The Federal Home Loan Banks (FHLBanks) released 2025 Combined Operating Highlights on February 20, 2026. While full 2025 results will be released in March, the operating highlights show that the FHLBank System finished the year in a position of strength.
A few key metrics stand out:
The 11 FHLBanks have a statutory mandate to set aside 10 percent of earnings to fund Affordable Housing Program (AHP) contributions. Although income was lower in 2025 compared to 2024, meaning AHP assessments declined modestly from $718 million to $632 million, 2025 AHP assessments still ranked as the third highest in the program’s history, going back to 1990.
Additionally, the FHLBanks remain committed to voluntary programs to support housing and community investment initiatives in their districts. In 2025, voluntary program expenses increased to the highest level ever – $488 million, up from $481 in 2024. For the second year in a row, total AHP assessments plus voluntary program expenses exceeded $1 billion, providing critical support to affordable housing and community investment projects across the country. Cumulative AHP and voluntary program expenditures by the FHLBanks were approximately $11 billion at the end of 2025, underscoring the FHLBanks’ long-standing commitment and role as the largest single source of private capital for affordable housing in the United States.
Another key takeaway is the continued growth of the FHLBanks’ Acquired Member Assets (AMA) programs. In 2024, the 11 FHLBanks collectively held more than $69 billion worth of mortgage loans in portfolio, supporting homeownership in more than 2,200 neighborhoods nationwide.[1] In 2025, the FHLBanks’ AMA portfolios grew 14% to $79.2 billion, underscoring continued member demand for flexible liquidity tools to support housing finance needs across the country.
These results reinforce the conclusions in recent reports by the Government Accountability Office and the Urban Institute: the FHLBanks’ regional, cooperative structure works—delivering flexible, reliable liquidity and locally tailored solutions to help members meet the needs of their communities.
For more on how FHLBank liquidity empowers communities, see the FHLBanks’ 2025 Combined Operating Highlights.
[1] FHFA published data on the FHLBanks’ AMA programs – https://www.fhfa.gov/data/pudb
