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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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 20, 2014 — The Federal Home Loan Bank of San Francisco today announced its 2013 operating results. Net
income for 2013 was $308 million, compared with net income of $491 million for 2012. Net income for the fourth quarter of 2013 was $74 million, compared with net income of $94 million for the fourth quarter of 2012.

The decreases in net income for 2013 and the fourth quarter of 2013 reflected a decrease in net interest income, partially offset by an improvement in other income/(loss) driven by higher earnings associated with derivatives, hedged items, and financial instruments carried at fair value and by lower credit-related other-than-temporary impairment (OTTI) charges on certain of the Bank's private-label residential mortgage-backed securities (PLRMBS).

Net interest income for 2013 was $482 million, down from $848 million for 2012. Net interest income for the fourth quarter of 2013 was $127 million, down from $171 million for the fourth quarter of 2012. The decreases in net interest income were primarily due to lower average balances of advances, mortgage-backed securities, and mortgage loans; to a decline in earnings on invested capital because of lower average 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. The increase in dividends on mandatorily redeemable capital stock accounted for $104 million, or 28%, of the decline in net interest income in 2013, and $15 million, or 34%, of the decline in net interest income in the fourth quarter of 2013.

Other income/(loss) for 2013 was income of $5 million, which primarily reflected a credit-related OTTI charge of $7 million on certain PLRMBS; a net loss associated with derivatives, hedged items, and financial instruments carried at fair value of $29 million; and net interest income on derivative instruments used in economic hedges of $34 million, which was generally offset by net interest expense on the economically hedged assets and liabilities. Other income/(loss) for 2012 was a loss of $164 million.

Other income/(loss) for the fourth quarter of 2013 was a loss of $5 million, which primarily reflected a credit-related OTTI charge of $1 million; a net gain associated with derivatives, hedged items, and financial instruments carried at fair value of $4 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.

The $7 million credit-related OTTI charge for 2013 reflected the impact of modest additional projected losses on loan collateral underlying certain of the Bank's PLRMBS, based on the Bank's OTTI analysis for each quarter in 2013. The credit-related OTTI charge for 2012 was $44 million.

The $29 million net loss associated with derivatives, hedged items, and financial instruments carried at fair value for 2013 decreased from a $117 million net loss for 2012 primarily as a result of the effects of changes in market interest rates, interest rate spreads, interest rate volatility, and other market factors



The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, February 21, 2014 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 (narrative) (details)
Affordable Housing Program (schedule Of Change In Ahp Liability) (details)
Affordable Housing Program (tables)
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 (summary Of Securities With Unrealized Losses) (details)
Available-for-sale Securities (tables)
Background Information
Capital
Capital (by Redemption Period) (details)
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 Narrative (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies Off-balance Sheet Commitments (details)
Commitments And Contingencies Schedule Of Future Minimum Rental Payments (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 (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 (offsetting Of Derivative Assets And Derivative Liabilities) (details)
Derivatives And Hedging Activities (tables)
Employee Retirement Plans And Incentive Compensation Plans
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
Other (details)
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 (narrative) (details)
Resolution Funding Corporation Assessments (schedule Of Change In Resolution Funding Corporation Liability) (details)
Resolution Funding Corporation Assessments (tables)
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: 0001316944-14-000007
Submitted to the SEC: Thu Mar 13 2014 6:53:24 PM EST
Accepted by the SEC: Fri Mar 14 2014
Period: Tuesday, December 31, 2013
Industry: Federal And Federally Sponsored Credit Agencies

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