Last10K.com

Federal Home Loan Bank Of San Francisco (1316944) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 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 Second Quarter 2022 Operating Results
SAN FRANCISCO, July 28, 2022 — The Federal Home Loan Bank of San Francisco (Bank) today announced its operating results for the second quarter of 2022. Net income for the second quarter of 2022 was $48 million, a decline of $7 million compared with net income of $55 million for the second quarter of 2021.
The $7 million decrease in net income relative to the prior-year period was primarily attributable to a change of $5 million in other income/(loss) and an increase of $5 million in the provision for credit losses and was partially offset by an increase in net interest income of $1 million.
The $5 million change in other income/(loss) primarily resulted from an increase of $19 million in net fair value losses associated with non-hedge qualifying derivatives, mainly resulting from growth in short-term advances funded by economically hedged consolidated obligations that was offset by a decrease in net fair value losses of $19 million on trading securities that matured since the second quarter of 2021. In addition, the fair value of grantor trust assets related to funding the Bank’s employee retirement plans, which are primarily invested in publicly traded mutual funds, declined by $3 million.
Additionally, an increase of $5 million in the provision for credit losses contributed to the decrease in net income for the quarter, largely because of declines in the fair values and the present value of expected cash flows of certain private-label residential mortgage-backed securities (MBS) during the second quarter of 2022.
The $1 million increase in net interest income for the second quarter of 2022 reflected an increase in interest income of $119 million, primarily driven by higher yields on interest-earning assets (largely resulting from recent increases in interest rates on higher levels of new or renewed advances); an improvement of $10 million in retrospective adjustment of the effective yields on mortgage loans and related delivery commitments; an increase of $6 million in net gains on designated fair value hedges; and a $5 million increase in net prepayment fee income on advances and MBS. These improvements to net interest income were largely offset by an increase of $118 million in interest expense based on higher funding levels and costs.
At June 30, 2022, total assets were $87.6 billion, an increase of $33.5 billion from $54.1 billion at December 31, 2021. Advances increased to $43.2 billion at June 30, 2022, up from $17.0 billion at December 31, 2021, an increase of $26.2 billion, as member demand for short-term advances increased. The increase in total assets also included an increase in total investments of $7.4 billion, to $43.2 billion at June 30, 2022, up from $35.8 billion at December 31, 2021. The increase in investments primarily reflected increases in Federal funds sold of $4.5 billion, U.S. Treasury securities of $2.7 billion, and securities purchased under agreements to resell of $1.5 billion. This increase in investments was partially offset by a decline in MBS of $2.0 billion.
Accumulated other comprehensive income decreased by $231 million during the first six months of 2022, to $100 million at June 30, 2022, from $331 million at December 31, 2021, primarily reflecting lower fair values of MBS classified as available-for-sale, which primarily reflects the increase in market interest rates during the first half of 2022.
As of June 30, 2022, the Bank complied with all of its regulatory capital requirements. The Bank’s total regulatory capital ratio was lower compared to December 31, 2021, at 7.6%, exceeding the 4.0% requirement. The Bank had $6.6 billion in permanent capital at the end of the second quarter of 2022, exceeding its risk-based capital requirement of $764 million. Total retained earnings increased to $3.9 billion as of June 30, 2022, up from $3.8 billion at yearend 2021.
Today, the Bank’s board of directors declared a quarterly cash dividend on the average capital stock outstanding during the second 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 $40 million, and the Bank expects to pay the dividend on August 10, 2022.



The following information was filed by Federal Home Loan Bank Of San Francisco on Friday, July 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.

View differences made from one quarter to another to evaluate Federal Home Loan Bank Of San Francisco's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Federal Home Loan Bank Of San Francisco.

Continue

Assess how Federal Home Loan Bank Of San Francisco's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Federal Home Loan Bank Of San Francisco's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

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 And Prepayment Fees (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: 0001316944-22-000110
Submitted to the SEC: Fri Aug 05 2022 7:40:51 AM EST
Accepted by the SEC: Fri Aug 05 2022
Period: Thursday, June 30, 2022
Industry: Federal And Federally Sponsored Credit Agencies

External Resources:

Bookmark the Permalink:
https://last10k.com/sec-filings/1316944/0001316944-22-000110.htm