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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Federal Home Loan Bank Of San Francisco

CIK: 1316944

Exhibit 99.1
Federal Home Loan Bank of San Francisco Announces Third Quarter 2021 Operating Results
SAN FRANCISCO, October 28, 2021 — The Federal Home Loan Bank of San Francisco (Bank) today announced its operating results for the third quarter of 2021. Net income for the third quarter of 2021 was $71 million, compared with net income of $161 million for the third quarter of 2020.
The $90 million decrease in net income relative to the prior-year period reflected a decrease in other income/(loss) of $73 million and a decrease in net interest income of $27 million. These decreases to net income were partially offset by a $10 million reduction in the Affordable Housing Program assessment, which reflected the decline in pre-assessment income.
The $73 million decrease in other income/(loss) was primarily a result of the Bank's receipt of disgorgement proceeds in connection with a Securities and Exchange Commission enforcement action, in the amount of $85 million, in the third quarter of 2020. This decrease in other income/(loss) was partially offset by an increase in net fair value gains associated with non-hedge qualifying derivatives and a decrease in net fair value losses associated with financial instruments carried at fair value. The $27 million decrease in net interest income primarily reflected a decrease in interest-earning assets and a decrease in net gains on designated fair value hedges of $11 million. These decreases to net interest income were partially offset by an improvement in interest spreads on interest-earning assets.
At September 30, 2021, total assets were $54.5 billion, a decrease of $14.1 billion from $68.6 billion at December 31, 2020. Advances decreased $8.4 billion, to $22.6 billion at September 30, 2021, from $31.0 billion at December 31, 2020, as many members maintained significant deposit balances and liquidity resulting from the ongoing economic and financial market impacts of the COVID-19 pandemic, including government intervention. In addition, total investments decreased $4.8 billion, to $30.4 billion at September 30, 2021, from $35.2 billion at December 31, 2020. The majority of the decrease in investments reflected a reduction in U.S. Treasury securities of $6.1 billion and securities purchased under agreements to resell of $0.8 billion, which was partially offset by an increase in Federal funds sold of $4.3 billion, as the Bank continued to manage its liquidity. Mortgage-backed securities (MBS) also contributed to the decline in investments by $2.3 billion. Furthermore, mortgage loans held for portfolio decreased $0.8 billion, to $1.1 billion at September 30, 2021, from $1.9 billion at December 31, 2020, as the Bank stopped purchasing new loans for its own portfolio on March 31, 2021.
Accumulated other comprehensive income/(loss) (AOCI) increased by $89 million during 2021, to $319 million at September 30, 2021, from $230 million at December 31, 2020. The increase in AOCI during 2021 primarily reflected higher fair values of MBS classified as available-for-sale.
As of September 30, 2021, the Bank complied with all of its regulatory capital requirements. The Bank’s total regulatory capital ratio was 11.1%, exceeding the 4.0% requirement. The Bank had $6.1 billion in permanent capital, exceeding its risk-based capital requirement of $1.1 billion. Total retained earnings as of September 30, 2021, were $3.8 billion.
Today, the Bank’s board of directors declared a quarterly cash dividend on the capital stock outstanding during the third quarter of 2021 at an annualized rate of 6.00%. 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 $36 million. The Bank expects to pay the dividend on November 10, 2021.


The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, October 29, 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-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 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)
Basis Of Presentation (Details)
Basis Of Presentation (Notes)
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)
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)
Organization, Consolidation And Presentation Of Financial Statements (Tables)
Recently Issued And Adopted Accounting Guidance
Segment Information
Segment Information (Details)
Segment Information (Tables)
Subsequent Events
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)
Transfers From Htm To Afs (Details)
CIK: 1316944
Form Type: 10-Q Quarterly Report
Accession Number: 0001316944-21-000223
Submitted to the SEC: Fri Nov 05 2021 7:41:15 AM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Federal And Federally Sponsored Credit Agencies

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