Federal Home Loan Bank of San Francisco

CIK:0001316944|SEC Filings

Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Statements of Income - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income:
Advances	$ 372	$ 533	$ 751	$ 1,006
Interest-bearing deposits	32	41	64	85
Securities purchased under agreements to resell	25	32	61	48
Federal funds sold	68	68	124	127
AFS securities	228	270	463	538
HTM securities	7	17	15	35
Mortgage loans held for portfolio	4	5	9	10
Total Interest Income	736	966	1,487	1,849
Interest Expense:
Bonds	339	606	728	1,200
Discount notes	232	200	436	326
Deposits	12	15	24	31
Mandatorily redeemable capital stock	2	3	8	8
Total Interest Expense	585	824	1,196	1,565
Net Interest Income	151	142	291	284
Provision for/(reversal of) credit losses	6	3	6	4
Net Interest Income After Provision for/(Reversal of) Credit Losses	145	139	285	280
Other Income/(Loss):
Net gain/(loss) on advances and consolidated obligation bonds held under fair value option	(16)	8	(42)	37
Net gain/(loss) on derivatives	14	1	31	(14)
Standby letters of credit fees	6	5	11	10
Other, net	1	3	2	4
Total Other Income/(Loss)	5	17	2	37
Non-Interest Expense:
Compensation and benefits	23	24	48	53
Other operating expense	13	13	24	28
Federal Housing Finance Agency	1	2	2	4
Office of Finance	2	2	3	3
Voluntary housing and community investment contributions	9	10	36	20
Other, net	(1)	0	(1)	(1)
Total Non-Interest Expense	47	51	112	107
Income/(Loss) Before Assessment	103	105	175	210
AHP assessment	10	11	18	22
Net Income/(Loss)	$ 93	$ 94	$ 157	$ 188

Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
Statements of Cash Flows - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net Income/(Loss)	$ 157	$ 188
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization/(accretion)	116	34
Provision for/(reversal of) credit losses	6	4
Change in net fair value adjustment on advances and consolidated obligation bonds held under the fair value option	42	(37)
Change in net derivatives and hedging activities	211	(519)
Net change in:
Accrued interest receivable	5	(11)
Other assets	(16)	0
Accrued interest payable	(82)	(37)
Other liabilities	25	(11)
Total adjustments	307	(577)
Net cash provided by/(used in) operating activities	464	(389)
Cash Flows from Investing Activities:
Interest-bearing deposits	(393)	288
Securities purchased under agreements to resell	200	(4,000)
Federal funds sold	925	(3,340)
AFS securities:
Proceeds from sales	401	0
Proceeds from maturities and paydowns	1,319	2,090
Purchases	(1,698)	(1,710)
HTM securities:
Proceeds from maturities and paydowns	252	153
Advances:
Repaid	546,799	364,635
Originated	(542,756)	(358,702)
Mortgage loans held for portfolio:
Principal collected	22	26
Net cash provided by/(used in) investing activities	5,071	(560)
Cash Flows from Financing Activities:
Net change in deposits and other financing activities	13	633
Net proceeds/(payments) on derivative contracts with financing elements	3	6
Net proceeds from issuance of consolidated obligations:
Bonds	11,794	33,729
Discount notes	70,454	44,320
Payments for matured and retired consolidated obligations:
Bonds	(25,008)	(38,019)
Discount notes	(62,498)	(39,524)
Proceeds from issuance of capital stock	1,828	1,462
Payments for repurchase/redemption of mandatorily redeemable capital stock	(102)	(200)
Payments for repurchase of capital stock	(1,847)	(1,345)
Cash dividends paid	(170)	(107)
Net cash provided by/(used in) financing activities	(5,533)	955
Net increase/(decrease) in cash and due from banks	2	6
Cash and due from banks at beginning of the period	16	2
Cash and due from banks at end of the period	18	8
Supplemental Disclosures:
Interest paid	1,210	1,643
Transfers of capital stock to mandatorily redeemable capital stock	$ 44	$ 0

Commitments and Contingencies Off-Balance Sheet Commitments (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Standby letters of credit outstanding \| Carrying Value(1)
Loss Contingencies [Line Items]
Other commitments	$ 75	$ 63
Standby letters of credit outstanding
Loss Contingencies [Line Items]
Off balance sheet commitments	21,021	20,275
Discount notes
Loss Contingencies [Line Items]
Off balance sheet commitments	100	168
Commitments to issue consolidated obligation bonds, par
Loss Contingencies [Line Items]
Off balance sheet commitments	$ 110	$ 0