Federal Home Loan Bank of San Francisco Home Contact SiteMap Terms of Use Privacy Policy Login
  
About Us
About Us
bullet Company Info
bullet Corporate Governance
bullet Investor Relations
  bullet Financial Highlights
  bullet Annual Reports
  bullet Quarterly Reports
  bullet Dividends
bullet Events/Calendar
bullet Newsroom
bullet Washington Update
bullet Publications
bullet Careers
bullet Resources

Financial Highlights

This financial data should be read in conjunction with the Bank's Form 10-K filed with the Securities and Exchange Commission on March 23, 2011.
 
(Dollars in millions)
 
Selected Balance Sheet Items at Yearend
2010 2009 2008 2007 2006
Total Assets (1)  $152,423 $192,862 $321,244 $322,446 $244,915
Advances 95,599 133,559 235,664 251,034 183,669
Mortgage Loans Held for Portfolio, Net 2,381 3,037 3,712 4,132 4,630
Investments (2) 52,582 47,006 60,671 64,913 55,391
Consolidated Obligations: (3)  
Bonds 121,120 162,053 213,114 225,328 199,300
Discount Notes 19,527 18,246 91,819 78,368 30,128
Mandatorily Redeemable Capital Stock (4)  3,749 4,843 3,747 229 106
Capital Stock - Class B - Putable (4)  8,282 8,575 9,616 13,403 10,616
Restricted Retained Earnings 1,609 1,239 176 227 143
Accumulated Other Comprehensive Loss (2,943) (3,584) (7) (3) (5)
Total Capital 6,948 6,230 9,785 13,627 10,754
 
Selected Operating Results for the Year
   2010 2009 2008 2007 2006
Net Interest Income $1,296 $1,782 $1,431 $931 $839
Provision for Credit Losses on Mortgage Loans 2 1 — — —
Other Income/(Loss) (604) (948) (690) 55 (10)
Other Expense 145 132 112 98 90
Assessments 146 186 168 236 197
Net Income $399 $515 $461 $652 $542
 
Selected Other Data for the Year
2010 2009 2008 2007 2006
Net Interest Margin (5)  0.79% 0.73% 0.44% 0.36% 0.37%
Operating Expenses as a
Percent of Average Assets		 0.07 0.04 0.03 0.03 0.03
Return on Average Assets 0.24 0.21 0.14 0.25 0.23
Return on Average Equity 6.13 5.83 3.54 5.80 5.40
Annualized Dividend Rate (6) 0.34 0.21 3.93 5.20 5.41
Dividend Payout Ratio (7)  7.31 4.17 114.32 87.14 97.70
Average Equity to Average Assets Ratio  3.98 3.57 3.93 4.25 4.33
 
Selected Other Data at Yearend
2010 2009 2008 2007 2006
Regulatory Capital Ratio (8)  8.95 7.60 4.21 4.30 4.44
Duration Gap (in months) 1 4 3 2 1
  1. Effective January 1, 2008, the Bank changed its accounting policy to offset fair value amounts for cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. The Bank recognized the effects as a change in accounting principle through retrospective application for all prior periods presented.
  2. Investments consist of Federal funds sold, trading securities, available-for-sale securities, held-to-maturity securities, securities purchased under agreements to resell, and loans to other Federal Home Loan Banks (FHLBanks).
  3. As provided by the FHLBank Act or regulations governing the operations of the FHLBanks, all of the FHLBanks have joint and several liability for FHLBank consolidated obligations, which are backed only by the financial resources of all 12 FHLBanks. The joint and several liability regulation authorizes the Finance Agency to require any FHLBank to repay all or a portion of the principal or interest on consolidated obligations for which another FHLBank is the primary obligor. The Bank has never been asked or required to repay the principal or interest on any consolidated obligation on behalf of another FHLBank, and as of December 31, 2010, and through the filing date of this report, does not believe that it is probable that it will be asked to do so. The par amount of the outstanding consolidated obligations of all 12 FHLBanks at the dates indicated was as follows:

    Yearend                  Par Amount
    (In millions)
    2010 $796,374
    2009 930,617
    2008 1,251,542
    2007 1,189,706
    2006 951,990

  4. During 2008, 2009, and 2010, a number of members were placed into receivership or merged with nonmember institutions, including three large members. IndyMac Bank, F.S.B., and Washington Mutual Bank were placed into receivership during 2008, and Wachovia Mortgage, FSB, merged into Wells Fargo Bank, N.A., a nonmember institution, in 2009. The Bank reclassified the capital stock of these institutions from Class B capital stock to mandatorily redeemable capital stock (a liability).
  5. Net interest margin is net interest income divided by average interest-earning assets.
  6. On February 22, 2011, the Bank's Board of Directors declared a cash dividend for the fourth quarter of 2010 at an annualized dividend rate of 0.29%, which was recorded and paid during the first quarter of 2011.
  7. This ratio is calculated as dividends per share divided by net income per share.
  8. This ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes mandatorily redeemable capital stock (which is classified as a liability) and excludes accumulated other comprehensive income.
© 2000-2012 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

Financial Highlights

This financial data should be read in conjunction with the Bank's Form 10-K filed with the Securities and Exchange Commission on March 23, 2011.
 
(Dollars in millions)
 
Selected Balance Sheet Items at Yearend
2010 2009 2008 2007 2006
Total Assets (1)  $152,423 $192,862 $321,244 $322,446 $244,915
Advances 95,599 133,559 235,664 251,034 183,669
Mortgage Loans Held for Portfolio, Net 2,381 3,037 3,712 4,132 4,630
Investments (2) 52,582 47,006 60,671 64,913 55,391
Consolidated Obligations: (3)  
Bonds 121,120 162,053 213,114 225,328 199,300
Discount Notes 19,527 18,246 91,819 78,368 30,128
Mandatorily Redeemable Capital Stock (4)  3,749 4,843 3,747 229 106
Capital Stock - Class B - Putable (4)  8,282 8,575 9,616 13,403 10,616
Restricted Retained Earnings 1,609 1,239 176 227 143
Accumulated Other Comprehensive Loss (2,943) (3,584) (7) (3) (5)
Total Capital 6,948 6,230 9,785 13,627 10,754
 
Selected Operating Results for the Year
   2010 2009 2008 2007 2006
Net Interest Income $1,296 $1,782 $1,431 $931 $839
Provision for Credit Losses on Mortgage Loans 2 1 — — —
Other Income/(Loss) (604) (948) (690) 55 (10)
Other Expense 145 132 112 98 90
Assessments 146 186 168 236 197
Net Income $399 $515 $461 $652 $542
 
Selected Other Data for the Year
2010 2009 2008 2007 2006
Net Interest Margin (5)  0.79% 0.73% 0.44% 0.36% 0.37%
Operating Expenses as a
Percent of Average Assets		 0.07 0.04 0.03 0.03 0.03
Return on Average Assets 0.24 0.21 0.14 0.25 0.23
Return on Average Equity 6.13 5.83 3.54 5.80 5.40
Annualized Dividend Rate (6) 0.34 0.21 3.93 5.20 5.41
Dividend Payout Ratio (7)  7.31 4.17 114.32 87.14 97.70
Average Equity to Average Assets Ratio  3.98 3.57 3.93 4.25 4.33
 
Selected Other Data at Yearend
2010 2009 2008 2007 2006
Regulatory Capital Ratio (8)  8.95 7.60 4.21 4.30 4.44
Duration Gap (in months) 1 4 3 2 1
  1. Effective January 1, 2008, the Bank changed its accounting policy to offset fair value amounts for cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty. The Bank recognized the effects as a change in accounting principle through retrospective application for all prior periods presented.
  2. Investments consist of Federal funds sold, trading securities, available-for-sale securities, held-to-maturity securities, securities purchased under agreements to resell, and loans to other Federal Home Loan Banks (FHLBanks).
  3. As provided by the FHLBank Act or regulations governing the operations of the FHLBanks, all of the FHLBanks have joint and several liability for FHLBank consolidated obligations, which are backed only by the financial resources of all 12 FHLBanks. The joint and several liability regulation authorizes the Finance Agency to require any FHLBank to repay all or a portion of the principal or interest on consolidated obligations for which another FHLBank is the primary obligor. The Bank has never been asked or required to repay the principal or interest on any consolidated obligation on behalf of another FHLBank, and as of December 31, 2010, and through the filing date of this report, does not believe that it is probable that it will be asked to do so. The par amount of the outstanding consolidated obligations of all 12 FHLBanks at the dates indicated was as follows:

    Yearend                  Par Amount
    (In millions)
    2010 $796,374
    2009 930,617
    2008 1,251,542
    2007 1,189,706
    2006 951,990

  4. During 2008, 2009, and 2010, a number of members were placed into receivership or merged with nonmember institutions, including three large members. IndyMac Bank, F.S.B., and Washington Mutual Bank were placed into receivership during 2008, and Wachovia Mortgage, FSB, merged into Wells Fargo Bank, N.A., a nonmember institution, in 2009. The Bank reclassified the capital stock of these institutions from Class B capital stock to mandatorily redeemable capital stock (a liability).
  5. Net interest margin is net interest income divided by average interest-earning assets.
  6. On February 22, 2011, the Bank's Board of Directors declared a cash dividend for the fourth quarter of 2010 at an annualized dividend rate of 0.29%, which was recorded and paid during the first quarter of 2011.
  7. This ratio is calculated as dividends per share divided by net income per share.
  8. This ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes mandatorily redeemable capital stock (which is classified as a liability) and excludes accumulated other comprehensive income.


© 2000-2012 Federal Home Loan Bank of San Francisco