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Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

1316944 Quarterly Reports

Federal Home Loan Bank Of San Francisco

CIK: 1316944

Exhibit 99.1
Federal Home Loan Bank of San Francisco Announces First Quarter 2022 Operating Results
SAN FRANCISCO, April 28, 2022 — The Federal Home Loan Bank of San Francisco (Bank) today announced its operating results for the first quarter of 2022. Net income for the first quarter of 2022 was $78 million, a decline of $16 million compared with net income of $94 million for the first quarter of 2021.
The $16 million decrease in net income relative to the prior-year period was primarily attributable to a decrease in net interest income of $55 million, which was partially offset by an increase of $39 million in other income/(loss).
The $55 million decrease in net interest income for the first quarter of 2022 primarily reflected a net decline in average interest-earning assets of $8.6 billion, mainly a reduction in investment securities of $10.3 billion. Lower yields on interest-earning assets also decreased interest income by $11 million compared to the prior-year period, despite recent increases in interest rates on new or renewed advances. Additional drivers of the decrease to net interest income were a decrease of $7 million in net gains on designated fair value hedges and a $6 million decrease in net prepayment fee income on advances and mortgage-backed securities (MBS), from $8 million for the first quarter of 2021 to $2 million for the first quarter of 2022.
The $39 million increase in other income/(loss) for the first quarter of 2022 primarily resulted from recording $28 million in settlement proceeds as income from the final resolution on litigation of one of the Bank's private-label residential mortgage-backed securities held within a trust that has been the subject of litigation by the trustee (the Bank was not a party) since 2012. In addition, net fair value losses associated with derivatives and financial instruments carried at fair value decreased by $13 million (driven by a decrease in net fair value losses of $18 million on trading securities that matured since the first quarter of 2021).
At March 31, 2022, total assets were $56.1 billion, an increase of $2.0 billion from $54.1 billion at December 31, 2021. Advances increased by $3.2 billion, to $20.2 billion at March 31, 2022, from $17.0 billion at December 31, 2021, as demand for advances remained muted compared to prior years in response to elevated market liquidity levels. The increase in total assets was partially offset by a decrease in total investments of $1.2 billion, to $34.6 billion at March 31, 2022, from $35.8 billion at December 31, 2021. The decrease in investments primarily reflected a decline in securities purchased under agreements to resell of $2.0 billion and a decline in MBS of $1.2 billion, which was partially offset by an increase in Federal funds sold of $2.2 billion.

Accumulated other comprehensive income decreased by $149 million during the first quarter of 2022, to $182 million at March 31, 2022, from $331 million at December 31, 2021, primarily reflecting lower fair values of MBS classified as available-for-sale primarily due to the increase in market interest rates during the first quarter.
As of March 31, 2022, the Bank complied with all of its regulatory capital requirements. The Bank’s total regulatory capital ratio was steady compared to December 31, 2021, at 10.7%, exceeding the 4.0% requirement. The Bank had $6.0 billion in permanent capital at the end of the first quarter, exceeding its risk-based capital requirement of $822 million. Total retained earnings as of March 31, 2022, of $3.9 billion were consistent with the level at yearend 2021.
Today, the Bank’s board of directors declared a quarterly cash dividend on the average capital stock outstanding during the first quarter of 2022 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 $34 million, and the Bank expects to pay the dividend on May 11, 2022.



The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, April 29, 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-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 Significant Inputs On Plrmbs (Details)
Investments Summary Of Afs Securities With Unrealized Losses (Details)
Investments Trading Securities By Major Type (Details)
Investments With Previous Credit Losses Rollforward (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)
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: 0001316944-22-000061
Submitted to the SEC: Fri May 06 2022 7:37:46 AM EST
Accepted by the SEC: Fri May 06 2022
Period: Thursday, March 31, 2022
Industry: Federal And Federally Sponsored Credit Agencies

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