Federal Independent Agencies
News releases, reports, statements and associated documents from federal independent agencies.
Featured Stories
USTDA Advances Cross-Continental Internet Access in Africa
ARLINGTON, Virginia, April 26 -- The U.S. Trade and Development Agency issued the following news release on April 24, 2024:
Today, the U.S. Trade and Development Agency signed a grant agreement with pan-African technology company, CSquared Link Holdings (Mauritius) Ltd (CSquared) for a feasibility study to help hundreds of thousands of Africans gain access to affordable broadband for the first time through the development of an open-access cross-continental fiber optic backbone. U.S. Secretary of Commerce, Gina Raimondo, witnessed USTDA's grant signing ceremony at the 2024 American Chamber of
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ARLINGTON, Virginia, April 26 -- The U.S. Trade and Development Agency issued the following news release on April 24, 2024:
Today, the U.S. Trade and Development Agency signed a grant agreement with pan-African technology company, CSquared Link Holdings (Mauritius) Ltd (CSquared) for a feasibility study to help hundreds of thousands of Africans gain access to affordable broadband for the first time through the development of an open-access cross-continental fiber optic backbone. U.S. Secretary of Commerce, Gina Raimondo, witnessed USTDA's grant signing ceremony at the 2024 American Chamber ofCommerce Business Summit in Nairobi, Kenya.
"USTDA is partnering with CSquared to develop Africa's first open-access trans-continental digital infrastructure, which will empower inland African communities by connecting them to the digital economy," said Enoh T. Ebong, USTDA's Director. "The grant also stands as a testament to USTDA's proactive role in advancing the Biden-Harris Administration's Digital Transformation with Africa initiative while creating new opportunities for U.S. solutions to address African digital priorities."
The USTDA-funded study will include an assessment of potential fiber backbone routes through the Democratic Republic of the Congo, Kenya, Tanzania, Uganda, and Zambia. The study will also assess expanding fiber network infrastructure along the backbone and extending last-mile connections to towers, businesses and homes. The project will help expand affordable, high-capacity broadband to inland African communities.
"For the continent's development as a whole, it is essential to bridge the digital divide. CSquared has a vision to digitally connect Africa and make connectivity more accessible and more affordable," said CSquared Group Chief Financial Officer Eddie Irungu. "USTDA has been proactively instrumental in providing this feasibility study grant. The project is to build a cross-continental open-access backbone highway, with metro and last mile networks subsequently built along the way. This is very promising as it would be the first of its kind to provide landlocked areas with open access to affordable connectivity to subsea cables on both sides of the continent."
"Digital access is transforming the economic landscape in Kenya and across Africa by opening new opportunities for businesses, workers and entrepreneurs. We are excited to partner with Kenya to provide affordable and accessible internet to more communities," said U.S. Ambassador to Kenya Meg Whitman.
U.S. businesses interested in submitting proposals for the USTDA-funded feasibility study should visit http://www.ustda.gov/work/bid-on-an-overseas-project.
USTDA's assistance advances Biden-Harris Administration priorities, including the Digital Transformation with Africa initiative for expanded access to an open, interoperable, reliable, and secure internet; Prosper Africa; and the Partnership for Global Infrastructure and Investment. USTDA's programming also follows through on commitments made at the December 2022 U.S.-Africa Leaders Summit.
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The U.S. Trade and Development Agency helps companies create U.S. jobs through the export of U.S. goods and services for priority infrastructure projects in emerging economies. USTDA links U.S. businesses to export opportunities by funding project preparation and partnership building activities that develop sustainable infrastructure and foster economic growth in partner countries.
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Original text here: https://www.ustda.gov/ustda-advances-cross-continental-internet-access-in-africa/
U.S. General Services Administration and U.S. Department of Energy Announce Procurement Opportunity for Tribal Businesses to Help Advance Clean Energy Goals
WASHINGTON, April 26 -- The General Services Administration issued the following news release on April 25, 2024:
The U.S. General Services Administration (GSA), in collaboration with the U.S. Department of Energy (DOE) and the White House Council on Native American Affairs, seeks to purchase Energy Attribute Certificates (EACs) from a Tribal majority-owned business organization using the Indian Energy Purchase Preference (IEPP). The solicitation will lead to the first ever procurement under the IEPP in support of Biden's Federal Sustainability Plan goal of powering all federal operations with
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WASHINGTON, April 26 -- The General Services Administration issued the following news release on April 25, 2024:
The U.S. General Services Administration (GSA), in collaboration with the U.S. Department of Energy (DOE) and the White House Council on Native American Affairs, seeks to purchase Energy Attribute Certificates (EACs) from a Tribal majority-owned business organization using the Indian Energy Purchase Preference (IEPP). The solicitation will lead to the first ever procurement under the IEPP in support of Biden's Federal Sustainability Plan goal of powering all federal operations withcarbon-free electricity by 2030 and the Biden-Harris Administration's commitment to Tribal nations.
On Nov. 30, 2022, the Administration announced its commitment to ensure that investments in the clean energy economy reach Tribal lands. As part of that work, the Administration created a new initiative to increase federal agencies' use of Tribal energy through their purchasing authorities, including a pilot program. This GSA procurement furthers the Administration's goal to pilot the IEPP and provides additional opportunities for Tribes to participate in the clean energy market.
"As we move the federal government toward 100% carbon pollution-free electricity by 2030, we're also working to ensure that investments in the clean energy economy reach Tribal communities," said GSA Administrator Robin Carnahan. "This solicitation to Tribal majority-owned businesses is another way we can accomplish those goals while strengthening our partnerships with Indian Country."
"It has been almost 20 years since Congress authorized the IEPP, and the White House Council on Native American Affairs has made implementing this preference a top priority. This marks yet another opportunity for Tribes to lead the way in the transition to clean energy. When clean energy generation occurs under Tribal sovereignty, it ensures that cultural values are upheld, and leads to the best outcomes for livelihoods in Indian Country," said Wahleah Johns, Director of the DOE Office of Indian Energy.
The IEPP, which allows agencies to give preference to Tribes when buying energy products or byproducts, was established by the Energy Policy Act of 2005, but had not been used by the federal government before this procurement. After assuming office, President Biden reestablished the White House Council on Native American Affairs, which has been coordinating across agencies, including GSA, to implement the IEPP. This pilot is one of many new carbon pollution-free electricity (CFE) procurements being implemented by GSA.
"As we strive for federal sustainability and energy efficiency, partnerships with Tribal energy businesses are pivotal. Through collaboration like this, we can advance clean energy goals while honoring Tribal sovereignty and cultural values, fostering prosperity within Indian Country," said Federal Energy Management Program (FEMP) Director Mary Sotos. "Initiatives like these also exemplify FEMP's commitment to empowering federal agencies as we work toward carbon pollution-free electricity by 2030."
The solicitation seeks quotes for up to approximately 47,500 MWh of unbundled EACs from generation resources that qualify as CFE with a preference for those submitted by Tribal majority-owned business organizations. One EAC is equivalent to 1 MWh of clean energy production. Transitioning to 100% CFE will advance the Administration's federal sustainability goals, catalyze America's clean energy industries and jobs, and build healthier communities.
For this solicitation, EACs must have been generated between April 1, 2023, and Dec. 31, 2024, from generation sources put in service on or after Oct. 1, 2021. The electricity associated with the EACs must have been delivered to one of the balancing authorities (i.e., grid regions) identified in the solicitation. The EACs will be procured independently from physical power (unbundled).
Responses to the GSA solicitation are due June 24, 2024, at 4 p.m. ET and the solicitation is expected to be awarded in July.
DOE's Federal Energy Management Program and Office of Indian Energy are holding office hours on this topic on Thursday May 9, from 1 p.m. - 2 p.m. ET: Register here (https://teams.microsoft.com/registration/zD4Ya1VL1U6z-H9kvhxBOA,2ccbGOgk9UC84Z1jXaISsQ,iNa9LsXm5UaxfEyn-ZehYA,mvnP5Z6QR0Wr4SDK-ahWNw,ATORqbi5EkW123Q6BI8HXw,uXd2S-3Z-UuwBIONKPG8TQ?mode=read&tenantId=6b183ecc-4b55-4ed5-b3f8-7f64be1c4138&webinarRing=gcc&skipauthstrap=1). For inquiries about selling power to federal entities under the IEPP, see the Office of Indian Energy's page (https://www.energy.gov/indianenergy/indian-energy-purchase-preference-inquiries). For more information on GSA's leadership in tackling the climate crisis and investing in a more sustainable future, please see GSA's Climate Action and Sustainability web page (https://www.gsa.gov/node/155).
"This effort is just one of several ways GSA can be a partner with Tribes as the nation transitions to sustainable energy and products," said Julie Ramey, GSA Tribal Liaison, Office of the Administrator. "When we look at the overall portfolio of GSA, there are many more opportunities ahead for Tribes to help the Administration further their clean energy goals."
With more than 300,000 buildings and 600,000 vehicles, the U.S. Government is the nation's largest energy consumer. In December 2021, President Biden issued the Federal Sustainability Plan, which directed the government to achieve net-zero emissions by 2050 by transitioning to zero-emission vehicles, energy efficient buildings, and carbon pollution-free electricity. In particular, the plan directs the government to transition to 100% CFE by 2030, at least half of which will be locally supplied clean energy to meet 24/7 hourly-matched demand. Including last week's agreement, over the past three years, the U.S. Government has signed memoranda of understanding to help provide federal facilities in 16 states with 100% CFE by 2030, which will increase the U.S. Government's reliance on clean energy from 38% to 47% en route to 100% by 2030.
About GSA: GSA provides centralized procurement and shared services for the federal government, managing a nationwide real estate portfolio of nearly 370 million rentable square feet, overseeing approximately $100 billion in products and services via federal contracts, and delivering technology services that serve millions of people across dozens of federal agencies. GSA's mission is to deliver the best customer experience and value in real estate, acquisition, and technology services to the government and the American people.
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Original text here: https://www.gsa.gov/about-us/newsroom/news-releases/us-general-services-administration-and-us-department-of-energy-announce-procurement-opportunity-for-tribal-businesses-to-help-advance-clean-energy-goals-04252024
Tamir Williams Joins the Smithsonian American Art Museum as Curatorial Fellow for African American Photography
WASHINGTON, April 26 (TNSres) -- The Smithsonian American Art Museum issued the following news release on April 24, 2024:
The Smithsonian American Art Museum has appointed Tamir Williams as a curatorial fellow for African American photography. Williams will play a key role in the museum's initiative to expand its representation of African American photography, working with the recently acquired L.J. West Collection of early American photography and the Dr. Robert L. Drapkin Collection. Their appointment began April 22.
Williams is a doctoral candidate in the history of art department at the University
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WASHINGTON, April 26 (TNSres) -- The Smithsonian American Art Museum issued the following news release on April 24, 2024:
The Smithsonian American Art Museum has appointed Tamir Williams as a curatorial fellow for African American photography. Williams will play a key role in the museum's initiative to expand its representation of African American photography, working with the recently acquired L.J. West Collection of early American photography and the Dr. Robert L. Drapkin Collection. Their appointment began April 22.
Williams is a doctoral candidate in the history of art department at the Universityof Pennsylvania where they specialize in the fields of American and contemporary art, with a focus on print media, performance art, film and video art, photography, and issues of race, gender and time. Their dissertation is titled "Scenes of Stamina: Endurance and Post-Plantation Geographies in Black Contemporary Video and Performance Art, 2003-2022." They have been the recipient of numerous fellowships and awards at the University of Pennsylvania, including the Center for Teaching and Learning's Graduate Fellowship for Teaching Excellence, and the Sachs Program for Arts Innovation Student Arts Innovation Grant.
Williams' previous curatorial and arts programming experience includes working as an Andrew W. Mellon Graduate Summer Fellow for the exhibition "Elegy: Lament in the 20th Century" at the Philadelphia Museum of Art (2022). Most recently, they curated "A Space to Appear, A Space to Tarry: Michael Abramson's Black Nightclubs of Chicago's South Side Series," at AUTOMAT in Philadelphia (2023).
Williams will work directly with John Jacob, the McEvoy Family Curator for Photography at the Smithsonian American Art Museum. The museum's curatorial department currently is comprised of 14 curators and curatorial fellows, led by Randall Griffey, head curator.
Generous support for research, conservation and study of the museum's early African American photography collection has been provided by the Mellon Foundation and the Henry Luce Foundation. A 2024 Bank of America Art Conservation Project grant supports the assessment and treatment of approximately 250 objects in the collection.
In 2021, the museum acquired the L.J. West Collection of early American photography, which transformed the museum's photography holdings with the addition of works by early African American daguerreotypists James P. Ball, Glenalvin Goodridge and Augustus Washington. The museum holds the world's largest collection of daguerreotypes by these three early photographers. This collection was enhanced by the purchase in 2023 of the Dr. Robert L. Drapkin Collection, a wide-ranging collection of photographs that represent African Americans from the medium's early years to the near present--roughly the 1840s to the 1970s. These new collections of early American photography feature nearly 700 objects with 450 made by or of African Americans. The collection demonstrates that, as both makers and as consumers of images, photography has always been central to the self-representation of African Americans.
The Smithsonian American Art Museum is home to one of the most significant collections of African American art in the world. It is a longstanding area of strength of the museum's holdings, distinguished by its depth and range with works in all media from the early 19th century to today. Other important holdings in photography at the museum include works by Dawoud Bey, Roy DeCarava, Roland Freeman, Tony Gleaton, Robert McNeill, Marilyn Nance, Gordon Parks, Carrie Mae Weems and James Van Der Zee.
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Original text here: https://americanart.si.edu/press/2024/24/tamir-williams-joins-smithsonian-american-art-museum-curatorial-fellow
Federal Home Loan Bank of San Francisco Announces First Quarter 2024 Operating Results
SAN FRANCISCO, California, April 26 (TNSres) -- The Federal Home Loan Bank of San Francisco, a federal district bank, issued the following news release on April 25, 2024:
The Federal Home Loan Bank of San Francisco (Bank) today announced its unaudited first quarter 2024 operating results. Net income for the first quarter of 2024 was $124 million, a decrease of $71 million compared with net income of $195 million for the first quarter of 2023. Net income for the first quarter of 2023 included $43 million of net income resulting from higher advance prepayments relative to the first quarter of 2024,
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SAN FRANCISCO, California, April 26 (TNSres) -- The Federal Home Loan Bank of San Francisco, a federal district bank, issued the following news release on April 25, 2024:
The Federal Home Loan Bank of San Francisco (Bank) today announced its unaudited first quarter 2024 operating results. Net income for the first quarter of 2024 was $124 million, a decrease of $71 million compared with net income of $195 million for the first quarter of 2023. Net income for the first quarter of 2023 included $43 million of net income resulting from higher advance prepayments relative to the first quarter of 2024,which is not expected to occur at similar levels in the future, net of third-party payments to unwind interest rate swaps at fair value.
"The Federal Home Loan Bank of San Francisco continues to be a critical engine of economic vitality across our three-state region," said Teresa Bryce Bazemore, president and chief executive officer. "In the first quarter of 2024, we remained an important provider of on-demand, low-cost liquidity to our member institutions, supporting community lending and economic health. Investing in a range of mandatory and voluntary affordable housing programs remains core to our mission and we are currently working with our members to engage in impactful affordable housing and economic development initiatives for the competitive 2024 grant cycle."
The $71 million decrease in net income relative to the prior-year period was primarily attributable to a decrease in net interest income of $137 million, partially offset by an improvement in other income/(loss) of $62 million.
* The $137 million decrease in net interest income was primarily attributable to $93 million in net advance prepayment fees in the prior-year period, which were significantly lower in the first quarter of 2024. The decrease in net interest income compared to the prior-year period was also attributable to lower average balances of interest-earning assets and higher costs of interest-bearing liabilities, partially offset by higher yields on interest-earning assets and lower average balances of interest-bearing liabilities.
* The $62 million improvement in other income/(loss) was primarily driven by $45 million in net realized losses recognized in the prior-year period from derivatives economically hedging prepaid advances, along with $30 million of income recognized in the first quarter of 2024 in connection with the termination of a long-term funding arrangement entered into with a member borrower in 2017.
At March 31, 2024, total assets were $88.0 billion, a decrease of $4.8 billion from $92.8 billion at December 31, 2023. Advances decreased by $4.4 billion to $56.9 billion at March 31, 2024, from $61.3 billion at December 31, 2023. Investments at March 31, 2024, were $29.9 billion, a net decrease of $398 million from $30.3 billion at December 31, 2023, attributable to decreases of $293 million in short-term investments and $105 million in mortgage-backed securities.
Consistent with the Bank's community programs, the Bank allocated $63.4 million, or 10% of the Bank's 2023 earnings, to its 2024 Affordable Housing Program (AHP), an annual statutory grant program that supports the creation, preservation, or purchase of affordable housing. This program includes the AHP General Fund which awards grants to projects located in the Bank's three-state district such as the new AHP Nevada Targeted Fund that is in its second year and will award grants to qualified projects in Nevada, and the Workforce Initiative Subsidy for Homeownership (WISH) Program of which $13 million has been set aside. The WISH Program enables the Bank's members to deliver $4-to-$1 matching grants up to $30,806 to eligible low- and moderate-income first-time homebuyers for downpayments and closing costs to help them purchase a home.
As part of the Bank's ongoing commitment to contribute up to 15% in total of annual income to affordable housing and community economic development programs and initiatives that strengthen the communities the Bank serves in partnership with its members, the Bank has voluntarily allocated 5% of its 2023 earnings, which amounts to $32 million to affordable housing and economic development programs, in addition to its annual AHP contribution. As a part of this commitment, the Bank's board has approved a renewal of the successful Middle-Income Downpayment Assistance program that was piloted in 2023 with $10 million in grant funding and designed to help aspiring homebuyers who make up the "missing middle" in the Bank's high-cost district become homeowners. Because of the enthusiastic response of the Bank's members to this voluntary program, the board has doubled its funding for this program in 2024 to $20 million as allocated from the Bank's 2023 earnings, to provide grants of up to $50,000 to each eligible homebuyer in their pipeline. Also, the board has approved a voluntary contribution of $4 million to the Access to Housing and Economic Assistance for Development (AHEAD) grant program, which is entering its 20th year of boosting innovative initiatives aimed at advancing economic development opportunities in underserved communities.
As of March 31, 2024, the Bank exceeded all regulatory capital requirements. The Bank exceeded its 4.0% regulatory requirement with a regulatory capital ratio of 8.4% at March 31, 2024. The increase in the regulatory capital ratio from 8.0% at December 31, 2023, mainly resulted from the decrease in total assets during the first quarter of 2024. The Bank also exceeded its risk-based capital requirement of $1.1 billion with $7.4 billion in permanent capital. Total retained earnings increased to $4.4 billion at March 31, 2024, from $4.3 billion at December 31, 2023.
Today, the Bank's board of directors declared a quarterly cash dividend on the average capital stock outstanding during the first quarter of 2024 at an annualized rate of 8.75%. The quarterly dividend rate is consistent with the Bank's dividend philosophy of endeavoring to pay a quarterly dividend rate that is equal to or greater than the current market rate for highly rated investments and that is sustainable under current and projected earnings while maintaining appropriate levels of capital. The quarterly dividend will total $66 million, and the Bank expects to pay the dividend on May 9, 2024.
Financial Highlights
(Unaudited)
(Dollars in millions)
[View table in the link at bottom]
1 Investments consist of federal funds sold, interest-bearing deposits, trading securities, available-for-sale securities, held-to-maturity securities, and securities purchased under agreements to resell.
2 The regulatory capital ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes retained earnings, Class B capital stock, and mandatorily redeemable capital stock (which is classified as a liability) but excludes accumulated other comprehensive income/(loss). Total regulatory capital as of March 31, 2024, and December 31, 2023, was $7.4 billion.
3 Net interest margin is calculated as net interest income (annualized) divided by average interest-earning assets.
4 Cash dividends are declared, recorded, and paid during the period, on the average capital stock outstanding during the previous quarter.
Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions-commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions propel homeownership, finance affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the Bank's dividend philosophy and dividend rates. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "endeavoring," "will," and "expects," or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized, including future dividends. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Report on Form 10-K and other periodic and current reports that we may file with the Securities and Exchange Commission, as well as regulatory and accounting rule adjustments or requirements; the application of accounting standards relating to, among other things, certain fair value gains and losses; hedge accounting of derivatives and underlying financial instruments; the fair values of financial instruments; the allowance for credit losses; future operating results; the withdrawal of one or more large members; high inflation and interest rates that may adversely affect our members and their customers; and our ability to pay a quarterly dividend rate that is equal to or greater than similar current rates for highly rated investments. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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Original text here: https://www.fhlbsf.com/about/newsroom/federal-home-loan-bank-of-san-francisco-announces-first-quarter-2024-operating
Federal Home Loan Bank of Des Moines: First Quarter 2024 Dividend & Earnings Release
DES MOINES, Iowa, April 26 (TNSres) -- The Federal Home Loan Bank of Des Moines, a district bank in the Federal Home Loan Bank System, issued the following news on April 25, 2024:
The Board of Directors approved a first quarter 2024 dividend to be paid at an annualized rate of 9.25 percent on average activity-based stock, an increase of 0.25 percent from the prior quarter, and 6.00 percent on average membership stock, an increase of 2.45 percent from the prior quarter. The Federal Home Loan Bank of Des Moines expects to make dividend payments totaling $147 million on May 13, 2024.
On April 25,
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DES MOINES, Iowa, April 26 (TNSres) -- The Federal Home Loan Bank of Des Moines, a district bank in the Federal Home Loan Bank System, issued the following news on April 25, 2024:
The Board of Directors approved a first quarter 2024 dividend to be paid at an annualized rate of 9.25 percent on average activity-based stock, an increase of 0.25 percent from the prior quarter, and 6.00 percent on average membership stock, an increase of 2.45 percent from the prior quarter. The Federal Home Loan Bank of Des Moines expects to make dividend payments totaling $147 million on May 13, 2024.
On April 25,2024, FHLB Des Moines released preliminary unaudited financial highlights for the first quarter ended March 31, 2024. The financial results reported in this earnings release for the first quarter of 2024 are preliminary until the Bank announces unaudited financial results in its First Quarter 2024 Form 10-Q filed with the Securities and Exchange Commission, expected to be available next month at http://www.fhlbdm.com and http://www.sec.gov.
Please refer to the Bank's earnings release (https://www.fhlbdm.com/webres/File/News%20Articles/Q1_2024_Earnings_Release.pdf) for more information.
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Original text here: https://www.fhlbdm.com/news/finance-news/first-quarter-2024-dividend-and-earnings-release/
Federal Home Loan Bank of Atlanta Announces First Quarter 2024 Operating Highlights
ATLANTA, Georgia, April 26 -- The Federal Home Loan Bank of Atlanta, a district bank in the Federal Home Loan Bank System, issued the following news on April 25, 2024:
Federal Home Loan Bank of Atlanta (the Bank) today released preliminary unaudited financial highlights for the quarter ended March 31, 2024. All numbers reported below for the first quarter of 2024 are approximate until the Bank announces unaudited financial results in its Form 10-Q, which is expected to be filed with the Securities and Exchange Commission (SEC) on or about May 10, 2024.
Operating Results for the First Quarter
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ATLANTA, Georgia, April 26 -- The Federal Home Loan Bank of Atlanta, a district bank in the Federal Home Loan Bank System, issued the following news on April 25, 2024:
Federal Home Loan Bank of Atlanta (the Bank) today released preliminary unaudited financial highlights for the quarter ended March 31, 2024. All numbers reported below for the first quarter of 2024 are approximate until the Bank announces unaudited financial results in its Form 10-Q, which is expected to be filed with the Securities and Exchange Commission (SEC) on or about May 10, 2024.
Operating Results for the First Quarter2024
* Net income for the first quarter of 2024 was $194 million, an increase of $71 million, compared to net income of $123 million for the same period in 2023. The increase in net income was primarily due to an $80 million increase in net interest income.
* The increases in net interest income and net income were primarily due to an increase in interest rates which impacted income from interest-earning assets more than the expense from interest-bearing liabilities. The net yield on interest-earning assets for the first quarter of 2024 was 66 basis points, an increase of 27 basis points, compared to 39 basis points for the same period in 2023. Many of the Bank's assets and liabilities are indexed to the Secured Overnight Financing Rate (SOFR). Average daily SOFR during the first quarter of 2024 was 5.31 percent compared to 4.50 percent for the same period in 2023.
* The Bank's first quarter 2024 performance resulted in an annualized return on average equity (ROE) of 9.24 percent as compared to 5.92 percent for the same period in 2023. The increase in ROE was primarily due to the increase in net income during the quarter.
Financial Condition Highlights
* Total assets were $142.8 billion as of March 31, 2024, a decrease of $9.6 billion from December 31, 2023.
* Advances outstanding were $96.6 billion as of March 31, 2024, remaining relatively stable from December 31, 2023.
* Total capital was $8.2 billion as of March 31, 2024, an increase of $132 million from December 31, 2023. Retained earnings increased to $2.6 billion as of March 31, 2024, compared to $2.5 billion as of December 31, 2023.
* As of March 31, 2024, the Bank was in compliance with all applicable regulatory capital and liquidity requirements.
Reliable Source of Liquidity
* During the first quarter of 2024, the Bank originated a total of $77 billion of advances, thereby providing significant liquidity to its members to support lending and other activities in their communities. The Bank is proud to continue to execute on its mission to be a reliable source of liquidity and funding for its members, while remaining adequately capitalized.
Commitment to Affordable Housing and Community Development
* The Bank commits 10 percent of its income before assessments to support the affordable housing and community development needs of communities served by its members as required by law, which amounted to $72 million for the 2023 statutory AHP assessment available for funding in 2024. As of March 31, 2024, the Bank has accrued $22 million to its Affordable Housing Program (AHP) pool of funds that will be available to the Bank's members and their communities in 2025 for funding of eligible projects.
* In January 2024, the Bank committed to voluntarily contribute an additional 50 percent of its prior year statutory AHP assessment to affordable housing, authorizing $36 million in voluntary housing contributions consisting of $23 million in voluntary AHP non-statutory contributions and $13 million in voluntary non-AHP contributions. These amounts are anticipated to be expensed during 2024. Together with the $72 million from the 2023 statutory AHP assessment, this will result in a total commitment by the Bank to support affordable housing and community development needs of over $100 million for 2024.
* Since the inception of its AHP in 1990, the Bank has awarded more than $1.1 billion in AHP funds, assisting more than 174,000 households.
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Table: Federal Home Loan Bank of Atlanta Financial Highlights
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The selected financial data above should be read in conjunction with the financial statements and notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Bank's First Quarter 2024 Form 10-Q expected to be filed with the SEC on or about May 10, 2024 which will be available at http://www.fhlbatl.com and on http://www.sec.gov.
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About Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank is a cooperative whose members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System (FHLBank System). Since 1990, the FHLBanks have awarded approximately $7.6 billion in Affordable Housing Program funds, assisting more than one million households.
To the extent that the statements made in this announcement may be deemed as "forward-looking statements", they are made within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, disbursements, expenses and program allocations for voluntary contributions to affordable housing and community development 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 such forward-looking statements, and the reader is cautioned not to place undue reliance on them, since those may not be realized due to a variety of factors, including, without limitation: legislative, regulatory and accounting actions, changes, approvals or requirements; completion of the Bank's financial closing procedures and final accounting adjustments for the most recently completed quarter; SOFR variations; future economic, liquidity and market conditions (including in the housing market and banking industry); changes in demand for advances, advance levels, consolidated obligations of the Bank and/or the FHLBank System and their market; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, and world events; disruptions in information systems; membership changes; mergers and acquisitions involving members; and other adverse developments or events, including extraordinary or disruptive events, affecting the market, involving other Federal Home Loan Banks, their members or the FHLBank System in general, including acts or war and terrorism. Additional factors that might cause the Bank's results to differ from forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov.
The forward-looking statements in this release speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of these 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. New factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements.
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Original text here: https://corp.fhlbatl.com/who-we-are/news/federal-home-loan-bank-of-atlanta-announces-first-quarter-2024-operating-highlights
Administrative Office of the U.S. Courts: Bankruptcies Rise 16 Percent Over Previous Year
WASHINGTON, April 26 -- The Administrative Office of the U.S. Courts issued the following news on April 25, 2024:
Bankruptcy filings rose 16 percent during the 12-month period ending March 31, 2024. That is a similar rate of acceleration as in the Dec. 31, 2023, quarterly report, but new bankruptcy cases remain significantly lower than before the start of the coronavirus (COVID-19) pandemic.
According to statistics released by the Administrative Office of the U.S. Courts, total filings rose to 467,774 new cases, compared with 403,273 cases reported during the year ending March 31, 2023.
Business
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WASHINGTON, April 26 -- The Administrative Office of the U.S. Courts issued the following news on April 25, 2024:
Bankruptcy filings rose 16 percent during the 12-month period ending March 31, 2024. That is a similar rate of acceleration as in the Dec. 31, 2023, quarterly report, but new bankruptcy cases remain significantly lower than before the start of the coronavirus (COVID-19) pandemic.
According to statistics released by the Administrative Office of the U.S. Courts, total filings rose to 467,774 new cases, compared with 403,273 cases reported during the year ending March 31, 2023.
Businessfilings increased 40.4 percent, from 14,467 in March 2023 to 20,316 in the newest report. Non-business filings rose 15.1 percent, from 388,806 in March 2023 to 447,458 in March 2024.
This year's 12-month filing total for the quarter ending March 31 is nearly three-fifths of the total reported in March 2020, when the pandemic disrupted the U.S. economy. That year's 12-month total was 764,282.
Additional statistics released today include:
* Business and non-business bankruptcy filings for the 12-month period ending March 31, 2024 (Table F-2, 12-month);
* Bankruptcy data for the twelve-month periods ending in March 2023 and March 2024 (Table F);
* Fourth quarter filings, (Table F-2, 3-month); and filings by month (Table F-2, January, February, and March)
* Bankruptcy filings by county (Report F-5A).
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Table1: Business and Non-Business Filings,Years Ending March 31, 2020-2024
Table2: Total Bankruptcy Filings By Chapter, Years Ending March 31, 2020-2024
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For more on bankruptcy and its chapters, view the following resources:
* Historic caseload statistics data tables
* Federal Rules of Bankruptcy Procedure
* General information about bankruptcy, including Bankruptcy Basics
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Original text here: https://www.uscourts.gov/news/2024/04/25/bankruptcies-rise-16-percent-over-previous-year
