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Federal Home Loan Bank Of Chicago (1331451) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Federal Home Loan Bank Of Chicago

CIK: 1331451
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Exhibit 99.1


Q2 2021 Financial Highlights

July 29, 2021

To Our Members:

We are pleased to announce that, based on our preliminary financial results for the second quarter of 2021, the Board of Directors of the Federal Home Loan Bank of Chicago (FHLBank Chicago) declared a dividend of 5.00% (annualized) for Class B1 activity stock and a dividend of 2.00% (annualized) for Class B2 membership stock, maintaining the levels declared for the first quarter of 2021. 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.

We expect to maintain a 5.00% (annualized) dividend for Class B1 activity stock for the third and fourth 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.

We expect to report net income of $78 million for the second quarter of 2021 when we file our Form 10-Q with the Securities and Exchange Commission (SEC) next month. Our preliminary and unaudited financial results are included
here and details on the dividend payments and our second quarter financial highlights are provided at the end of this letter.
Evolving Business Landscape

As the business landscape for certain products and services is evolving, we’re adapting to these changes and leveraging new technologies that will be key to your success. As your trusted advisor, we can ensure you that our forward-thinking teams are well positioned and prepared to guide you through these changes.
MPF Program: In January of this year, the U.S. Department of the Treasury and the Federal Housing Finance Agency amended the Preferred Stock Purchase Agreement with Fannie Mae and Freddie Mac. There are market changes coming out of the amended agreement impacting market participants including the MPF Program and the MPF Xtra® product. In the short term, the level of non-owner occupied loans that can be sold to Fannie Mae has been limited. The amended agreement will also limit the total dollar amount of loans that can be sold to Fannie Mae through the cash window starting in 2022. We continue to focus on serving our members and limiting the negative impacts from these potential disruptions. While we work to reopen non-owner occupied loans that can be sold through MPF Xtra, our MPF Traditional products can accept loans on second homes and may be used as an alternative for these loans. As we adjust to these market changes and as we make headway on solutions, we will provide further updates. You can also monitor our efforts on our eMPF website and through your sales director.
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The following information was filed by Federal Home Loan Bank Of Chicago on Thursday, July 29, 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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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 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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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 Credit Quality Indicators - Mpf Loans Held In Portfolio (Details)
Allowance For Credit Losses Rollforward (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) Fico Dissolution (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 (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)

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: 0001331451-21-000163
Submitted to the SEC: Thu Aug 05 2021 2:15:50 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Federal And Federally Sponsored Credit Agencies

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