment, net	Affordable Housing Program assessment, net	$	28	$	28	Affordable Housing Program assessment, net	$	14	$	28
Noncash investing and financing activities:	Noncash investing and financing activities:					Noncash investing and financing activities:
Net shares reclassified to mandatorily redeemable capital stock	Net shares reclassified to mandatorily redeemable capital stock	$	1	$	22	Net shares reclassified to mandatorily redeemable capital stock	$	24	$	1
Held-to-maturity securities acquired with accrued liabilities						Held-to-maturity securities acquired with accrued liabilities	$	275	$	—


	~~As of September 30, 2021~~		~~As of December 31, 2020~~
~~U.S. Treasury obligations~~	$	—	$	~~1,500~~
~~Government-sponsored enterprises debt obligations~~	—		62

~~Total~~	$	—	$	~~1,562~~


	Amortized Cost (1)		Gross Unrealized Gains(2)		Gross Unrealized Losses(2)		Estimated Fair Value
As of September 30, 2021	$	1,597	$	—	$	—	$	1,597


	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
As of September 30, 2022	$	2,649	$	1	$	(46)	$	2,604
As of December 31, 2021	$	2,648	$	—	$	(9)	$	2,639


	Less than 12 Months					12 Months or More				Total
		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
As of September 30, 2022		$	—	$	—	$	1,553	$	(46)	$	1,553	$	(46)
As of December 31, 2021		$	1,589	$	(9)	$	—	$	—	$	1,589	$	(9)


	As of September 30, 2022(2)		As of December 31, 2021(3)


Payment status, at amortized cost:(1)
Past due 30-59 days	$	2	$	2
Past due 60-89 days	1		1
Past due 90 days or more	5		7
Total past due mortgage loans	8		10
Current mortgage loans	105		126
Total conventional mortgage loans	$	113	$	136


	As of September 30, 2021
	Origination Year
	2017(2)		Prior to 2017		Total
Payment status, at amortized cost:(1)
Past due 30-59 days	$	—	$	2	$	2
Past due 60-89 days	—		1		1
Past due 90 days or more	—		8		8
Total past due mortgage loans	—		11		11
Current mortgage loans	—		137		137
Total conventional mortgage loans	$	—	$	148	$	148


	As of December 31, 2020
	Origination Year
	2017 and 2016		Prior to 2016		Total
Payment status, at amortized cost:(1)
Past due 30-59 days	$	—	$	6	$	6
Past due 60-89 days	—		2		2
Past due 90 days or more	1		11		12
Total past due mortgage loans	1		19		20
Current mortgage loans	42		141		183
Total conventional mortgage loans	$	43	$	160	$	203


		As of September 30, 2021										As of September 30, 2022
		Conventional Residential Mortgage Loans			Government-guaranteed or Insured Residential Mortgage Loans			Total				Conventional Residential Mortgage Loans			Government-guaranteed or Insured Residential Mortgage Loans			Total
Other delinquency statistics, at amortized cost:	Other delinquency statistics, at amortized cost:										Other delinquency statistics, at amortized cost:
In process of foreclosure (1)	In process of foreclosure (1)	$	1		$	—		$	1		In process of foreclosure (1)	$	1		$	—		$	1
Seriously delinquent rate (2)	Seriously delinquent rate (2)	5.23		%	5.11		%	5.22		%	Seriously delinquent rate (2)	4.20		%	5.57		%	4.32		%
Past due 90 days or more and still accruing interest (3)	Past due 90 days or more and still accruing interest (3)	$	—		$	1		$	1		Past due 90 days or more and still accruing interest (3)	$	—		$	1		$	1
Mortgage loans on nonaccrual status (4)	Mortgage loans on nonaccrual status (4)	$	8		$	—		$	8		Mortgage loans on nonaccrual status (4)	$	5		$	—		$	5


		As of September 30, 2021		As of December 31, 2020			As of September 30, 2022		As of December 31, 2021
Fixed-rate						Fixed-rate	$	41,178	$	27,751
Simple variable-rate	Simple variable-rate	$	23,188	$	52,935	Simple variable-rate	30,474		16,400
Fixed-rate		22,866		6,322
Step up/down	Step up/down	1,602		75		Step up/down	5,932		2,295

Total par value	Total par value	$	47,656	$	59,332	Total par value	$	77,584	$	46,446


		As of September 30, 2021			As of December 31, 2020				As of September 30, 2022			As of December 31, 2021
		Amount		Weighted- average Interest Rate (%)	Amount		Weighted- average Interest Rate (%)		Amount		Weighted- average Interest Rate (%)	Amount		Weighted- average Interest Rate (%)
Due in one year or less	Due in one year or less	$	20,082	0.21	$	43,788	0.24	Due in one year or less	$	36,685	2.88	$	16,640	0.16
Due after one year through two years	Due after one year through two years	5,421		0.24	11,205		0.25	Due after one year through two years	10,517		1.29	2,110		0.55
Due after two years through three years	Due after two years through three years	6,183		0.88	340		2.05	Due after two years through three years	13,055		1.54	10,700		0.81
Due after three years through four years	Due after three years through four years	5,557		0.66	1,719		2.33	Due after three years through four years	6,714		1.05	4,720		0.67
Due after four years through five years	Due after four years through five years	6,029		0.86	1,090		0.50	Due after four years through five years	7,648		2.07	7,829		0.94
Due after five years	Due after five years	4,384		1.76	1,190		3.76	Due after five years	2,965		2.28	4,447		1.76
Total par value	Total par value	47,656		0.58	59,332		0.40	Total par value	77,584		2.17	46,446		0.67
Premiums	Premiums	10			11			Premiums	7			10
Discounts	Discounts	(17)			(20)			Discounts	(14)			(17)
Hedging adjustments	Hedging adjustments	(40)			56			Hedging adjustments	(2,583)			(253)
Total	Total	$	47,609		$	59,379		Total	$	74,994		$	46,186


	As of September 30, 2022		As of December 31, 2021
Due or callable in one year or less	$	71,750	$	40,712
Due or callable after one year through two years	2,550		1,778
Due or callable after two years through three years	1,602		1,674
Due or callable after three years through four years	423		1,090
Due or callable after four years through five years	67		3
Due or callable after five years	1,192		1,189
Total par value	$	77,584	$	46,446


	As of September 30, 2021		As of December 31, 2020
Due or callable in one year or less	$	38,098	$	43,873
Due or callable after one year through two years	5,541		11,205
Due or callable after two years through three years	1,493		315
Due or callable after three years through four years	1,332		1,659
Due or callable after four years through five years	3		1,090
Due or callable after five years	1,189		1,190
Total par value	$	47,656	$	59,332


	Book Value		Par Value		Weighted-average Interest Rate (%)
As of September 30, 2021	$	22,796	$	22,797	0.04
As of December 31, 2020	$	25,385	$	25,389	0.11



	Net Unrealized Gains (Losses) on Available-for-sale Securities		Pension and Postretirement Benefits		Total Accumulated Other Comprehensive Loss
Balance, June 30, 2020	$	—	$	(18)	$	(18)



Reclassification from accumulated other comprehensive income to net income:
Amortization of pension and postretirement (1)	—		1		1
Net current period other comprehensive income	—		1		1
Balance, September 30, 2020	$	—	$	(17)	$	(17)

Balance, June 30, 2021	$	—	$	(12)	$	(12)



Reclassification from accumulated other comprehensive loss to net income:

Amortization of pension and postretirement (1)	—		6		6
Net current period other comprehensive income	—		6		6
Balance, September 30, 2021	$	—	$	(6)	$	(6)



	Net Unrealized Gains (Losses) on Available-for-sale Securities		Pension and Postretirement Benefits		Total Accumulated Other Comprehensive Loss
Balance, June 30, 2021	$	—	$	(12)	$	(12)



Reclassification from accumulated other comprehensive loss to net income:
Amortization of pension and postretirement (1)	—		6		6
Net current period other comprehensive income	—		6		6
Balance, September 30, 2021	$	—	$	(6)	$	(6)

Balance, June 30, 2022	$	(40)	$	(6)	$	(46)
Other comprehensive income before reclassifications:

Net unrealized losses on available-for-sale securities	(5)		—		(5)



Net current period other comprehensive loss	(5)		—		(5)
Balance, September 30, 2022	$	(45)	$	(6)	$	(51)


	Net Unrealized Gains (Losses) on Available-for-sale Securities		Net Noncredit Portion of Other-than-temporary Impairment Losses on Available-for-sale Securities		Pension and Postretirement Benefits		Total Accumulated Other Comprehensive Loss
Balance, December 31, 2019	$	—	$	41	$	(19)	$	22
Other comprehensive income before reclassifications:
Adoption of ASU 2016-13 as amended	41		(41)		—		—
Net unrealized gains on available-for-sale securities	41		—		—		41


Reclassification from accumulated other comprehensive income to net income:							—
Net realized gains from sale of available-for-sale securities	(82)		—		—		(82)
Amortization of pension and postretirement (1)	—		—		2		2
Net current period other comprehensive (loss) income	—		(41)		2		(39)
Balance, September 30, 2020	$	—	$	—	$	(17)	$	(17)

Balance, December 31, 2020	$	—	$	—	$	(16)	$	(16)






Reclassification from accumulated other comprehensive loss to net income:

Amortization of pension and postretirement (1)	—		—		10		10
Net current period other comprehensive income	—		—		10		10
Balance, September 30, 2021	$	—	$	—	$	(6)	$	(6)


													For the Three Months Ended September 30,
		For the Three Months Ended September 30, 2021				For the Nine Months Ended September 30, 2021					2022				2021
		Interest Income (Expense)				Interest Income (Expense)					Interest Income (Expense)
		Advances		Consolidated Obligation Bonds			Advances		Consolidated Obligation Bonds				Advances			Consolidated Obligation Bonds		Consolidated Obligation Discount Notes		Advances		Consolidated Obligation Bonds
Total interest income (expense) recorded in the Statements of Income	Total interest income (expense) recorded in the Statements of Income	$	73	$	(41)		$	256	$	(121)		Total interest income (expense) recorded in the Statements of Income	$	488		$	(345)	$	(283)	$	73	$	(41)
Changes in fair value:	Changes in fair value:											Changes in fair value:
Hedged items	Hedged items	$	(164)	$	25		$	(679)	$	96		Hedged items	$	(393)		$	888	$	8	$	(164)	$	25
Derivatives	Derivatives	191		(30)			787		(100)			Derivatives	387			(894)		(8)		191		(30)
Net changes in fair value	Net changes in fair value	27		(5)			108		(4)			Net changes in fair value	(6)			(6)		—		27		(5)
Net interest settlements on derivatives (1) (2)	Net interest settlements on derivatives (1) (2)	(81)		34			(263)		71			Net interest settlements on derivatives (1) (2)	10			(70)		(11)		(81)		34
Amortization/accretion of active hedging relationships	Amortization/accretion of active hedging relationships	(18)		—			(83)		—			Amortization/accretion of active hedging relationships	14			—		—		(18)		—
Other	Other	(4)		—			(11)		—			Other	38			—		—		(4)		—
Total net interest income effect from fair value hedging relationships	Total net interest income effect from fair value hedging relationships	$	(76)	$	29		$	(249)	$	67		Total net interest income effect from fair value hedging relationships	$	56		$	(76)	$	(11)	$	(76)	$	29


	As of September 30, 2021
	Fair Value Measurements Using				Netting Adjustments and Cash Collateral (1)
	Level 1		Level 2					Total
Assets:






Available-for-sale securities - U.S. Treasury obligations	$	—	$	1,597		$	—	$	1,597

Derivative assets - Interest-rate related	—		11			333		344
Grantor trust (included in Other assets)	40		—			—		40
Total assets at fair value	$	40	$	1,608		$	333	$	1,981
Liabilities:

Derivative liabilities - Interest-rate related	$	—	$	323		$	(315)	$	8


	As of September 30, 2021
	Regulatory Capital Stock Outstanding		Percent of Total Regulatory Capital Stock Outstanding	Par Value of Advances		Percent of Total Par Value of Advances	Interest-bearing Deposits		Percent of Total Interest-bearing Deposits
Bank of America, National Association	$	298	12.76	$	7,507	17.44	$	—	—
TIAA, FSB	256		10.98	6,396		14.86	1		0.05


		As of September 30, 2021		As of December 31, 2020	Increase (Decrease)								Change
		Amount			Amount		Amount		Percent		As of September 30, 2022		As of December 31, 2021	Amount		Percent

Total assets	Total assets	$	77,508		$	92,295	$	(14,787)	(16.02)	Total assets	$	140,298		$	78,746		$	61,552	78.17

Total liabilities	Total liabilities	72,938			87,035		(14,097)		(16.20)	Total liabilities	133,848			74,151			59,697		80.51

Total capital	Total capital	4,570			5,260		(690)		(13.12)	Total capital	6,450			4,595			1,855		40.36


	As of and for the Three Months Ended
	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
Statements of Condition (at period end)
Total assets	$	77,508	$	78,904	$	86,095	$	92,295	$	112,165
Advances	43,779		47,075		49,463		52,168		58,802
Investments (1)	30,979		30,078		32,880		36,380		48,255
Mortgage loans held for portfolio, net	162		178		199		218		242
Allowance for credit losses on mortgage loans	(1)		(1)		(1)		(1)		(1)

Interest-bearing deposits	2,308		2,623		2,713		1,998		1,967
Consolidated obligations, net:
Discount notes (2)	22,796		22,318		19,901		25,385		35,519
Bonds (2)	47,609		49,030		58,475		59,379		68,858
Total consolidated obligations, net (2)	70,405		71,348		78,376		84,764		104,377
Mandatorily redeemable capital stock	—		—		—		—		1
Affordable Housing Program payable	68		74		79		82		86
Capital stock - putable	2,332		2,448		2,543		3,078		3,341
Retained earnings	2,244		2,240		2,211		2,198		2,198
Accumulated other comprehensive loss	(6)		(12)		(13)		(16)		(17)
Total capital	4,570		4,676		4,741		5,260		5,522
Statements of Income (for the period ended)
Net interest income	64		94		79		69		89


Net losses on trading securities	—		—		(1)		(1)		—

Net gains on derivatives	—		—		1		—		1
Standby letters of credit fees	2		3		4		3		4
Other income	2		1		—		3		4
Noninterest expense	38		35		36		36		35
Income before assessment	30		63		47		38		63
Affordable Housing Program assessment	3		7		4		3		7
Net income	27		56		43		35		56
Performance Ratios (%)
Return on equity (3)	2.31		4.82		3.35		2.53		3.95
Return on assets (4)	0.13		0.28		0.19		0.14		0.20
Net interest margin (5)	0.32		0.46		0.36		0.28		0.33
Regulatory capital ratio (at period end) (6)	5.90		5.94		5.52		5.72		4.94
Equity to assets ratio (7)	5.80		5.71		5.66		5.43		5.17
Dividend payout ratio (8)	84.86		47.83		70.82		102.39		101.75


~~September 30, 2021~~	$	~~570,985~~
~~June 30, 2021~~	~~595,375~~
~~March 31, 2021~~	~~617,965~~
~~December 31, 2020~~	~~662,051~~
~~September 30, 2020~~	~~715,531~~


	For the Three Months Ended September 30, 2021
	Advances		Consolidated Obligation Bonds		Total
Effect on net interest income:
Amortization or accretion of active hedging relationships	$	(18)	$	—	$	(18)
Net changes in fair value hedges	27		(5)		22
Net interest settlements on derivatives (1)	(81)		34		(47)
Other (2)	(4)		—		(4)
Total effect on net interest income	$	(76)	$	29	$	(47)


	As of September 30, 2021		As of December 31, 2020
Terminates in 2021	$	—	$	3,000
Terminates after June 30, 2023	4,000		4,000
Total (1)	$	4,000	$	7,000


	As of September 30, 2022		As of December 31, 2021

Terminates after June 30, 2023 (1)	$	4,000	$	4,000


	As of September 30, 2021			As of December 31, 2020
Rating	Number of Borrowers	Par Value of Outstanding Advances		Number of Borrowers	Par Value of Outstanding Advances
101	255	$	41,823	298	$	37,713
102	14	968		32	12,849
103	2	5		3	35
104	4	252		3	46

Total	275	$	43,048	336	$	50,643


	Total Par Value of Outstanding Advances		LCV of Collateral Pledged by Members		First Mortgage Collateral (%)	Securities Collateral (%)	Other Real Estate Related Collateral (%)
As of September 30, 2021	$	43,048	$	314,607	63.41	11.22	25.37
As of December 31, 2020	50,643		326,602		62.96	11.01	26.03


		As of December 31, 2020				As of December 31, 2021
		Federal Funds Sold (1)		Interest-bearing Deposits (2)			Total			Federal Funds Sold		Interest-bearing Deposits		Total
Australia	Australia	$	970	$	—		$	970	Australia	$	820	$	—	$	820

Austria									Austria	55		—		55
Canada	Canada	400		—			400		Canada	2,315		—		2,315
Finland	Finland	250		—			250		Finland	655		—		655
France	France	200		—			200		France	376		—		376
Germany	Germany	970		—			970		Germany	1,010		—		1,010

Netherlands									Netherlands	790		—		790

Sweden	Sweden	300		—			300		Sweden	200		—		200

United States of America	United States of America	180		1,644			1,824		United States of America	199		688		887
Total	Total	$	3,270	$	1,644		$	4,914	Total	$	6,420	$	688	$	7,108


	As of September 30, 2021
	Carrying Value
	Investment Grade
	AAA		AA		A		BBB		Total
Investment securities:
Government-sponsored enterprises debt obligations	$	—	$	1,585	$	—	$	—	$	1,585
U.S. Treasury obligations	—		1,597		—		—		1,597
State or local housing agency debt obligations	—		1		—		—		1
Mortgage-backed securities:
U.S. agency obligations-guaranteed residential	—		246		—		—		246
Government-sponsored enterprises residential	—		5,390		—		—		5,390
Government-sponsored enterprises commercial	548		7,814		—		—		8,362

Total mortgage-backed securities	548		13,450		—		—		13,998
Total investment securities	548		16,633		—		—		17,181
Other investments:
Interest-bearing deposits	—		3		638		48		689
Securities purchased under agreements to resell	—		1,500		2,000		—		3,500
Federal funds sold	—		3,365		6,045		199		9,609
Total other investments	—		4,868		8,683		247		13,798
Total investments	$	548	$	21,501	$	8,683	$	247	$	30,979


		As of December 31, 2020
		Carrying Value								Carrying Value as of September 30, 2022
		Investment Grade									Investment Grade												Below Investment Grade
		AAA		AA		A		BBB				Total			AAA		AA		A		BBB			Unrated		Total
Investment securities:	Investment securities:													Investment securities:
Government-sponsored enterprises debt obligations	Government-sponsored enterprises debt obligations	$	—	$	2,307	$	—	$	—			$	2,307	Government-sponsored enterprises debt obligations	$	—	$	1,200	$	—	$	—		50		$	1,250
U.S. Treasury obligations	U.S. Treasury obligations	—		1,500		—		—				1,500		U.S. Treasury obligations	—		2,604		—		—			—		2,604
State or local housing agency debt obligations	State or local housing agency debt obligations	—		1		—		—				1		State or local housing agency debt obligations	—		1		—		—			—		1
Mortgage-backed securities:	Mortgage-backed securities:													Mortgage-backed securities:
U.S. agency obligations-guaranteed residential	U.S. agency obligations-guaranteed residential	—		295		—		—				295		U.S. agency obligations-guaranteed residential	—		178		—		—			—		178
Government-sponsored enterprises residential	Government-sponsored enterprises residential	—		7,283		—		—				7,283		Government-sponsored enterprises residential	—		5,082		—		—			—		5,082
Government-sponsored enterprises commercial	Government-sponsored enterprises commercial	551		10,029		—		—				10,580		Government-sponsored enterprises commercial	545		12,578		—		—			—		13,123

Total mortgage-backed securities	Total mortgage-backed securities	551		17,607		—		—				18,158		Total mortgage-backed securities	545		17,838		—		—			—		18,383
Total investment securities	Total investment securities	551		21,415		—		—				21,966		Total investment securities	545		21,643		—		—			50		22,238
Other investments:	Other investments:													Other investments:
Interest-bearing deposits	Interest-bearing deposits	—		5		1,591		48				1,644		Interest-bearing deposits	—		3		1,212		49			—		1,264
Securities purchased under agreements to resell	Securities purchased under agreements to resell	—		1,000		4,500		4,000				9,500		Securities purchased under agreements to resell	—		11,000		—		—			—		11,000
Federal funds sold	Federal funds sold	—		650		2,440		180				3,270		Federal funds sold	—		2,675		7,375		620			—		10,670
Total other investments	Total other investments	—		1,655		8,531		4,228				14,414		Total other investments	—		13,678		8,587		669			—		22,934
Total investments	Total investments	$	551	$	23,070	$	8,531	$	4,228			$	36,380	Total investments	$	545	$	35,321	$	8,587	$	669		$	50	$	45,172


		Federal Home Loan Bank of Atlanta

Date:	November ~~5, 2021~~4, 2022	By /s/ Kirk R. Malmberg
		Name: Kirk R. Malmberg Title: President and Chief Executive Officer

Date:	November ~~5, 2021~~4, 2022	By /s/ Haig H. Kazazian III
		Name: Haig H. Kazazian III Title: ~~Senior~~Executive Vice President and Chief Financial Officer