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Federal Home Loan Bank Of Chicago (1331451) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Federal Home Loan Bank Of Chicago

CIK: 1331451
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Exhibit 99.1

April 23, 2019

To Our Members:

We are pleased to announce that the Board of Directors of the Federal Home Loan Bank of Chicago approved maintaining the dividend declared in the fourth quarter of 2018 on the Class B1 activity stock and increasing the dividend declared on the Class B2 membership stock. Based on our preliminary financial results for the first quarter of 2019, the Board of Directors declared a dividend of 5.00% (annualized) for Class B1 activity stock and a dividend of 2.25% (annualized) for Class B2 membership stock (an increase of 25 basis points from the previous quarter).

The Bank pays a higher dividend per share on activity stock to reward members who use the Bank’s advances and, thereby, support the entire cooperative. The higher dividend received on Class B1 activity stock has the effect of lowering your borrowing costs.

We expect to report net income of $77 million for the first quarter of 2019 when we file our Form 10-Q with the Securities and Exchange Commission next month. Our preliminary and unaudited financial results are included here and details on the dividend payments and our first quarter 2019 financial highlights are provided at the end of this letter.

Your Funding Needs: Competitively Priced Products Designed to Deliver Advantages to You
Our products and programs are designed to provide you competitively priced funding, a reasonable return on your investment, and support for your community investment activities. At the end of the first quarter of 2019, advances outstanding totaled $50.8 billion, letters of credit totaled $23.4 billion, and Mortgage Partnership Finance® (MPF®) Program loans outstanding on balance sheet totaled $7.6 billion. During the first quarter of 2019, the Downpayment Plus® (DPP®) Programs opened and applications for the Community Small Business Advance became available. In the second quarter of 2019, applications for the Community First® Capacity-Building Grant Program became available and on Monday, May 6, the 2019 competitive Affordable Housing Program (AHP) round opens.

Your Collateral Value: Expanding This Year
Ensuring that we are taking the right steps to optimize your collateral value is integral to maximizing your borrowing capacity with the Bank. Over the past few years, we have expanded collateral classes that can be pledged, increased collateral margins in a safe and sound manner, and taken steps to make the pledging process easier for members. Later this year, we are implementing additional enhancements intended to further optimize your collateral value. In particular, we will start providing value to collateral that was previously considered ineligible. We encourage you to attend our Collateral Expansion Webinar on Tuesday, May 14, to learn more about these upcoming changes.

Your Cooperative: Your Home Loan Bank
It was terrific to see so many of you at our member meetings this spring. The meetings were the highest attended in recent years and we thank you for joining us in Illinois and Wisconsin. It is an honor to serve you and to provide educational events that further enrich your membership. As noted in the meetings, we recognize that important changes are taking place in the increasingly diverse communities you serve and in your evolving workplaces. To support the changing business landscape, we are committed to transforming your member owned, member focused cooperative in an operationally excellent manner by maximizing your borrowing capacity, enhancing your member experience, and advancing the solutions we provide.


1

The following information was filed by Federal Home Loan Bank Of Chicago on Tuesday, April 23, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed 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 (Tables)
Advances By Counterparty Concentration (Details)
Advances By Redemption Terms (Details)
Advances Reconciliation Of Par Values To Carrying Values (Details)
Allowance For Credit Losses
Allowance For Credit Losses (Tables)
Allowance For Credit Losses Credit Quality Indicators - Mpf Loans Held In Portfolio (Details)
Allowance For Credit Losses Recorded Investment And Allowance On Conventional Mpf Loans Held In Portfolio (Details)
Background And Basis Of Presentation
Capital And Mandatorily Redeemable Capital Stock (Mrcs)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Capital Rules) (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Regulatory Capital Requirements) (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Tables)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) Dividends (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) Stockholder Concentration (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Consolidated Obligations
Consolidated Obligations (Bonds By Callable Feature) (Details)
Consolidated Obligations (Long Term Bonds By Maturity Date) (Details)
Consolidated Obligations (Short Term Discount Notes) (Details)
Consolidated Obligations (Systemwide Joint &Amp; Several Liability) (Details)
Consolidated Obligations (Tables)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Cash Flow Hedges) (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)
Derivatives And Hedging Activities Derivatives In Statement Of Income (Details)
Derivatives And Hedging Activities Derivatives In Statements Of Condition (Details)
Fair Value
Fair Value (Fair Value Option Difference Between Fair Value And Unpaid Principal Balance) (Details)
Fair Value (Tables)
Fair Value Fair Value Estimates (Details)
Fair Value Gains (Losses) On Fair Value Option (Details)
Interest Income And Interest Expense
Interest Income And Interest Expense (Details)
Interest Income And Interest Expense (Tables)
Investment Debt Securities
Investment Debt Securities (Available-For-Sale Debt Securities) (Details)
Investment Debt Securities (Held-To-Maturities Debt Securities) (Details)
Investment Debt Securities (Otti Rollforward) (Details)
Investment Debt Securities (Significant Inputs Used To Determine Otti) (Details)
Investment Debt Securities (Tables)
Investment Debt Securities (Trading Debt Scurities) (Details)
Investment Debt Securities Aging Of Unrealized Temporary Losses (Details)
Investment Debt Securities Contractual Maturities (Details)
Mpf Loans Held In Portfolio (Details)
Mpf Loans Held In Portfolio (Notes)
Mpf Loans Held In Portfolio (Tables)
Recently Issued But Not Yet Adopted Accounting Standards
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies Narrative (Details)
Transactions With Related Parties And Other Fhlbs
Transactions With Related Parties And Other Fhlbs (Details)
Transactions With Related Parties And Other Fhlbs (Tables)

Material Contracts, Statements, Certifications & more

Federal Home Loan Bank Of Chicago provided additional information to their SEC Filing as exhibits

CIK: 1331451
Form Type: 10-Q Quarterly Report
Accession Number: 0001331451-19-000096
Submitted to the SEC: Thu May 09 2019 12:25:28 PM EST
Accepted by the SEC: Thu May 09 2019
Period: Sunday, March 31, 2019
Industry: Federal And Federally Sponsored Credit Agencies

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