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Federal Home Loan Bank Of Chicago (1331451) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Federal Home Loan Bank Of Chicago

CIK: 1331451
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Exhibit 99.1

Q1 2021 Financial Highlights

April 27, 2021

To Our Members:

No one could have predicted the challenges of the past year brought about by the COVID-19 pandemic. In times of change, we value what is familiar, reliable, and secure; but adversity compels us to challenge our ways of thinking, advance how we work together, and embrace an innovative spirit that can result in transformative change. We are inspired by your resiliency and adaptation to change during this time, and we are also evolving to support your changing business needs.

At the Federal Home Loan Bank of Chicago (FHLBank Chicago) our mission, vision, values, and commitment to diversity, equity, and inclusion serve as our guides to support your businesses and your communities now and for years to come. Our new, rebranded visual identity reflects these pillars and what makes us FHLBank Chicago—our geographic district of Illinois and Wisconsin, our members, and the diverse communities you serve.

Our new headquarters located in Chicago’s historic Old Post Office (433 West Van Buren Street, Suite 501S, Chicago, Illinois 60607) enabled us to create an office space designed to enrich innovation and collaboration to develop the products, services, and solutions you value most. As we continue to monitor COVID-19 developments, we do not anticipate fully opening our office until the late summer.

For the latest updates on our products, services, and solutions, subscribe to The Daily Advisor—a new, daily email delivered to your inbox each morning. Information on our previously announced new activity stock requirements effective May 3, 2021, our zero-rate advance (read below for more information), upcoming LIBOR transition webinar, and plans for our 2021 member conferences will be available through The Daily Advisor. Please reach out to your Sales Director if you would like to subscribe.

First Quarter 2021 Dividend and Dividend Guidance

We are pleased to announce that, based on our preliminary financial results for the first quarter of 2021, the Board of Directors of FHLBank Chicago declared a dividend of 5.00% (annualized) for Class B1 activity stock. FHLBank Chicago pays a higher dividend per share on your Class B1 activity stock to recognize members that support the entire cooperative through the use of our products. The higher dividend received on Class B1 activity stock has the effect of lowering your borrowing costs, and this benefit has continued on a relative basis as the Federal Reserve has maintained lower interest rates.

We expect to maintain a 5.00% (annualized) dividend for Class B1 activity stock for the second and third quarters of 2021, 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.

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The following information was filed by Federal Home Loan Bank Of Chicago on Tuesday, April 27, 2021 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
Background And Basis Of Presentation
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 Accrued Interest Receivable (Details)
Allowance For Credit Losses Community First Fund (Details)
Allowance For Credit Losses Credit Quality Indicators - Mpf Loans Held In Portfolio (Details)
Allowance For Credit Losses Rollforward (Details)
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 (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 (Prior Years Otti Accretion) (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)
Mpf Loans Held In Portfolio Covid-19 Forbearance (Details)
Recently Issued But Not Yet Adopted Accounting Standards
Summary Of Significant Accounting 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-Q Quarterly Report
Accession Number: 0001331451-21-000098
Submitted to the SEC: Thu May 06 2021 12:00:51 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Federal And Federally Sponsored Credit Agencies

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