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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Federal Home Loan Bank Of San Francisco

CIK: 1316944

Exhibit 99.1
Federal Home Loan Bank of San Francisco Announces Second Quarter 2020 Operating Results
SAN FRANCISCO, July 23, 2020 — The Federal Home Loan Bank of San Francisco (Bank) today announced that its net income for the second quarter of 2020 was $88 million, compared with net income of $49 million for the second quarter of 2019.
The $39 million increase in net income relative to the prior-year period primarily reflects a $32 million increase in net interest income, from $110 million for the second quarter of 2019 to $142 million for the second quarter of 2020, and a reversal of current expected credit losses of $7 million for the second quarter of 2020. The increase in net interest income was primarily attributable to an increase of $27 million in net fair value gains on designated fair value hedges, from a loss of $16 million for the second quarter of 2019 to a gain of $11 million for the second quarter of 2020, as well as higher spreads on interest-earning assets.
Total assets decreased $13.4 billion during the first six months of 2020, to $93.4 billion at June 30, 2020, from $106.8 billion at December 31, 2019. Total advances decreased $14.4 billion, to $51.0 billion at June 30, 2020, from $65.4 billion at December 31, 2019. The decrease in advances primarily reflected reduced member liquidity needs as a result of the impact of the COVID-19 pandemic on the economy and on our members. The decrease in advances was partially offset by an increase in investments of $1.4 billion, to $39.0 billion at June 30, 2020, from $37.6 billion at December 31, 2019.
Accumulated other comprehensive income/(loss) (AOCI) decreased by $309 million during the first six months of 2020, to accumulated other comprehensive loss of $35 million at June 30, 2020, from accumulated other comprehensive income of $274 million at December 31, 2019. The decrease in AOCI during the first six months of 2020 primarily reflected lower fair values of mortgage-backed securities classified as available-for-sale.
As of June 30, 2020, the Bank was in compliance with all of its regulatory capital requirements. The Bank’s total regulatory capital ratio was 6.7%, exceeding the 4.0% requirement. The Bank had $6.2 billion in permanent capital, exceeding its risk-based capital requirement of $1.4 billion. Total retained earnings as of June 30, 2020, were $3.5 billion.
Today, the Bank’s Board of Directors declared a quarterly cash dividend on the capital stock outstanding during the second quarter of 2020 at an annualized rate of 5.00%. 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 $38 million, including $1 million in dividends on mandatorily redeemable capital stock that will be reflected as interest expense in the third quarter of 2020. The Bank expects to pay the dividend on August 11, 2020. As a result of the COVID-19 pandemic and the measures taken to contain the spread of the virus, U.S. and global economies face great challenges and ongoing uncertainty. To preserve capital in this uncertain environment, the Bank’s Board of Directors has decided to pay a quarterly dividend rate at the low end of the range stated in the Bank's dividend philosophy.


The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, July 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information Document
Statements Of Capital Accounts
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)
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)
Investments (Notes)
Investments (Tables)
Investments Afs By Contractual Maturity (Details)
Investments Afs Securities By Major Type (Details)
Investments Allowance For Credit Losses (Details)
Investments Classification Of Held-To-Maturity Securities (Details)
Investments Narrative (Details)
Investments Otti Rollforward (Details)
Investments Significant Inputs On Plrmbs (Details)
Investments Summary Of Afs Securities With Unrealized Losses (Details)
Investments Trading Securities By Major Type (Details)
Mortgage Loans Held For Portfolio
Mortgage Loans Held For Portfolio (Details)
Mortgage Loans Held For Portfolio (Tables)
Mortgage Loans Held For Portfolio Allowance (Details)
Mortgage Loans Held For Portfolio Delinquency Statistics (Details)
Recently Issued And Adopted Accounting Guidance
Segment Information
Segment Information (Details)
Segment Information (Tables)
Subsequent Events
Subsequent Events Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies / Accounting Policies (Policies)
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: 0001316944-20-000117
Submitted to the SEC: Thu Aug 06 2020 5:43:08 PM EST
Accepted by the SEC: Fri Aug 07 2020
Period: Tuesday, June 30, 2020
Industry: Federal And Federally Sponsored Credit Agencies

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