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Federal Home Loan Bank Of Chicago (1331451) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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1331451 Annual Reports

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    10-K Annual Report March 2020
    10-K Annual Report March 2019
    10-K Annual Report March 2010

Federal Home Loan Bank Of Chicago

CIK: 1331451
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Exhibit 99.1

FHLBank Chicago Announces 2021 Financial Highlights

February 10, 2022

To Our Members:

We have remained steadfast in our mission through the ongoing challenges of COVID-19 and an ever-changing economic landscape and I sincerely thank you, our members, for making 2021 a success. As we continued to demonstrate our unwavering commitment to being a reliable and competitive source of funding to our members, we advanced our products to help you invest in your communities. I also want to acknowledge the many of you who helped us better understand where you are in your diversity, equity and inclusion (DEI) journey. Your feedback, through open and candid dialogues with our sales directors and responses from our DEI surveys, provided direction for how we can tailor our products to better meet your needs and the diverse communities you serve. We remain committed to offering a range of community investment products that support diverse and underserved communities throughout Illinois and Wisconsin and the year ahead brings even more opportunity to expand program offerings to you and your partners. I wholeheartedly believe that a positive DEI platform has helped strengthen both our culture and our cooperative, all while helping you achieve your financial and community investment goals. With that, I am pleased to share some of our accomplishments over the last year.

We expect to report net income of $275 million for 2021 when we file our 2021 Annual Report on Form 10-K with the Securities and Exchange Commission (SEC) next month. Our preliminary and unaudited 2021 financial results and details on our 2021 financial performance are provided at the end of this letter. Based on our preliminary fourth quarter 2021 results, the Board of Directors of FHLBank Chicago declared our Q4 dividend on January 28, 2022 – 5.00% (annualized) for Class B1 activity stock and 2.00% (annualized) for Class B2 membership stock. Dividends will be paid February 15, 2022. A reminder that the net benefit of the higher dividend received on Class B1 activity stock has the effect of lowering your borrowing costs from us, currently estimated at 21.1 bps* interest rate reduction.

As communicated last month, we expect to maintain at least a 5.00% (annualized) dividend for Class B1 activity stock for the first and second quarters of 2022, based on current projections and assumptions regarding our financial condition. We are providing this information to assist you in planning your advance, letters of credit, and Mortgage Partnership Finance® (MPF®) Program on-balance sheet product activity with us. Any future dividend payments remain subject to determination and declaration by our Board of Directors and may be impacted by changes in financial or economic conditions, regulatory and statutory limitations, and any other relevant factors.









1

The following information was filed by Federal Home Loan Bank Of Chicago on Thursday, February 10, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Federal Home Loan Bank Of Chicago's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Background And Basis Of Presentation
Statements Of Cash Flows
Statements Of Comprehensive Income
Statements Of Condition
Statements Of Income
Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Advances
Advances (By Counterparty Concentration) (Details)
Advances (By Payment Terms) (Details)
Advances (By Redemption Terms) (Details)
Advances (Tables)
Affordable Housing Program (Notes)
Affordable Housing Program (Tables)
Affordable Housing Program Affordable Housing Program Ahp (Details)
Affordable Housing Program Ahp Rollforward (Details)
Allowance For Credit Losses
Allowance For Credit Losses (Tables)
Allowance For Credit Losses Accrued Interest Receivable (Details)
Allowance For Credit Losses Community First Fund (Details)
Allowance For Credit Losses Credit Quality Indicators - Mpf Loans (Details)
Allowance For Credit Losses Roll Forward (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Tables)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) Capital Rules (Details)
Capital Concentration (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Consolidated Obligations
Consolidated Obligations (Bonds By Callable Feature) (Details)
Consolidated Obligations (Short Term Discount Notes) (Details)
Consolidated Obligations (Tables)
Consolidated Obligations Bonds By Maturity Date) (Details)
Consolidated Obligations Interest Rate Payment Terms (Details)
Consolidated Obligations Systemwide Joint And Several Liability (Details)
Covid-19 Forbearance (Details)
Cumulative Impact Effect Of Adopting Cecl Measurement Of Credit Losses Asu 2016-13 (Details)
Cumulative Impact Effect Of Adopting Targeted Improvements To Accounting For Hedge Activities Asu 2017-12 (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Cash Flow Hedges) (Details)
Derivatives And Hedging Activities (Derivatives In Statement Of Income) (Details)
Derivatives And Hedging Activities (Derivatives In Statements Of Condition) (Details)
Derivatives And Hedging Activities (Fair Value Hedges) (Details)
Derivatives And Hedging Activities (Narrative) (Details)
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities Cumulative Basis Adjustments For Fair Value Hedges (Details)
Derivatives And Hedging Activities Derivative Assets With Legal Right Of Offset (Details)
Derivatives And Hedging Activities Derivative Liabilities With Legal Right Of Offset (Details)
Dividends (Details)
Employee Retirement Plans (Notes)
Employee Retirement Plans (Tables)
Employee Retirement Plans Multiemployer Pension Plan (Details)
Fair Value
Fair Value (Tables)
Fair Value Difference Between Fair Value And Unpaid Principal Balance - Fair Value Option (Details)
Fair Value Fair Value Estimates (Details)
Fair Value Gains (Losses) On Fair Value Option (Details)
Fair Value Level 3 Reconciliation Assets (Details)
Fico Resolution (Details)
Interest Income And Interest Expense
Interest Income And Interest Expense (Tables)
Interest Income And Interest Expense Interest Income And Expense (Details)
Investment Debt Securities
Investment Debt Securities (Available-For-Sale Debt Securities) (Details)
Investment Debt Securities (Held-To-Maturities Debt Securities) (Details)
Investment Debt Securities (Tables)
Investment Debt Securities (Trading Debt Securities) (Details)
Investment Debt Securities Aging Of Unrealized Temporary Losses (Details)
Investment Debt Securities Contractual Maturity (Details)
Investment Debt Securities Interest Rate Payment Terms (Details)
Investment Debt Securities Investment Securities Otti Rollforward (Details)
Joint Capital Enhancement Agreement (Details)
Mandatorily Redeemable Capital Stock (Mrcs) (Details)
Minimum Capital Requirements (Details)
Mpf Loans Held In Portfolio
Mpf Loans Held In Portfolio (Details)
Mpf Loans Held In Portfolio (Tables)
Operating Leases (Details)
Recently Issued But Not Yet Adopted Accounting Standards
Sale Of Debt Securities Classified As Afs &Amp; Htm (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Transactions With Related Parties And Other Fhlbs
Transactions With Related Parties And Other Fhlbs (Details)
Transactions With Related Parties And Other Fhlbs (Tables)
CIK: 1331451
Form Type: 10-K Annual Report
Accession Number: 0001331451-22-000049
Submitted to the SEC: Thu Mar 10 2022 12:39:28 PM EST
Accepted by the SEC: Thu Mar 10 2022
Period: Friday, December 31, 2021
Industry: Federal And Federally Sponsored Credit Agencies

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