Cost of Funds Indices (COFI)

Important Notice: Final Publication of Monthly and Semiannual Cost of Funds Indices

The Federal Home Loan Bank of San Francisco will no longer calculate the 11th District Monthly Weighted Average Cost of Funds Index (COFI) after the publication of the December 2021 COFI on January 31, 2022.

The Bank will no longer calculate the Semiannual Weighted Average Cost of Funds Indices for the 11th District and for California after the publication of the indices for the July-December 2021 period on February 15, 2022.

Consumers with loans tied to any of these indices should contact their lender for information about replacement indices and other options.

Current Monthly COFI

Index Month Index Value Date Announced
December 2021 0.223% January 31, 2022

The COFI is computed from data reported by COFI Reporting Members of the Federal Home Loan Bank of San Francisco. ForDecember 2021,8 eligible institutions reported COFI data.

COMPARISON TONovember 2021 INDEX VALUE

December 2021 November 2021
Index value 0.223% 0.218%
Average total funds* $25.5 billion $25.4 billion
Average deposit accounts $25.0 billion $24.7 billion
Average advances $547.5 million $729.0 million
Average other borrowings $0.0 $0.0
Total interest expense** $4.7 million $4.6 million

*Averages for a month consist of the simple average of the monthend balances for that month and the prior month for total funds, deposit accounts, advances, and other borrowings.

**The total interest expense is derived from interest expense reported on deposit accounts, Federal Home Loan Bank advances, and other borrowings, adjusted for the number of days in the month. The adjustment factors for 2020 are 1.052 for February, 1.017 for 30-day months, and 0.984 for 31-day months.

Monthly COFI History

*Averages for a month consist of the simple average of the monthend balances for that month and the prior month for total funds, deposit accounts, advances, and other borrowings.

**The total interest expense is derived from interest expense reported on deposit accounts, Federal Home Loan Bank advances, and other borrowings, adjusted for the number of days in the month. The adjustment factors for 2021 are 1.086 for February, 1.014 for 30-day months, and 0.981 for 31-day months.

Download Complete Monthly History
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To
Index Month Index Value Date Announced
December 2021 0.223 January 31, 2022
November 2021 0.218 December 31, 2021
October 2021 0.225 November 30, 2021
September 2021 0.225 October 29, 2021
August 2021 0.238 September 30, 2021
July 2021 0.263 August 31, 2021
June 2021 0.282 July 30, 2021
May 2021 0.306 June 30, 2021
April 2021 0.343 May 28, 2021
March 2021 0.377 April 30, 2021
February 2021 0.408 March 31, 2021
January 2021 0.457 February 26, 2021

Current Semiannual Indices

Period California 11th District Date Announced
July to December 2021 0.232% 0.232% February 15, 2022

Semiannual Indices History

Download Semiannual History
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To
6 Months Ended Arizona California Nevada 11th District Date Announced
December 31, 2021 N/A* 0.232 N/A* 0.232 February 15, 2022
June 30, 2021 N/A* 0.355 N/A* 0.355 August 16, 2021

* Effective February 15, 2008, the Bank discontinued the publication of the semiannual weighted average cost of funds index for Arizona because there was only one savings institution headquartered in Arizona during the semiannual period July-December 2007. The Bank discontinued the publication of the semiannual weighted average cost of funds index for Nevada effective February 13, 1998, because there were no savings institutions headquartered in Nevada as of September 1, 1997. The cost of funds data from any COFI Reporting Member currently headquartered in Arizona or Nevada will continue to be incorporated into the 11th District semiannual weighted average cost of funds index.

Notice: In July 2009, the Bank discovered that it had made an error in calculating the semiannual cost of funds indices for the period July-December 2008 by including in the calculation the July 2008 interest expenses reported by a COFI Reporting Member that had transferred substantially all of its liabilities to a nonmember during the month of July 2008. As a result of this calculation error, the published 11th District semiannual index was 3 basis points higher and the published California semiannual index was 17 basis points higher than they would have been had the reported interest expenses been excluded. The Bank has confirmed that this interest expense was correctly excluded for the monthly COFI for July 2008. Although the Bank makes a good faith effort to be accurate in the calculation and publication of these indices, it does not warrant, confirm, or guarantee the accuracy of any index that it publishes and, in general, it will not revise or republish any cost of funds index after the publication date. The Bank continues to expressly disclaim any liability to any person for any inaccuracy in any cost of funds index calculated or published by the Bank, regardless of the cause, or for any resulting damages.