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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 28, 2008.
 
(Dollars in millions)
 
Selected Balance Sheet Items at Yearend
  2007 2006 2005 2004 2003
Total Assets $322,999 $244,915 $223,602 $184,982 $132,390
Advances 251,034 183,669 162,873 140,254 92,330
Mortgage Loans 4,132 4,630 5,214 6,035 6,445
Interest-Bearing Deposits in Banks 14,590 9,323 6,899 5,251 3,287
Held-to-Maturity Securities 38,585 30,348 29,691 23,839 18,263
Federal Funds Sold 11,680 15,443 16,997 8,461 5,434
Consolidated Obligations: (1)
Bonds 225,328 199,300 182,625 148,109 92,751
Discount Notes 78,368 30,128 27,618 26,257 31,882
Capital Stock - Class B -
Putable (2)
13,403 10,616 9,520 7,765 -
Capital Stock - Putable (2) - - - - 5,739
Total Capital 13,627 10,754 9,648 7,900 5,846
 
Selected Operating Results for the Year
  2007 2006 2005 2004 2003
Net Interest Income $931 $839 $683 $542 $445
Other Income/(Loss) 55 (10) (100) (76) 55
Other Expense 98 90 81 68 60
Assessments 236 197 133 105 117
Net Income 652 $542 $369 $293 $323
 
Selected Other Data for the Year
  2007 2006 2005 2004 2003
Net Interest Margin 0.36% 0.37% 0.34% 0.34% 0.39%
Operating Expenses as a
Percent of Average Assets
0.03 0.03 0.04 0.04 0.05
Return on Assets 0.25 0.23 0.18 0.18 0.28
Return on Equity 5.80 5.40 4.22 4.23 5.90
Dividend Rate 5.20 5.41 4.44 4.07 4.29
Spread of Dividend Rate to
Dividend Benchmark (3)
0.75 1.24 1.22 1.58 1.50
Dividend Payout Ratio (4) 87.14 97.70 102.36 93.01 71.09

 
Selected Other Data at Yearend
  2007 2006 2005 2004 2003
Capital to Assets Ratio (5) 4.29% 4.44% 4.34% 4.30% 4.42%
Duration Gap (in months) 2 1 1 1 1
  1. As provided by the Federal Home Loan Bank Act of 1932, as amended, or Federal Housing Finance Board (Finance Board) regulation, all of the Federal Home Loan Banks (FHLBanks) have joint and several liability for FHLBank consolidated obligations, which are backed only by the financial resources of the FHLBanks. The joint and several liability regulation of the Finance Board authorizes the Finance Board 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. The par amount of the outstanding consolidated obligations of all 12 FHLBanks was as follows:

    Yearend Par amount
    2007 $1,189,706
    2006 951,990
    2005 937,460
    2004 869,242
    2003 759,529
     
  2. On April 1, 2004, the Bank exchanged its Capital Stock — Putable for Capital Stock — Class B — Putable.
  3. The dividend benchmark is calculated as the combined average of (i) the daily average of the overnight Federal funds effective rate and (ii) the four-year moving average of the U.S. Treasury note yield (calculated as the average of the three-year and five-year U.S. Treasury note yields).
  4. This ratio is calculated as dividends per share divided by net income per share. Dividends are based on earnings excluding the effects of Statement of Financial Accounting Standards (SFAS) No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended by SFAS No. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities; SFAS No. 149, Amendment of Statement 133 on Derivative Instruments and Hedging Activities; and SFAS No. 155, Accounting for Certain Hybrid Financial Instruments, an amendment of FASB Statements No. 133 and 140 (together referred to as “SFAS 133”). As a result, the dividend payout ratio may vary from the ratio referenced in the Bank’s Retained Earnings and Dividend Policy depending on the effects of SFAS 133. This calculation has been modified for prior periods to exclude mandatorily redeemable capital stock (which is classified as a liability) and the dividends on that stock (which are classified as interest expense).
  5. This ratio is based on regulatory capital, which includes mandatorily redeemable capital stock (which is classified as a liability).

 




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 28, 2008.
 
(Dollars in millions)
 
Selected Balance Sheet Items at Yearend
  2007 2006 2005 2004 2003
Total Assets $322,999 $244,915 $223,602 $184,982 $132,390
Advances 251,034 183,669 162,873 140,254 92,330
Mortgage Loans 4,132 4,630 5,214 6,035 6,445
Interest-Bearing Deposits in Banks 14,590 9,323 6,899 5,251 3,287
Held-to-Maturity Securities 38,585 30,348 29,691 23,839 18,263
Federal Funds Sold 11,680 15,443 16,997 8,461 5,434
Consolidated Obligations: (1)
Bonds 225,328 199,300 182,625 148,109 92,751
Discount Notes 78,368 30,128 27,618 26,257 31,882
Capital Stock - Class B -
Putable (2)
13,403 10,616 9,520 7,765 -
Capital Stock - Putable (2) - - - - 5,739
Total Capital 13,627 10,754 9,648 7,900 5,846
 
Selected Operating Results for the Year
  2007 2006 2005 2004 2003
Net Interest Income $931 $839 $683 $542 $445
Other Income/(Loss) 55 (10) (100) (76) 55
Other Expense 98 90 81 68 60
Assessments 236 197 133 105 117
Net Income 652 $542 $369 $293 $323
 
Selected Other Data for the Year
  2007 2006 2005 2004 2003
Net Interest Margin 0.36% 0.37% 0.34% 0.34% 0.39%
Operating Expenses as a
Percent of Average Assets
0.03 0.03 0.04 0.04 0.05
Return on Assets 0.25 0.23 0.18 0.18 0.28
Return on Equity 5.80 5.40 4.22 4.23 5.90
Dividend Rate 5.20 5.41 4.44 4.07 4.29
Spread of Dividend Rate to
Dividend Benchmark (3)
0.75 1.24 1.22 1.58 1.50
Dividend Payout Ratio (4) 87.14 97.70 102.36 93.01 71.09

 
Selected Other Data at Yearend
  2007 2006 2005 2004 2003
Capital to Assets Ratio (5) 4.29% 4.44% 4.34% 4.30% 4.42%
Duration Gap (in months) 2 1 1 1 1
  1. As provided by the Federal Home Loan Bank Act of 1932, as amended, or Federal Housing Finance Board (Finance Board) regulation, all of the Federal Home Loan Banks (FHLBanks) have joint and several liability for FHLBank consolidated obligations, which are backed only by the financial resources of the FHLBanks. The joint and several liability regulation of the Finance Board authorizes the Finance Board 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. The par amount of the outstanding consolidated obligations of all 12 FHLBanks was as follows:

    Yearend Par amount
    2007 $1,189,706
    2006 951,990
    2005 937,460
    2004 869,242
    2003 759,529
     
  2. On April 1, 2004, the Bank exchanged its Capital Stock — Putable for Capital Stock — Class B — Putable.
  3. The dividend benchmark is calculated as the combined average of (i) the daily average of the overnight Federal funds effective rate and (ii) the four-year moving average of the U.S. Treasury note yield (calculated as the average of the three-year and five-year U.S. Treasury note yields).
  4. This ratio is calculated as dividends per share divided by net income per share. Dividends are based on earnings excluding the effects of Statement of Financial Accounting Standards (SFAS) No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended by SFAS No. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities; SFAS No. 149, Amendment of Statement 133 on Derivative Instruments and Hedging Activities; and SFAS No. 155, Accounting for Certain Hybrid Financial Instruments, an amendment of FASB Statements No. 133 and 140 (together referred to as “SFAS 133”). As a result, the dividend payout ratio may vary from the ratio referenced in the Bank’s Retained Earnings and Dividend Policy depending on the effects of SFAS 133. This calculation has been modified for prior periods to exclude mandatorily redeemable capital stock (which is classified as a liability) and the dividends on that stock (which are classified as interest expense).
  5. This ratio is based on regulatory capital, which includes mandatorily redeemable capital stock (which is classified as a liability).

 


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