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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Federal Home Loan Bank Of San Francisco

CIK: 1316944


Exhibit 99.1
Federal Home Loan Bank of San Francisco Announces First Quarter 2019 Operating Results
SAN FRANCISCO, April 25, 2019 — The Federal Home Loan Bank of San Francisco today announced that its net income for the first quarter of 2019 was $104 million, compared with net income of $81 million for the first quarter of 2018.
The $23 million increase in net income relative to the prior-year period primarily reflected improvements in net fair value gains and losses associated with derivatives, hedged items, and financial instruments carried at fair value, and a decrease in the expense associated with voluntary charitable contributions for the Quality Jobs Fund, from $10 million in the first quarter of 2018 to $5 million in the first quarter of 2019. The increase in net income was partially offset by a $4 million decrease in net interest income for the first quarter of 2019 relative to the prior-year period, reflecting a decline in spreads on interest-earning assets.
Total assets increased $1.3 billion to $110.6 billion at March 31, 2019, from $109.3 billion at December 31, 2018. Investments increased $4.1 billion, to $36.5 billion at March 31, 2019, from $32.4 billion at December 31, 2018, primarily reflecting an increase in Federal funds sold, available-for-sale securities, and securities purchased under agreements to resell. Total advances decreased $3.1 billion, to $70.3 billion at March 31, 2019, from $73.4 billion at December 31, 2018.
Accumulated other comprehensive income increased by $52 million during the first three months of 2019, to $287 million at March 31, 2019, from $235 million at December 31, 2018, primarily as a result of improvement in the fair value of mortgage-backed securities classified as available-for-sale.
As of March 31, 2019, 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 $6.6 billion in permanent capital, exceeding its risk-based capital requirement of $1.9 billion. Total retained earnings as of March 31, 2019, were $3.4 billion.
Today, the Bank’s Board of Directors declared a quarterly cash dividend on the capital stock outstanding during the first quarter of 2019 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 $56 million, including $4 million in dividends on mandatorily redeemable capital stock that will be reflected as interest expense in the second quarter of 2019. The Bank expects to pay the dividend on May 14, 2019.




The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, April 26, 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-Q Quarterly 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-Q Quarterly 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)
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
Basis Of Presentation (Policies)
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)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies Off-Balance Sheet Commitments (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)
Derivatives And Hedging Activities Cumulative Adjustments Table (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-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 / Accounting Policies (Policies)
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-Q Quarterly Report
Accession Number: 0001316944-19-000069
Submitted to the SEC: Thu May 02 2019 5:39:44 PM EST
Accepted by the SEC: Fri May 03 2019
Period: Sunday, March 31, 2019
Industry: Federal And Federally Sponsored Credit Agencies

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