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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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 20, 2020 — The Federal Home Loan Bank of San Francisco today announced its 2019 operating results. Net income for 2019 was $327 million, compared with net income of $360 million for 2018. Net income for the fourth quarter of 2019 was $113 million, compared with net income of $73 million for the fourth quarter of 2018.
The $33 million decrease in net income for 2019 primarily reflected a decrease in net interest income, partially offset by an increase in other income. Net interest income decreased by $70 million, from $601 million for 2018 to $531 million for 2019. This decrease was primarily attributable to lower spreads on interest-earning assets as well as a retrospective adjustment of the effective yields on mortgage loans driven by a lower interest rate environment.
In addition, net interest income was affected by new hedge accounting guidance adopted on January 1, 2019, which required 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, instead of other income. The guidance was applied prospectively, so the gains and losses on fair value hedges for 2018 are presented in other income, while the gains and losses on fair value hedges for 2019 are presented in net interest income. Net fair value losses for 2019 on designated fair value hedges recorded in net interest income were $10 million, contributing to the decline in net interest income.
Other income for 2019 increased by $32 million, which primarily reflected an improvement in net fair value losses associated with derivatives and financial instruments carried at fair value, as well as the effect of the new accounting guidance.
The $40 million increase in net income for the fourth quarter of 2019 primarily reflected an increase in net fair value gains associated with derivatives, hedged items, and financial instruments carried at fair value.
Total assets decreased $2.5 billion during 2019, to $106.8 billion at December 31, 2019, from $109.3 billion at December 31, 2018. Total advances decreased $8.0 billion, to $65.4 billion at December 31, 2019, from $73.4 billion at December 31, 2018. Investments increased $5.2 billion, to $37.6 billion at December 31, 2019, from $32.4 billion at December 31, 2018, primarily reflecting an increase of $8.6 billion in available-for-sale (AFS) securities, partially offset by a decrease of $3.5 billion in held-to-maturity securities.
Accumulated other comprehensive income increased by $39 million during 2019, to $274 million at December 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 AFS.
As of December 31, 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 $6.6 billion in permanent capital, exceeding its risk-based capital requirement of $1.5 billion. Total retained earnings as of December 31, 2019, were $3.5 billion.
Today, the Bank’s Board of Directors declared a quarterly cash dividend on the capital stock outstanding during the fourth 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 $2 million in dividends on mandatorily redeemable capital stock that will be reflected as interest expense in the first quarter of 2020. The Bank expects to pay the dividend on March 12, 2020.



The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, February 21, 2020 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)
Available-For-Sale Securities Afs Redemption Terms (Details)
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)
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)
Employee Retirement Plans And Incentive Compensation Plans
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 (Fair Value Of Cash Balance Plan) (Details)
Employee Retirement Plans And Incentive Compensation Plans (Fair Value Of Plan Assets And Funded Status) (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)
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 (Details)
Other (Notes)
Other (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
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: 0001316944-20-000043
Submitted to the SEC: Thu Mar 05 2020 5:38:18 PM EST
Accepted by the SEC: Fri Mar 06 2020
Period: Tuesday, December 31, 2019
Industry: Federal And Federally Sponsored Credit Agencies

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