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April 26, 2015 7:27 PM ET

Thrifts and Mortgage Finance

Company Overview of Federal Home Loan Bank of San Francisco

Company Overview

Federal Home Loan Bank of San Francisco, a wholesale bank, provides financial products and services to its members and various qualifying nonmembers in the United States. The company operates through two segments, Advances-Related Business and Mortgage-Related Business. The company offers its members a range of fixed and adjustable rate loans, called advances. It provides standard and customized advance structures, including advances with non-standard indices; advances with embedded option features; amortizing advances; and advances with partial prepayment symmetry. The company also provides standby letters of credit to support certain obligations of the members to third parties; and invests...

600 California Street

San Francisco, CA 94108

United States

255 Employees

Phone:

415-616-1000

Fax:

415-616-2626

Key Executives for Federal Home Loan Bank of San Francisco

Chief Executive Officer and President
Age: 67
Chief Financial Officer and Senior Vice President
Age: 61
Chief Operating Officer and Executive Vice President
Age: 54
Senior Vice President, General Counsel and Corporate Secretary
Age: 56
Senior Vice President of External & Legislative Affairs
Age: 52
Compensation as of Fiscal Year 2014.

Federal Home Loan Bank of San Francisco Key Developments

Federal Home Loan Bank of San Francisco Declares Cash Dividend for the Fourth Quarter of 2014 Payable on or about March 19, 2015

The Board of Directors of Federal Home Loan Bank of San Francisco declared a cash dividend on the capital stock outstanding during the fourth quarter of 2014 at an annualized rate of 7.11%. The dividend will total $74 million, including $15 million in dividends on mandatorily redeemable capital stock that will be reflected as interest expense in the first quarter of 2015. The bank expects to pay the dividend on or about March 19, 2015.

The Federal Home Loan Bank of San Francisco Announces Unaudited Earnings Results Fourth Quarter and Full Year ended December 31, 2014

The Federal Home Loan Bank of San Francisco announced unaudited earnings results fourth quarter and full year ended December 31, 2014. For the quarter, net income was $45 million, compared with $74 million for the fourth quarter of 2013. Net interest income was $133 million, up from $127 million for the fourth quarter of 2013. The increases were primarily due to improved spreads on interest-earning assets, including the accretion of yield adjustments on certain other-than-temporarily impaired private-label residential mortgage-backed securities (PLRMBS) resulting from improvement in expected cash flows, partially offset by a decrease in earnings on invested capital because of lower average capital balances and the lower interest rate environment. Return on average assets was 0.22% against 0.34% a year ago. Return on average equity was 3.14% against 5.20% a year ago. For the year, net income was $205 million compared with $308 million for 2013. The decreases in net income for 2014 and the fourth quarter of 2014 relative to the prior-year periods reflected a decrease in other income, partially offset by an increase in net interest income. Net interest income was $539 million, up from $482 million for 2013. The increases were primarily due to improved spreads on interest-earning assets, including the accretion of yield adjustments on certain other-than-temporarily impaired private-label residential mortgage-backed securities (PLRMBS) resulting from improvement in expected cash flows, partially offset by a decrease in earnings on invested capital because of lower average capital balances and the lower interest rate environment. Return on average assets was 0.24% against 0.35% a year ago. Return on average equity was 3.58% against 5.36% a year ago.

Federal Home Loan Bank of San Francisco Appoints Members to Affordable Housing Advisory Council

The Board of Directors of the Federal Home Loan Bank of San Francisco announced the appointments to its Affordable Housing Advisory Council: Stephen L. Hastings, Martin Quintana, Douglas Shoemaker, and Tunua Thrash-Ntuk, effective January 1, 2015. Two current members, John A. Carlisi and Cloyd Phillips, were reappointed. The 15-member AHAC provides the Bank with expert guidance on affordable housing and economic development issues and helps shape its community grant and credit programs. Stephen L. Hastings, Director of Real Estate Services, Foundation for Senior Living. Martin Quintana, Chief Financial Officer, Chicanos Por La Causa Inc. Douglas Shoemaker, President, Mercy Housing California, San Francisco, CA. Tunua Thrash-Ntuk, Executive Director, West Angeles Community Development Corporation.

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