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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Federal Home Loan Bank Of San Francisco

CIK: 1316944


Exhibit 99.1

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

San Francisco, February 21, 2013 — The Federal Home Loan Bank of San Francisco today announced its
2012 operating results. Net income for 2012 was $491 million, compared with net income of $216 million for 2011. Net income for the fourth quarter of 2012 was $94 million, compared with net income of $111 million for the fourth quarter of 2011.

Compared to the year-earlier periods, in 2012 and the fourth quarter of 2012, the Bank experienced lower credit-related other-than-temporary impairment (OTTI) charges on certain of the Bank's private-label residential mortgage-backed securities (PLRMBS); lower net losses associated with derivatives, hedged items, and financial instruments carried at fair value; and lower net interest income.
  
Net interest income for 2012 was $0.8 billion, down from $1.0 billion for 2011. Net interest income for the fourth quarter of 2012 was $171 million, down from $245 million for the fourth quarter of 2011. The decreases in net interest income for 2012 and for the fourth quarter of 2012 were due, in part, to lower average balances of advances, mortgage-backed securities, and mortgage loans; to a decline in earnings on invested capital because of lower capital balances and the lower interest rate environment; and to an increase in dividends on mandatorily redeemable capital stock, which are classified as interest expense.

Other income/(loss) for 2012 was a loss of $164 million, compared to a loss of $645 million for 2011. The loss for 2012 reflected a credit-related OTTI charge of $44 million on certain PLRMBS; a net loss associated with derivatives, hedged items, and financial instruments carried at fair value of $117 million; and net interest expense on derivative instruments used in economic hedges of $10 million, which was generally offset by net interest income on the economically hedged assets and liabilities.

Other income/(loss) for the fourth quarter of 2012 was a loss of $28 million, compared to a loss of $87 million for the fourth quarter of 2011. The loss for the fourth quarter of 2012 reflected a credit-related OTTI charge of $10 million; a net loss associated with derivatives, hedged items, and financial instruments carried at fair value of $30 million; and net interest income on derivative instruments used in economic hedges of $10 million, which was generally offset by net interest expense on the economically hedged assets and liabilities.

The $44 million credit-related OTTI charge for 2012 reflected the impact of modest additional projected losses on loan collateral underlying certain of the Bank's PLRMBS, based on the Bank's OTTI analyses for each quarter in 2012. The credit-related OTTI charge for 2011 was $413 million. The decrease in the credit-related OTTI charge was primarily due to further stabilization of the housing and mortgage markets in 2012 compared to 2011 and to improved expectations for these markets.

The $117 million net loss associated with derivatives, hedged items, and financial instruments carried at fair value for 2012 decreased from a $205 million net loss for 2011 primarily as a result of the cumulative effects of changes in market interest rates, interest rate spreads, interest rate volatility, and other market factors during the period. As of December 31, 2012, the Bank's restricted retained earnings included a



The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, February 22, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Statements Of Capital Accounts
Statements Of Capital Accounts (parenthetical)
Statements Of Cash Flows
Statements Of Comprehensive Income
Statements Of Condition
Statements Of Condition (parenthetical)
Statements Of Income
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Advances
Advances (credit And Concentration Risk) (details)
Advances (earlier Of Contractual Maturity Or Next Call/put Date) (details)
Advances (interest Rate Payment Terms And Prepayment Fees) (details)
Advances (narrative) (details)
Advances (redemption Terms) (details)
Advances (tables)
Affordable Housing Program
Affordable Housing Program (tables)
Affordable Housing Program Narrative (details)
Affordable Housing Program Schedule Of Change In Ahp Liability (details)
Allowance For Credit Losses
Allowance For Credit Losses (by Impairment Methodology) (details)
Allowance For Credit Losses (delinquent Mortgage Loans) (details)
Allowance For Credit Losses (narrative) (details)
Allowance For Credit Losses (recorded Investment, Average Recorded Investment, Unpaid Principal Balance And Related Allowance Of Impaired Loans) (details)
Allowance For Credit Losses (rollforward) (details)
Allowance For Credit Losses (tables)
Available-for-sale Securities
Available-for-sale Securities (afs Securities By Major Security Type) (details)
Available-for-sale Securities (interest Rate Payment Terms) (details)
Available-for-sale Securities (narrative) (details)
Available-for-sale Securities (redemption Terms) (details)
Available-for-sale Securities (summary Of Securities With Unrealized Losses) (details)
Available-for-sale Securities (tables)
Capital
Capital (capital Requirements) (details)
Capital (concentration) (details)
Capital (excess Capital Stock) (details)
Capital (mandatorily Redeemable Capital Stock) (details)
Capital (retained Earnings And Dividend Policy) (details)
Capital (tables)
Cash And Due From Banks
Cash And Due From Banks Narratives (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Commitments And Contingencies Commitments And Contingencies Lease Schedule (details)
Consolidated Obligations
Consolidated Obligations (consolidated Obligation Bonds By Earlier Of Contractual Maturity Or Next Call Date) (details)
Consolidated Obligations (consolidated Obligation Bonds Noncallable And Callable) (details)
Consolidated Obligations (consolidated Obligation Discount Notes) (details)
Consolidated Obligations (interest Rate Payment Terms) (details)
Consolidated Obligations (redemption Terms) (details)
Consolidated Obligations (tables)
Consolidated Obligations Narrative (details)
Deposits
Deposits (details)
Deposits (tables)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (credit Risk Exposure) (details)
Derivatives And Hedging Activities (derivatives In Statement Of Condition) (details)
Derivatives And Hedging Activities (derivatives In Statement Of Income And Impact On Interest) (details)
Derivatives And Hedging Activities (derivatives In Statement Of Income) (details)
Derivatives And Hedging Activities (narrative) (details)
Derivatives And Hedging Activities (tables)
Employee Retirement Plans And Incentive Compensation Plans
Employee Retirement Plans And Incentive Compensation Plans (amounts In Aoci Expected To Be Recognized As Components Of Net Periodic Benefit Cost) (details)
Employee Retirement Plans And Incentive Compensation Plans (amounts Recognized In Aoci) (details)
Employee Retirement Plans And Incentive Compensation Plans (amounts Recognized In Statements Of Condition) (details)
Employee Retirement Plans And Incentive Compensation Plans (benefit Obligations In Excess Of Plan Assets) (details)
Employee Retirement Plans And Incentive Compensation Plans (changes In Benefit Obligation And Plan Assets) (details)
Employee Retirement Plans And Incentive Compensation Plans (components Of Net Periodic Benefit Costs) (details)
Employee Retirement Plans And Incentive Compensation Plans (fair Value Of Cash Balance Plan) (details)
Employee Retirement Plans And Incentive Compensation Plans (future Benefit Payments) (details)
Employee Retirement Plans And Incentive Compensation Plans (narrative) (details)
Employee Retirement Plans And Incentive Compensation Plans (tables)
Employee Retirement Plans And Incentive Compensation Plans (weighted-average Asset Allocation Of Cash Balance Plan) (details)
Employee Retirement Plans And Incentive Compensation Plans (weighted-average Assumptions In Determining Benefit Obligations) (details)
Employee Retirement Plans And Incentive Compensation Plans (weighted-average Assumptions In Determining Net Periodic Benefit Cost) (details)
Fair Value
Fair Value (carrying Value And Fair Value Of Financial Instruments) (details)
Fair Value (fair Value Difference Between Fair Value And Remaining Contractual Principal Balance Outstanding) (details)
Fair Value (fair Value Measured On Recurring And Nonrecurring Basis) (details)
Fair Value (fair Value Option) (details)
Fair Value (level 3) (details)
Fair Value (summary Of Valuation Methodologies And Primary Inputs) (details)
Fair Value (tables)
Held-to-maturity Securities
Held-to-maturity Securities (classification Of Held-to-maturity Securities) (details)
Held-to-maturity Securities (interest Rate Payment Terms) (details)
Held-to-maturity Securities (redemption Terms) (details)
Held-to-maturity Securities (securities With Unrealized Losses) (details)
Held-to-maturity Securities (tables)
Mortgage Loans Held For Portfolio
Mortgage Loans Held For Portfolio (details)
Mortgage Loans Held For Portfolio (tables)
Other (details)
Other (notes)
Other (tables)
Other-than-temporary Impairment Analysis
Other-than-temporary Impairment Analysis (home Price Recovery) (details)
Other-than-temporary Impairment Analysis (narrative) (details)
Other-than-temporary Impairment Analysis (otti Impaired Plrmbs) (details)
Other-than-temporary Impairment Analysis (otti Rollforward) (details)
Other-than-temporary Impairment Analysis (significant Inputs For Other-than-temporarily Impaired Plrmbs) (details)
Other-than-temporary Impairment Analysis (tables)
Other-than-temporary Impairment Analysis (transfers) (details)
Recently Issued And Adopted Accounting Guidance
Resolution Funding Corporation Assessments
Resolution Funding Corporation Assessments (tables)
Resolution Funding Corporation Assessments Narrative (details)
Resolution Funding Corporation Assessments Schedule Of Change In Resolution Funding Corporation Liability (details)
Segment Information
Segment Information (details)
Segment Information (tables)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies Narrative (details)
Trading Securities
Trading Securities (details)
Trading Securities (tables)
Transactions With Certain Members, Certain Nonmembers, And Other Fhlbanks
Transactions With Certain Members, Certain Nonmembers, And Other Fhlbanks (details)
Transactions With Certain Members, Certain Nonmembers, And Other Fhlbanks (tables)
CIK: 1316944
Form Type: 10-K Annual Report
Accession Number: 0001316944-13-000005
Submitted to the SEC: Thu Mar 14 2013 7:01:38 PM EST
Accepted by the SEC: Fri Mar 15 2013
Period: Monday, December 31, 2012
Industry: Federal And Federally Sponsored Credit Agencies

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