The 12 Federal Home Loan Banks saw modest gains in net interest income in 2014, but other factors led to declines in total income, according to preliminary data released by the Office of Finance. The FHLBanks earned a combined $2.246 billion in net income last year, down 11.0 percent from 2013. Their fourth-quarter income, $550 million, was down 12.3 percent from the previous quarter. Results varied significantly among the FHLBanks, however. Chicago was the most profitable, reporting $392 million in net income for the year, up 14.3 percent from 2013. New York had $315 million in net income in 2014, up 3.3 percent from the previous year. The two steepest declines were at Indianapolis and Dallas, both of which saw [with one exclusive chart] ...