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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