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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

1316944 Annual Reports

Federal Home Loan Bank Of San Francisco

CIK: 1316944

Exhibit 99.1
Federal Home Loan Bank of San Francisco Announces Annual and Fourth Quarter 2021 Operating Results
SAN FRANCISCO, February 16, 2022 — The Federal Home Loan Bank of San Francisco (Bank) today announced its 2021 operating results. Net income for 2021 was $287 million, compared with net income of $335 million for 2020. Net income for the fourth quarter of 2021 was $67 million, compared with net income of $94 million for the fourth quarter of 2020.
Net income of $287 million in 2021 declined $48 million relative to 2020 net income, primarily reflecting a reduction of $109 million in other income/(loss) that was partially offset by an improvement in credit losses of $32 million and an increase in net interest income of $17 million.
The $109 million reduction in other income/(loss) for 2021 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, and an increase in net fair value losses of $22 million associated with derivatives and financial instruments carried at fair value.
The $17 million increase in net interest income for 2021 primarily reflected lower funding costs, an improvement of $46 million in retrospective adjustment of the effective yields on mortgage loans and related delivery commitments, and an increase of $30 million in net gains on designated fair value hedges. These increases in net interest income were partially offset by a decline in average interest-earning assets. Additionally, the Bank recorded a reversal of credit losses of $6 million for 2021, primarily associated with certain private-label residential mortgage-backed securities (PLRMBS) classified as available-for-sale (AFS), which largely resulted from improved credit performance and a more optimistic economic outlook. This reversal of credit losses for 2021 compares with a provision for credit losses of $26 million for 2020 associated with certain PLRMBS classified as AFS, which primarily resulted from a significant decline in fair values in the first quarter of 2020.
For the fourth quarter of 2021, net income was $67 million, a decrease of $27 million relative to the prior year period. The decrease primarily reflected a decrease in net interest income of $48 million, which was mainly driven by a decline in average interest-earning assets and a decrease of $10 million in net gains on designated fair value hedges. These reductions in net income were partially offset by a $20 million improvement in other income/(loss), which primarily reflected a decrease in net fair value losses of $19 million associated with derivatives and financial instruments carried at fair value.
At December 31, 2021, total assets were $54.1 billion, a decrease of $14.5 billion from $68.6 billion at December 31, 2020. Advances decreased by $14.0 billion, to $17.0 billion at December 31, 2021, from $31.0 billion at December 31, 2020, as demand for advances remained muted in response to substantial market liquidity resulting from the ongoing economic and financial market impacts of the COVID-19 pandemic, including government intervention. In addition, mortgage loans held for portfolio decreased by $0.9 billion, to $1.0 billion at December 31, 2021, from $1.9 billion at December 31, 2020, because the Bank ceased purchasing new mortgage loans for its own portfolio on March 31, 2021. These decreases to total assets were partially offset by an increase in total investments of $0.6 billion, to $35.8 billion at December 31, 2021, from $35.2 billion at December 31, 2020. The increase in investments primarily reflected an increase in securities purchased under agreements to resell of $8.3 billion and an increase in Federal funds sold of $3.5 billion, which were partially offset by a reduction in U.S. Treasury securities of $8.5 billion as the Bank continued to manage its liquidity. A decrease of $2.8 billion in mortgage-backed securities (MBS) also partially offset the other increases in investments balances.
Accumulated other comprehensive income increased by $101 million during 2021, to $331 million at December 31, 2021, from $230 million at December 31, 2020, primarily reflecting higher fair values of MBS classified as AFS.
As of December 31, 2021, the Bank complied with all of its regulatory capital requirements. The Bank’s total regulatory capital ratio was 10.9%, exceeding the 4.0% requirement. The Bank had $5.9 billion in permanent capital, exceeding its risk-based capital requirement of $1.1 billion. Total retained earnings as of December 31, 2021, were $3.8 billion, compared with $3.7 billion at December 31, 2020.


The following information was filed by Federal Home Loan Bank Of San Francisco on Thursday, February 17, 2022 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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Inside this 10-K Annual Report

Audit Information
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)
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
Subsequent Events Narrative (Details)
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: 0001316944-22-000024
Submitted to the SEC: Fri Mar 04 2022 7:44:29 AM EST
Accepted by the SEC: Fri Mar 04 2022
Period: Friday, December 31, 2021
Industry: Federal And Federally Sponsored Credit Agencies

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