Exhibit 99.1

Federal Home Loan Bank of San Francisco Announces Annual and Quarterly Operating Results

San Francisco, February 22, 2012 — The Federal Home Loan Bank of San Francisco today announced its 2011 operating results. Net income for 2011 was $216 million, compared with net income of $399 million for 2010. Net income for the fourth quarter of 2011 was $111 million, compared with net income of $140 million for the fourth quarter of 2010.

During 2011, total assets decreased $38.9 billion, or 26%, to $113.6 billion at December 31, 2011, from $152.4 billion at December 31, 2010. Total advances declined $27.4 billion, or 29%, to $68.2 billion at December 31, 2011, from $95.6 billion at December 31, 2010. The continued decrease in advances was primarily attributable to reduced use of Bank advances by the Bank’s largest borrowers. In total, 139 members reduced their use of Bank advances during the year, while 58 members increased their advances borrowings.

The key factors that affected the Bank’s performance in 2011 were:
Conditions in the U.S. economy and the housing and home mortgage markets generally resulted in high levels of member liquidity and low levels of member lending activity, reducing member demand for advances and leading to a continued decline in advances balances.
Worsening expectations regarding the housing market and collateral loss rates contributed to additional other-than-temporary impairment (OTTI) credit charges on private-label residential mortgage-backed securities (PLRMBS) in 2011.
The low interest rate environment reduced earnings on invested capital.

The decrease in net income for 2011 primarily reflected a decline in net interest income combined with higher OTTI credit charges on PLRMBS and higher net losses associated with derivatives, hedged items, and financial instruments carried at fair value. The decrease in net income for the fourth quarter of 2011 primarily reflected net losses associated with derivatives, hedged items, and financial instruments carried at fair value for the fourth quarter of 2011, compared to net gains for the fourth quarter of 2010, combined with a decline in net interest income. These negative effects on net income were partially offset by lower assessments for the Affordable Housing Program and the Resolution Funding Corporation in 2011 and in the fourth quarter of 2011 relative to the same periods in 2010.

Net interest income for 2011 was $1.0 billion, down from $1.3 billion for 2010. Net interest income for the fourth quarter of 2011 was $245 million, down from $270 million for the fourth quarter of 2010. The decreases in net interest income for 2011 and the fourth quarter of 2011 were due, in part, to lower advances balances and lower earnings on invested capital (resulting from the lower interest rate environment). These factors were partially offset by increased spreads on the Bank’s MBS and mortgage loan portfolio.

Other income/(loss) for 2011 was a loss of $645 million, compared to a loss of $604 million for 2010. The loss for 2011 reflected credit-related OTTI charges of $413 million on certain PLRMBS, compared

1

The following information was filed by Federal Home Loan Bank Of San Francisco on Thursday, February 23, 2012 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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