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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, 2018

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, 2019 — The Federal Home Loan Bank of San Francisco today announced its 2018 operating results. Net income for 2018 was $360 million, compared with net income of $376 million for 2017. Net income for the fourth quarter of 2018 was $73 million, compared with net income of $67 million for the fourth quarter of 2017.

The $16 million decrease in net income for 2018 primarily reflected a decline in other income related to a gain on settlements of $119 million (after netting certain legal fees and expenses) recognized in the first quarter of 2017, which was related to the Bank’s private-label residential mortgage-backed securities litigation. The decrease in other income was partially offset by several factors, including a $35 million decrease in the expense associated with voluntary charitable contributions for the Quality Jobs Fund, from $60 million in 2017 to $25 million in 2018, a $34 million increase in net interest income for 2018 reflecting higher average balances of interest-earning assets and a higher interest rate environment, and improvements in net fair value gains and losses associated with derivatives, hedged items, and financial instruments carried at fair value.

The $6 million increase in net income for the fourth quarter of 2018 primarily reflected a decrease in the expense associated with voluntary charitable contributions for the Quality Jobs Fund, from $10 million in the fourth quarter of 2017 to $5 million in the fourth quarter of 2018, and a $3 million increase in net interest income for the fourth quarter of 2018 relative to the prior-year period, reflecting a higher interest rate environment.

Total assets decreased $14.1 billion to $109.3 billion at December 31, 2018, from $123.4 billion at December 31, 2017. Total advances decreased $4.0 billion, to $73.4 billion at December 31, 2018, from $77.4 billion at December 31, 2017. In addition, investments decreased $11.2 billion, to $32.4 billion at December 31, 2018, from $43.6 billion at December 31, 2017, primarily reflecting a decrease of $7.2 billion in Federal funds sold and a decrease of $4.5 billion in securities purchased under agreements to resell.

As of December 31, 2018, the Bank was in compliance with all of its regulatory capital requirements. The Bank’s total regulatory capital ratio was 6.0%, exceeding the 4.0% requirement. The Bank had $6.5 billion in permanent capital, exceeding its risk-based capital requirement of $1.9 billion. Total retained earnings as of December 31, 2018, were $3.3 billion.

Today, the Bank’s Board of Directors declared a quarterly cash dividend on the capital stock outstanding during the fourth quarter of 2018 at an annualized rate of 7.00%. The quarterly dividend rate is consistent with the Bank's dividend philosophy of endeavoring to pay a quarterly dividend at a rate between 5% and 7% annualized. The quarterly dividend will total $54 million, including $4 million in dividends on mandatorily redeemable capital stock that will be reflected as interest expense in the first quarter of 2019. The Bank expects to pay the dividend on March 14, 2019.

On December 6, 2018, the Bank's Board of Directors declared a special cash dividend of $50 million on the capital stock outstanding during the third quarter of 2018, including $4 million in dividends on mandatorily redeemable capital stock that was reflected as interest expense in the fourth quarter of 2018. The Bank paid the special dividend on December 19, 2018.



The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, February 22, 2019 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, 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 (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 (Amounts Recognized In Aoci) (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 (Tables)
Held-To-Maturity Securities
Held-To-Maturity Securities (Classification Of Held-To-Maturity Securities) (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-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
Segment Information
Segment Information (Details)
Segment Information (Tables)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies / 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: 0001316944-19-000042
Submitted to the SEC: Thu Mar 07 2019 5:40:03 PM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Federal And Federally Sponsored Credit Agencies

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