Federal Home Loan Bank Of San Francisco 10-K Annual Report Fri Mar 10 2017

2016 was $712 million, compared with net income of $638 million for 2015. Net income for the fourth quarter of 2016 was $127 million, compared with net income of $57 million for the fourth quarter of 2015.

The $74 million increase in net income for 2016 and the $70 million increase for the fourth quarter of 2016 relative to the prior-year periods primarily reflected an increase in gains (after netting certain legal fees and expenses) on settlements relating to the Bank's private-label residential mortgage-backed securities (PLRMBS) litigation and an increase in net fair value gains associated with derivatives, hedged items, and financial instruments carried at fair value.

“During 2016, the Bank performed well for members and the communities they serve,” said Greg Seibly, President and Chief Executive Officer. “Earnings were strong, enhanced by private-label MBS litigation settlements, which resulted in continued improvement in the financial strength of the Bank, supported our ability to offer cost-effective ownership to our members, and increased funding for the Bank’s Affordable Housing Program. We are well-positioned to benefit from the flexibility our healthy balance sheet provides, as we strive to fulfill our housing finance mission by providing essential tools and excellent service to our members and their community partners.”

Net interest income for 2016 was $471 million, down from $477 million for 2015. This decrease was primarily due to a decrease in earnings on mortgage-related assets because of lower average mortgage-related asset balances, partially offset by an increase in earnings on advances because of higher average advance balances.

Net interest income for the fourth quarter of 2016 was $108 million, down from $120 million for the fourth quarter of 2015. This decrease was primarily due to higher dividends paid on mandatory redeemable capital stock (which are classified as interest expense), partially offset by an increase in earnings on advances because of higher average advance balances.

Other income/(loss) for 2016 was income of $485 million, compared with income of $388 million for 2015. The change in other income/(loss) reflected a $51 million increase in gains from settlements relating to the Bank's PLRMBS litigation. In addition, net fair value gains associated with derivatives, hedged items, and financial instruments carried at fair value were $5 million for 2016, compared with net fair value losses of $50 million for 2015. The change in net fair value gains/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 a partially offsetting impact of expense of $32 million on derivative instruments used in economic hedges, compared with expense of $18 million for 2015. 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 2016 was income of $82 million, compared with a loss of $9 million for the fourth quarter of 2015. The change in other income/(loss) reflected a $58 million increase in gains from settlements relating to the Bank's PLRMBS litigation. In addition, net fair value gains associated with derivatives, hedged items, and financial instruments carried at fair value were $31 million for the fourth quarter of 2016, compared with net fair value losses of $6 million for the fourth quarter of 2015. The change in other income/(loss) also reflected a partially offsetting impact of expense of $10 million on derivative instruments used in economic hedges, compared with expense of $4 million for the fourth quarter of 2015.

The following information was filed by Federal Home Loan Bank Of San Francisco on Wednesday, February 22, 2017 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

Material Contracts, Statements, Certifications & more

Federal Home Loan Bank Of San Francisco provided additional information to their SEC Filing as exhibits

Exhibit 3.2: Bylaws, As Amended And Restated

Exhibit 10.1: Summary Sheet: Terms Of Employment For Named Executive Officers For 2017

Exhibit 10.2: Form Of Director Indemnification Agreement

Exhibit 10.3: Form Of Senior Officer Indemnification Agreement

Exhibit 10.10: 2017 Executive Incentive Plan

Exhibit 10.13: 2016 Executive Performance Unit Plan, As Amended

Exhibit 10.14: 2016 Executive Performance Unit Plan Summary Description, As Amended

Exhibit 10.15: 2015 Executive Performance Unit Plan, As Amended

Exhibit 10.16: 2015 Executive Performance Unit Plan Summary Description, As Amended

Exhibit 10.23: Amended And Restated P&Amp;I Funding And Contingency Plan Agreement

Exhibit 12.1: Computation Of Ratio Of Earnings To Fixed Charges

Exhibit 31.1: Certification Of The President And Ceo Section 302

Exhibit 31.2: Certification Of The Coo Section 302

Exhibit 31.3: Certification Of The Cfo Section 302

Exhibit 32.1: Certification Of The President And Ceo Section 906

Exhibit 32.2: Certification Of The Coo Section 906

Exhibit 32.3: Certification Of The Cfo Section 906

Exhibit 99.1: Audit Committee Report

CIK: 1316944
Form Type: 10-K Annual Report
Accession Number: 0001316944-17-000066
Submitted to the SEC: Thu Mar 09 2017 5:47:32 PM EST
Accepted by the SEC: Fri Mar 10 2017
Period: Saturday, December 31, 2016
Industry: Federal And Federally Sponsored Credit Agencies

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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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