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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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 18, 2016 — The Federal Home Loan Bank of San Francisco today announced its 2015 operating results. Net income for 2015 was $638 million, compared with net income of $205 million for 2014. Net income for the fourth quarter of 2015 was $57 million, compared with net income of $45 million for the fourth quarter of 2014.

The $433 million increase in net income for 2015 relative to the prior-year period primarily reflected a $459 million gain (after netting certain legal fees and expenses) relating to settlements with certain defendants in connection with the Bank’s private-label residential mortgage-backed securities (PLRMBS) litigation, partially offset by a decline in net interest income. The increase in net income for the fourth quarter of 2015 relative to the prior-year period primarily reflected a decrease in net fair value losses associated with derivatives, hedged items, and financial instruments carried at fair value, partially offset by a decline in net interest income.

Net interest income for 2015 was $477 million, down from $539 million for 2014. Net interest income for the fourth quarter of 2015 was $120 million, down from $133 million for the fourth quarter of 2014. The decreases in both periods were primarily due to a decline in earnings on MBS, mortgage loans, and invested capital because of lower average balances, partially offset by lower dividends paid on mandatory redeemable capital stock (which are classified as interest expense).

Other income/(loss) for 2015, excluding the gain from the litigation settlement, was a loss of $71 million, compared with a loss of $154 million for 2014. The change reflected reduced net fair value losses associated with derivatives, hedged items, and financial instruments carried at fair value of $50 million, compared with net fair value losses of $94 million for 2014. The change in net fair value losses was primarily due to the effects of changes in market interest rates, interest rate spreads, interest rate volatility, and other market factors during the period. The change in other income/(loss) also reflected expense on derivative instruments used in economic hedges of $18 million, compared with expense of $64 million for 2014. Income/expense on derivative instruments used in economic hedges is generally offset by interest expense/income on the economically hedged assets and liabilities.

Other income/(loss) for the fourth quarter of 2015 was a loss of $9 million, compared with a loss of $40 million for the fourth quarter of 2014. The change primarily reflected reduced net fair value losses associated with derivatives, hedged items, and financial instruments carried at fair value of $6 million, compared with net fair value losses of $30 million for the fourth quarter of 2014, which were due to the effects of changes in market interest rates, interest rate spreads, interest rate volatility, and other market factors during the period.

During 2015, total assets increased $9.9 billion, to $85.7 billion at December 31, 2015, from $75.8 billion at December 31, 2014. Advances increased $11.9 billion, or 31%, to $50.9 billion at December 31, 2015, from $39.0 billion at December 31, 2014.

Accumulated other comprehensive income decreased by $41 million during 2015, to $15 million at December 31, 2015, from $56 million at December 31, 2014, primarily as a result of a decline in the fair value of PLRMBS classified as available-for-sale.

As of December 31, 2015, the Bank was in compliance with all of its regulatory capital requirements. The Bank’s total regulatory capital ratio was 6.3%, exceeding the 4.0% requirement. The Bank had $5.4 billion in permanent capital, exceeding its risk-based capital requirement of $2.7 billion. Total retained earnings as of December 31, 2015, were $2.6 billion.



The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, February 19, 2016 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 (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 (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)
Employee Retirement Plans And Incentive Compensation Plans Amounts In Aoci Expected To Be Amortized For Next Year (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 (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
Recently Issued And Adopted Accounting Guidance Narrative (details)
Segment Information
Segment Information (details)
Segment Information (tables)
Subsequent Events
Summary Of Significant Accounting Policies
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: 0001316944-16-000282
Submitted to the SEC: Thu Mar 10 2016 6:14:24 PM EST
Accepted by the SEC: Fri Mar 11 2016
Period: Thursday, December 31, 2015
Industry: Federal And Federally Sponsored Credit Agencies

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