For more financial details, please refer to the Condensed Statements of Income and Statements of Condition below. The Form 10-Q for the quarter ending June 30, 2025, is expected to be filed with the Securities and Exchange Commission (SEC) next month.

Voluntary Housing and Community Development Contributions : In addition to its statutory AHP assessments, the Board of Directors may elect to make voluntary contributions to the AHP or other housing and community investment activities to increase funding available to our members. During the first half of 2025, FHLBank Chicago contributed $8 million toward community investment grants and $25 million in subsidies supporting its Community Advances and loans.

Statutory Affordable Housing Program (AHP) Assessments : FHLBank Chicago commits 10% of its income before assessments to support the affordable housing and community development needs of communities served by its members as required by regulation. As of June 30, 2025, FHLBank Chicago accrued $34 million to its AHP pool of funds.

Total assets rose to $145.3 billion, up from $129.1 billion at December 31, 2024. The growth was mainly due to increased volume in advances and liquidity.

Net income declined to $151 million, compared to $158 million for the second quarter of 2024. The decline was primarily driven by higher noninterest expense, largely due to increased contributions to support members’ housing and community development needs. This was partially offset by an increase in noninterest income from gains on trading securities.

“Our preliminary second quarter results reflect the continued strength of our cooperative and our ability to provide reliable liquidity to our members,” said Michael Ericson, President and Chief Executive Officer of FHLBank Chicago. “As market conditions evolve, we remain focused on delivering value through safe and sound financial management and strategic investments that support our members and the communities we serve.”

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Condensed Statements of Condition (Dollars in millions) (Preliminary and Unaudited) June 30, 2025 December 31, 2024 Change Cash and due from banks, interest-bearing deposits, federal funds sold, and securities purchased under agreements to resell $ 35,489 $ 29,715 19 % Investment debt securities 32,554 29,560 10 % Advances 62,695 55,847 12 % MPF Loans held in portfolio, net of allowance for credit losses 13,905 13,320 4 % Other 673 670 — % Assets $ 145,316 $ 129,112 13 % Consolidated obligation discount notes $ 63,716 $ 36,739 73 % Consolidated obligation bonds 70,205 81,859 (14 )% Other 2,274 1,894 20 % Liabilities 136,195 120,492 13 % Capital stock 3,656 3,267 12 % Retained earnings 5,477 5,311 3 % Accumulated other comprehensive income (loss) (12 ) 42 (129 )% Capital 9,121 8,620 6 % Total liabilities and capital $ 145,316 $ 129,112 13 % Member standby letters of credit – off-balance sheet $ 13,983 $ 12,908 8 %

Condensed Statements of Income (Dollars in millions) (Preliminary and Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Interest income $ 1,592 $ 1,758 (9 )% $ 3,080 $ 3,533 (13 )% Interest expense (1,355 ) (1,522 ) (11 )% (2,607 ) (3,050 ) (15 )% Net interest income 237 236 — % 473 483 (2 )% Reversal of (provision for) credit losses (3 ) (1 ) 200 % (2 ) (1 ) 100 % Net interest income after reversal of (provision for) credit losses 234 235 — % 471 482 (2 )% Noninterest income (loss) 22 17 29 % 41 41 — % Noninterest expense (89 ) (76 ) 17 % (169 ) (145 ) 17 % Income before assessments 167 176 (5 )% 343 378 (9 )% Affordable Housing Program assessment (16 ) (18 ) (11 )% (34 ) (38 ) (11 )% Net income $ 151 $ 158 (4 )% $ 309 $ 340 (9 )% Average interest-earning assets $ 136,345 $ 125,956 8 % $ 131,701 $ 126,808 4 % Net interest income yield on average interest-earning assets 0.70 % 0.75 % (0.05 )% 0.72 % 0.76 % (0.04 )%

About the Federal Home Loan Bank of Chicago

FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com.

“Mortgage Partnership Finance” and “MPF” are registered trademarks of the Federal Home Loan Bank of Chicago.

Forward-Looking Information: This announcement uses forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than statements of historical fact, including statements with respect to beliefs, plans, objectives, projections, estimates, or predictions. These statements are based on FHLBank Chicago’s expectations as of the date hereof. The words “believe”, “estimate”, “expect”, “preliminary”, “continue”, “remain”, “commit”, and similar statements and their plural and negative forms are used to identify some, but not all, of such forward-looking statements. For example, statements about future dividends and expectations for financial commitments are forward-looking statements. FHLBank Chicago cautions that, by their nature, forward-looking statements involve risks and uncertainties, including, but not limited to: legislative and regulatory developments that affect FHLBank Chicago, its members, or counterparties; instability in the credit and debt markets; economic conditions (including banking industry developments and liquidity in the financial system); prolonged inflation or recession; maintaining compliance with regulatory and statutory requirements (including relating to dividend payments and retained earnings); any decrease in levels of business which may negatively impact results of operations or financial condition; the reliability of projections, assumptions, and models on future financial performance and condition; political, national and world events; changes in demand for advances or consolidated obligations; membership changes; changes in mortgage interest rates and prepayment speeds on mortgage assets; FHLBank Chicago’s ability to execute its business model and pay future dividends (including enhanced dividends on activity stock); FHLBank Chicago’s ability to protect the security of information systems and manage any failures, interruptions, or breaches in its technology, controls or operating processes; and the risk factors set forth in FHLBank Chicago’s periodic filings with the Securities and Exchange Commission (SEC), which are available through the SEC’s reporting website. FHLBank Chicago assumes no obligation to update any forward-looking statements made herein. In addition, the FHLBank Chicago reserves the right to change its business plan or plans for any programs for any reason, including but not limited to, legislative or regulatory changes, changes in membership or member usage of programs, or changes at the discretion of the board of directors. Accordingly, FHLBank Chicago cautions that actual results could differ materially from those expressed or implied in these forward-looking statements or could impact the extent to which a particular plan, objective, projection, estimate or prediction is realized. New factors may emerge, and it is not possible to predict the nature of each new factor or assess its potential impact. Given these uncertainties, undue reliance should not be placed on forward-looking statements.

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Contacts

Heather Bockstruck, 312.565.5282

hbockstruck@fhlbc.com