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Business Wire
3 hours ago
- Business
- Business Wire
FHLBank Chicago Announces Q2 2025 Financial Highlights
CHICAGO--(BUSINESS WIRE)--The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced its preliminary and unaudited financial results for the second quarter of 2025. '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. '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.' Second Quarter 2025 Financial Highlights 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. 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. Advances outstanding increased to $62.7 billion, compared to $55.8 billion at December 31, 2024, primarily attributable to increased borrowings from insurance company and depository members. Mortgage loans held for portfolio through the Mortgage Partnership Finance ® (MPF ®) Program increased to $13.9 billion, compared to $13.3 billion at December 31, 2024, primarily attributable to new acquisition volume that outpaced paydown activity. Housing and Community Development 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. 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. 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. 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 )% Expand 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 '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.
Mint
3 days ago
- Business
- Mint
Centre ask states to ensure occupancy of completed houses under affordable housing scheme
New Delhi: Vacant affordable homes built under a flagship government scheme has prompted the Centre to propose a temporary halt on new projects in some cities. Inadequate infrastructure including water, sanitation, sewerage, electricity and roads is seen as the key reason for people staying away from homes built under the Pradhan Mantri Awas Yojana's (PMAY) Affordable Housing in Partnership (AHP) vertical. Also read | Affordable housing financiers become market darlings after RBI rate cut The housing and urban affairs ministry (MoHUA) in a recent meeting with several states including Karnataka, Uttar Pradesh, Maharashtra and Andhra Pradesh discussed the issue that is affecting the government scheme to provide all-weather pucca houses to all eligible beneficiaries. Low occupancy According to data provided by the ministry to Parliament in March, out of the 118 million houses sanctioned under PMAY, about 90 million have been completed and 87.5 million occupied. "The occupancy of completed AHP houses under PMAY-U is very low particularly in Andhra Pradesh, Gujarat, Karnataka, Telangana, Tamil Nadu, Maharashtra and Uttar Pradesh. States and union territories need to expedite the completion of houses, infrastructure work and allotment of completed AHP houses to the beneficiaries. MoHUA has raised concerns with states and noted that unoccupancy continues due to inadequate infrastructure in several states," said a person in the know of the developments. Also read | How affordable housing in India has become unaffordable Another person said that states have also been directed to ensure occupancy of completed houses under the Affordable Housing in Partnership (AHP) vertical in a city before starting work on new projects under PMAY-2 in the same city. The Centre has been advising states to "identify and attach" beneficiaries under the AHP vertical in the initial phase of approval to avoid unoccupancy later stage. In order to ensure better occupancy under the PMAY (Urban)-2, the government has asked states to ensure that projects under the scheme should come with basic civic amenities like water, sanitation, roads and electricity, said the first person mentioned above. The Union cabinet in August last year approved PMAY-U 2.0, under which financial assistance is committed for 10 million urban poor and middle-class families through state government and union territories to build, buy or rent a house at an affordable cost in urban areas in five years. Four verticals The central government will provide assistance of up to ₹2.50 lakh per house under the scheme. PMAY-U, launched in June 2015, was revamped and launched as PMAY-U 2.0. The scheme has four verticals through which beneficiaries are supported -- 'Affordable Housing in Partnership' (AHP), Beneficiary-Led Construction (BLC), Affordable Rental Housing (ARH) and Interest Subsidy Scheme (ISS). Under AHP, financial assistance is provided to beneficiaries from the economically weaker section for owning houses being built with different partnerships by states, union territories, public or private agencies, while under BLC, financial assistance is provided to individual eligible families to construct new houses on their own vacant land, or land provided by the government. Also read | PMAY 2.0: What is it, how to apply for housing, know eligibility & more Queries sent to the union ministry of housing and urban affairs remained unanswered till press time. "Centre has stressed the need for a case-by-case approach for addressing the occupancy challenges and reasons may differ for different projects and cities. States have also been told to ensure sufficient budgetary allocations to expedite completion of non-started houses under PMAY-U," said the first person mentioned above. The ministry has suggested geo-tagging all sanctioned houses in a time-bound manner to monitor progress. The Centre has also suggested that old central or state government-funded houses that are unoccupied are allotted to eligible PMAY-U 2.0 beneficiaries.
Fibre2Fashion
5 days ago
- Business
- Fibre2Fashion
INDA opens registration for Hygienix 2025 in Florida
INDA, the Association of the Nonwoven Fabrics Industry, has opened registration and tabletop reservations for Hygienix 2025, taking place Nov. 17-20 at the Omni Orlando ChampionsGate Resort in ChampionsGate, Florida. Hygienix will bring together industry leaders, innovators, and business professionals from across the absorbent hygiene products (AHP) industry for expert-led conference sessions, product showcases, interactive workshops, networking opportunities, and the presentation of the Hygienix Innovation Award. Hygienix Program Highlights Hygienix 2025, taking place from November 17â€'20 in Florida, will bring together leaders in the absorbent hygiene industry for expert sessions on sustainability, consumer insights, innovation, and regulations. Highlights include product showcases, networking, interactive workshops, Lightning Talks by 20 firms, and the presentation of the Hygienix Innovation Award. Attendees will gain valuable insights across key areas driving the future of hygiene: Sustainability and Circularity : Presentations and panel discussions will cover the latest advances in biobased materials, natural fibers, packaging innovations, Safe Operating Limits (SOL) and End-of-Life (EOL) solutions, and product construction with sustainable materials. : Presentations and panel discussions will cover the latest advances in biobased materials, natural fibers, packaging innovations, Safe Operating Limits (SOL) and End-of-Life (EOL) solutions, and product construction with sustainable materials. Consumer and Market Insights : Speakers will explore trends such as the growth of private label products, regional market outlooks, and in-depth sessions on skin health and the microbiome. : Speakers will explore trends such as the growth of private label products, regional market outlooks, and in-depth sessions on skin health and the microbiome. Product Innovation : Panelists will delve into strategies for overcoming hurdles in the race to bring period care innovations to market. : Panelists will delve into strategies for overcoming hurdles in the race to bring period care innovations to market. Regulations and Standards: Presentations will address crucial regulatory updates, including Extended Producer Responsibility (EPR), and testing methods for modern AHP designs. Business Opportunities and Networking Tabletop exhibits will showcase the latest innovations in the absorbent hygiene industry, offering a platform for companies to demonstrate their products and services to potential partners and clients. Hygienix 2025 will also feature Lightning Talks—a series of fast-paced, five-minute presentations by nearly 20 companies scheduled for Nov. 18-19 in the afternoon. Workshops Kicking off the conference, INDA will host three workshops on Nov. 17, providing hands-on learning and insights on crucial topics within the sector, including: Fundamentals of Absorption Systems and Opportunities in Adult Incontinence James Robinson, Principal, Absorbent Hygiene Insights, LLC James Robinson, Principal, Absorbent Hygiene Insights, LLC Innovations in Menstrual Care Heidi Beatty, Chief Executive Officer, Crown Abbey, LLC Heidi Beatty, Chief Executive Officer, Crown Abbey, LLC Baby and Infant Care Market Dynamics Natalia Richer, Director of Business Development, Diaper Testing International Hygienix Innovation Award Recognizing breakthrough products, technologies, and solutions that are making a significant impact in the hygiene sector, the Hygienix Innovation Award will be awarded at the event. Nominations will be accepted until Sept. 15. Finalists will present their products on Nov. 18, and the winner will be announced on Nov. 20 to close the event. Last year's winner was HIRO Technologies' MycoDigestable Diapers, a biodegradable solution driving environmental progress in infant care. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (RM)
Yahoo
11-07-2025
- Business
- Yahoo
FHLBank San Francisco Awards $6.7 Million in Grants to Develop Affordable Housing in Arizona
Grants will add 204 units of affordable housing across Flagstaff, Pisinemo and Topawa, Prescott, and Tucson SAN FRANCISCO, July 10, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $6.7 million in Affordable Housing Program (AHP) General Fund grants to support the development of affordable housing in Arizona. This year's awarded grants represent a 118% increase in funding for Arizona over last year, demonstrating the Bank's commitment to deliver on its mission to address the critical shortage of affordable housing in the state. The 2025 AHP grants are being awarded to four important Arizona developments that will collectively create 204 units of affordable housing in Flagstaff, Pisinemo and Topawa, Prescott, and Tucson. 'We continue to make meaningful investments to address the affordable housing crisis across Arizona, California, and Nevada,' said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. 'This funding, delivered in partnership with our local member financial institutions, supports housing affordability solutions in urban centers, rural areas, and tribal lands. We are helping to expand the supply of housing and for the individuals and families who need it most.' According to the National Low Income Housing Coalition, Arizona sits fourth on a national list that determines which states have the most extremely low-income households in the nation, those earning 0% to 30% of area median income, who are severely cost burdened, meaning the household spends more than 50% of its income on housing costs, including utilities. AHP grants help finance the development, preservation, or purchase of multifamily and single-family housing for lower-income people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges or overcoming substance abuse. Grants are delivered through FHLBank San Francisco member institutions partnering with nonprofits and affordable housing developers to submit applications for grants for specific projects in an annual funding competition. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation. The 2025 AHP Arizona-based General Fund grants will support the following projects: Flagstaff: Foundation for Senior Living's Aspen Loft Apartments was awarded a $2 million grant, in partnership with FHLBank San Francisco member Raza Development Fund, Inc., to create a 65-unit, energy efficient workforce housing development Topawa and Pisinemo: the Tohono O'odham Ki:Ki Association's TOKA Homes VI project was awarded a $1.5 million grant, in partnership with member Western Alliance Bank, to create 30 single-family homes across two sites on the Tohono O'odham Nation Reservation serving formerly unhoused people and families earning at or below 60% of the area median income. Tucson: Compass Affordable Housing, Inc.'s Drexel Commons was awarded a $2 million grant, in partnership with member Raza Development Fund, Inc., to create a 67-unit affordable rental community serving low-income families, with 10 units reserved for households with tenant-based rental assistance. Prescott: USA Housing, Inc.'s Bradshaw III Senior Community was awarded a $1.26 million grant, in partnership with member Raza Development Fund, Inc., to create 42 units of fully-accessible affordable housing for seniors to age in place. In 2025, FHLBank San Francisco awarded nearly $50 million in AHP grants, including funding from its 2025 AHP General Fund for projects in California and Arizona, and from its 2025 Nevada Targeted Fund for projects in Nevada. Since 1990, FHLBank San Francisco has awarded over $1.4 billion in grants for the construction, preservation, or purchase of nearly 155,000 affordable housing units. Collectively, the FHLBanks are one of the largest sources of private sector grants for affordable housing in the country, providing approximately $8.3 billion in grant funding to help more than one million households have an affordable place to call home since 1990. Providing resources for affordable housing is central to FHLBank San Francisco's mission, with at least 10% of the Bank's net income from the prior year committed to fund affordable housing and related community investment programs. Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues. Learn more about the communities, families, and individuals that have benefited from access to AHP-funded housing on the Bank's website. The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions —propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient. Contact:Tom in to access your portfolio
Yahoo
10-07-2025
- Business
- Yahoo
Oak Valley Community Bank Receives Approval on Over $5.3 Million in Grants Submitted to Support Modesto Gospel Mission and Tuolumne Economic Development Authority
OAKDALE, Calif., July 10, 2025 (GLOBE NEWSWIRE) -- Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), announced they have received approval on three 2025 Affordable Housing Program (AHP) grants which were submitted to the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) on behalf of Modesto Gospel Mission for a total of $3.75 million and Tuolumne Economic Development Authority (TEDA) for $1.596 million. These projects will bring meaningful and lasting impact to communities in Stanislaus and Tuolumne counties by expanding access to stable, supportive housing for vulnerable populations. Grace Place, sponsored by Modesto Gospel Mission, will renovate an existing shelter facility in Modesto to provide 67 transitional housing units, paired with essential wraparound services such as onsite case management, life skills training, job coaching, and recovery support. Hannah's House, also by Modesto Gospel Mission, will convert a warehouse into 50 units of transitional housing, with residents gaining access to the Mission's proven programs focused on personal empowerment and long-term independence. In Tuolumne County, the Westside Subdivision, sponsored by the Tuolumne Economic Development Authority (TEDA), will deliver 30 new single-family homes to serve very low- to moderate-income households, including six homes reserved for those experiencing homelessness. The development will also feature an 1,800-square-foot community center offering resident services such as job training and educational programs, along with recreational amenities like a basketball court and playground. As a sponsor of FHLBank San Francisco's Community Investment Programs and advocate for the services Modesto Gospel Mission and Tuolumne Economic Development Authority provide to our community, Oak Valley Community Bank authored and provided supplemental input for this grant. 'At Oak Valley Community Bank, we believe real change starts at the community level," said Jose Sabala, VP Community Reinvestment Officer. "These grants are the result of strong partnerships with organizations rooted in compassion and service. Together with Modesto Gospel Mission and TEDA, we are investing in safe housing, supportive services, and brighter futures for our neighbors. This is what community banking is all about — showing up, working together, and making a lasting difference where it's critically needed.' 'We continue to make meaningful investments to address the affordable housing crisis across Arizona, California, and Nevada,' said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. 'This funding, delivered in partnership with our local member financial institutions, supports housing affordability solutions in urban centers, rural areas, tribal lands, and communities in need. We are helping to expand the housing supply and deliver critical support services to individuals and families who need it most.' Affordable Housing Program (AHP) grants from FHLBank San Francisco support the development of housing solutions for low- and moderate-income individuals across Arizona, California, Nevada, and other areas served by member financial institutions like Oak Valley Community Bank. In 2025, a total of $49.7 million in AHP grants were awarded to 31 affordable housing projects in Arizona, California, and Nevada, selected through a competitive application process. Grants are awarded to member institutions in partnership with qualified housing developers and community organizations to advance initiatives that address urgent housing needs. The AHP includes both a General Fund and a Nevada Targeted Fund, with awards granted to top-ranking proposals based on financial feasibility, project readiness, and impact on affordability. All AHP-supported projects are required to meet rigorous income eligibility and long-term retention standards, ensuring lasting access to affordable rental and owner-occupied housing. More information, including application guidelines and award criteria, is available on the FHLBank San Francisco website. About Modesto Gospel Mission: Modesto Gospel Mission is a 501(c)(3) non-profit organization serving individuals and families experiencing homelessness and hardship throughout Stanislaus County. Since its founding in 1948, the Mission has delivered a comprehensive range of programs designed to support physical, emotional, and personal recovery. Key services include daily access to shelter, meals, showers, and clothing, as well as addiction recovery programs, life skill classes, employment assistance and training, a day program, a medical clinic, and an after-school youth center. These programs are intended to provide both immediate relief and long-term pathways to self-sufficiency. For more information, call (209) 529-8259 or visit About Tuolumne Economic Development Authority (TEDA): The Tuolumne Economic Development Authority, Inc. (TEDA) is a federally chartered tribal corporation established under Section 17 of the Indian Recognition Act of 1934. TEDA operates as a component unit of the Tuolumne Band of Me-Wuk Indians and is governed by the Tuolumne Me-Wuk Tribal Community Council. Created to advance the Tribe's long-term economic vision, TEDA is responsible for financing, developing, constructing, operating, and maintaining economic development projects that support sustainable growth and economic self-sufficiency for the Tribal community. TEDA plays a central role in managing and expanding enterprise initiatives that strengthen the Tribe's overall economic infrastructure. For more information, call (209) 928-9391 or visit About Oak Valley Community Bank: Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. The company will open its 19th branch location later this year in Lodi. For more information, call 1-866-844-7500 or visit About the Federal Home Loan Bank of San Francisco: The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources provided to FHLB member financial institutions propel homeownership, finance quality affordable housing, boost economic vitality, and revitalize whole neighborhoods. FHLBank San Francisco, together with its members and other partners, are making the communities they serve more vibrant and resilient and changing lives for the better. Contact: Chris Courtney/Rick McCarty Phone: (209) 848-BANK (2265) Toll Free (866) 844-7500 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
