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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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 18, 2021 — The Federal Home Loan Bank of San Francisco (Bank) today announced its 2020 operating results. Net income for 2020 was $335 million, compared with net income of $327 million for 2019. Net income for the fourth quarter of 2020 was $94 million, compared with net income of $113 million for the fourth quarter of 2019.
The increase in net income of $8 million for the year ended December 31, 2020, primarily reflected an increase in other income of $38 million and a decrease in other expense of $22 million, which were offset by a decrease in net interest income of $26 million and an increase in provision for credit losses of $26 million.
The $38 million increase in other income primarily reflected the Bank’s receipt of $85 million in disgorgement proceeds in connection with a Securities and Exchange Commission enforcement action in the third quarter of 2020, which was partially offset by an increase in net fair value losses associated with derivatives and financial instruments carried at fair value. The $22 million decrease in other expense primarily reflected a decrease of $15 million in expense associated with voluntary charitable contributions to the Quality Jobs Fund and a reduction in operating expense of $9 million that was primarily related to higher expenses associated with the relocation of the Bank’s premises during the second quarter of 2019.
Net interest income in 2020 decreased by $26 million, which primarily reflected a lower interest rate environment and lower average balances of interest-earning assets, partially offset by an increase in prepayment fees on advances of $30 million and a decrease in dividends paid on mandatory redeemable capital stock (classified as interest expense) of $9 million. The 2020 provision for credit losses increased by $26 million and was primarily associated with certain private-label residential mortgage-backed securities (PLRMBS) classified as available-for-sale (AFS).
For the fourth quarter of 2020, net income was $94 million, a decrease of $19 million relative to the prior year period. The decrease primarily reflected an increase in net fair value losses associated with derivatives and financial instruments carried at fair value recorded in other income and a decrease of $16 million in net fair value gains on designated fair value hedges. These reductions to net income were partially offset by an increase in prepayment fees on advances of $16 million, and a reversal of credit losses of $4 million for the fourth quarter of 2020 that was primarily associated with certain PLRMBS classified as AFS.
At December 31, 2020, total assets were $68.6 billion, a decrease of $38.2 billion from $106.8 billion at December 31, 2019. Total advances decreased $34.4 billion, to $31.0 billion at December 31, 2020, from $65.4 billion at December 31, 2019. The decrease in advances primarily reflected reduced member liquidity needs related to the impact of the COVID-19 pandemic on the economy and on our members. In addition, investments decreased $2.4 billion, to $35.2 billion at December 31, 2020, from $37.6 billion at December 31, 2019. The decrease in investments primarily reflected a decrease in mortgage-backed securities, Federal funds sold, and interest-bearing deposits, partially offset by an increase in U.S. Treasury securities.
Accumulated other comprehensive income/(loss) (AOCI) decreased by $44 million during 2020, to $230 million at December 31, 2020, from $274 million at December 31, 2019. The decrease in AOCI during 2020 primarily reflected lower fair values of PLRMBS classified as AFS.
As of December 31, 2020, the Bank was in compliance with all of its regulatory capital requirements. The Bank’s total regulatory capital ratio was 8.7%, exceeding the 4.0% requirement. The Bank had $6.0 billion in permanent capital, exceeding its risk-based capital requirement of $1.4 billion. Total retained earnings as of December 31, 2020, were $3.7 billion.
Today, the Bank’s Board of Directors declared a quarterly cash dividend on the capital stock outstanding during the fourth 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


The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, February 19, 2021 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 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)
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)
Fair Value Narrative (Details)
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)
Other (Details)
Other (Notes)
Other (Tables)
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)
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)
Transfers From Htm To Afs (Details)
CIK: 1316944
Form Type: 10-K Annual Report
Accession Number: 0001316944-21-000049
Submitted to the SEC: Thu Mar 11 2021 8:18:09 PM EST
Accepted by the SEC: Fri Mar 12 2021
Period: Thursday, December 31, 2020
Industry: Federal And Federally Sponsored Credit Agencies

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