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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Federal Home Loan Bank Of San Francisco

CIK: 1316944


Exhibit 99.1
Federal Home Loan Bank of San Francisco Announces Third Quarter 2019 Operating Results
SAN FRANCISCO, October 24, 2019 — The Federal Home Loan Bank of San Francisco today announced that its net income for the third quarter of 2019 was $61 million, compared with net income of $102 million for the third quarter of 2018.
The $41 million decrease in net income relative to the prior-year period primarily reflected an increase in net fair value losses associated with derivatives, hedged items, and financial instruments carried at fair value, which reduced both net interest income and other income.
Net interest income for the third quarter of 2019 was $112 million, compared with $153 million for the third quarter of 2018. The $41 million decrease in net interest income primarily reflected lower spreads on interest-earning assets and the impact of new hedge accounting guidance adopted on January 1, 2019, which requires changes in the fair value of a derivative that was designated as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk, to be recorded in net interest income with the earnings effect of the hedged item. The guidance was applied prospectively, so the gains and losses on fair value hedges in the prior-year period are presented in other income. Net fair value losses on designated fair value hedges recorded in net interest income for the third quarter of 2019 were $11 million. The decline in net interest income was also due to a retrospective adjustment of the effective yields on mortgage loans driven by a lower interest rate environment.
Total assets decreased $5.1 billion during the first nine months of 2019, to $104.2 billion at September 30, 2019, from $109.3 billion at December 31, 2018. Total advances decreased $10.6 billion, to $62.8 billion at September 30, 2019, from $73.4 billion at December 31, 2018. Investments increased $5.1 billion, to $37.5 billion at September 30, 2019, from $32.4 billion at December 31, 2018, primarily reflecting an increase in available-for-sale securities.
Accumulated other comprehensive income increased by $32 million during the first nine months of 2019, to $267 million at September 30, 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 September 30, 2019, the Bank was in compliance with all of its regulatory capital requirements. The Bank’s total regulatory capital ratio was 6.2%, exceeding the 4.0% requirement. The Bank had $6.4 billion in permanent capital, exceeding its risk-based capital requirement of $1.5 billion. Total retained earnings as of September 30, 2019, were $3.4 billion.
Today, the Bank’s Board of Directors declared a quarterly cash dividend on the capital stock outstanding during the third 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 $54 million, including $3 million in dividends on mandatorily redeemable capital stock that will be reflected as interest expense in the fourth quarter of 2019. The Bank expects to pay the dividend on November 12, 2019.




The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, October 25, 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)
Available-For-Sale Securities Afs Redemption Terms (Details)
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 (Htm 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: 0001316944-19-000179
Submitted to the SEC: Thu Nov 07 2019 5:37:45 PM EST
Accepted by the SEC: Fri Nov 08 2019
Period: Monday, September 30, 2019
Industry: Federal And Federally Sponsored Credit Agencies

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