# EDGAR Filing Document

**Accession Number:** 0001316944
**File Stem:** 0001316944-26-000026
**Filing Date:** 2026-2
**Character Count:** 15653
**Document Hash:** 2c1d3b1e8d6e870a6638a28b4d1c02bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001316944-26-000026.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001316944-26-000026

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260211

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of San Francisco
- **CENTRAL INDEX KEY:** 0001316944
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 946000630
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51398
- **FILM NUMBER:** 26626928

**BUSINESS ADDRESS:**
- **STREET 1:** 333 BUSH STREET, SUITE 2700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** (415) 616-1000

**MAIL ADDRESS:**
- **STREET 1:** 333 BUSH STREET, SUITE 2700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

?xml version='1.0' encoding='ASCII'? fhlbsf-20260211

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported) February 11, 2026**

__________________

**FEDERAL HOME LOAN BANK OF SAN FRANCISCO**

**(Exact name of registrant as specified in its charter)**

__________________

---

| | | |
|:---|:---|:---|
| **Federally chartered corporation of the United States** | **000-51398** | **94-6000630** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

**333 Bush Street, Suite 2700**

**San Francisco, CA 94104**

**(Address of principal executive offices, including zip code)**

**(415) 616-1000**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name or former address, if changed since last report)**

__________________

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 Title of each class Trading Symbol(s) Name of each exchange on which registered <br>  <u>—</u>  <u>—</u>  <u>—</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On February 12, 2026, the Federal Home Loan Bank of San Francisco (the "Bank") issued a news release announcing its operating results for the year ended December 31, 2025. A copy of the news release is included as Exhibit 99.1 to this report. The information contained in Exhibit 99.1 is being furnished pursuant to Item 2.02 of this report and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 7.01 Regulation FD Disclosure.**

The news release set forth above in Item 2.02 is hereby incorporated into Item 7.01 by reference.

**Item 9.01 Financial Statements and Exhibits.**

---

| | | |
|:---|:---|:---|
| (d) | <u>Exhibits</u> | |
| | 99.1 | <u>[News Release dated](exhibit991newsreleaseq42025.htm)[February 12](exhibit991newsreleaseq42025.htm)[, 202](exhibit991newsreleaseq42025.htm)[6](exhibit991newsreleaseq42025.htm)[, issued by the Federal Home Loan Bank of San Francisco](exhibit991newsreleaseq42025.htm)</u> |
| | 104 | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> |

---

------

**Signature(s)**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Federal Home Loan Bank of San Francisco** | **Federal Home Loan Bank of San Francisco** |
| Date: February 12, 2026 | By: | /s/ Michael S. Hennessy |
|  |  | Michael S. Hennessy<br>Executive Vice President and Chief Financial Officer |

---

## Ex-99

**Exhibit 99.1**

**Federal Home Loan Bank of San Francisco Announces Annual 2025 Results and Declares Fourth Quarter 2025 Dividend, Special Dividend, and an Additional Mission Contribution**

SAN FRANCISCO, February 12, 2026 — The Federal Home Loan Bank of San Francisco (Bank) today announced its unaudited annual 2025 financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $403 million for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total assets were $73.3 billion at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affordable Housing Program (AHP) and voluntary housing and community investment contributions totaled $78 million for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory capital ratio was 9.98% at December 31, 2025, well above the regulatory requirement of 4.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Bank's board of directors (Board) declared a fourth quarter dividend at an annualized rate of 8.75%, plus a special dividend and an additional voluntary mission contribution.

"The Bank has reported another year of strong financial performance," said Winthrop Watson, interim president and chief executive officer of FHLBank San Francisco. "Through disciplined financial management and efficient operations, the Bank continued to serve as a reliable source of low-cost funding and a consistent partner in supporting affordable housing and economic development across Arizona, California, and Nevada."

***2025 Financial Highlights***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income remained relatively stable for the year ended December 31, 2025, at $403 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income increased by $8 million in 2025 compared to 2024, primarily reflecting a higher amount of net prepayment fees on available-for-sale mortgage-backed securities. In addition, the increase in net interest income was driven by decreases in consolidated obligation bond balances and costs on interest-bearing liabilities and a decrease in dividends paid on mandatorily redeemable capital stock classified as interest expense, partially offset by decreases in advance balances and yields on interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other income decreased by $25 million in 2025, primarily driven by income recognized in 2024 in connection with the termination of a long-term funding arrangement initially entered into with a member borrower in 2017, with no comparable activity in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total non-interest expense decreased by $15 million in 2025 compared to 2024, primarily attributable to a decrease in voluntary housing and community investment contributions and lower operating expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At December 31, 2025, total assets were $73.3 billion, a decrease of $8.4 billion from $81.7 billion at December 31, 2024. The decrease in total assets was primarily driven by maturities of advances acquired by nonmembers in connection with certain Bank member acquisitions that occurred in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Bank exceeded its 4.00% regulatory capital requirement with a regulatory capital ratio of 9.98% at December 31, 2025.

***Affordable Housing Program and Community Investment Commitments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *AHP assessment*. In 2025, the Bank expensed $46 million for its statutory AHP assessment, which supports the construction, preservation, and purchase of affordable homes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Voluntary housing and community investment contributions.* In addition to the statutory AHP assessment, disbursements of voluntary housing and community investment contributions included $32 million in 2025 to support expanding housing supply, access to affordable housing, and other initiatives benefiting individuals and families across the Bank's three-state district.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Housing bond investments.* During 2025, the Bank also made investments totaling $102 million in housing bonds to help preserve thousands of affordable homes for low-income households across Arizona, California, and Nevada.

***Dividend Declaration and Additional Voluntary Mission Contribution***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* On February 11, 2026, the Board declared a cash dividend on the average capital stock outstanding during the fourth quarter of 2025 at an annualized rate of 8.75%. The Bank expects to pay the dividend on March 10, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, the Board declared a special cash dividend on the average capital stock outstanding during the fourth quarter of 2025 for $75 million, or approximately $2.86 per share, representing an annualized rate of 11.36%. The special dividend enhances the Bank's members' ability to serve their communities and is expected to be paid on February 25, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with the special dividend, the Board also approved an additional voluntary mission contribution of $22.5 million, increasing the Bank's 2026 voluntary contributions commitment to approximately 10% of 2025 net income. These funds will be directed to the Bank's 2026 AHP general fund voluntarily to support the progress being made to expand housing supply and access to affordable housing throughout the Bank's district over the year.

------

**Financial Highlights**

(Unaudited)

(Dollars in millions)

---

| | | |
|:---|:---|:---|
| **Selected Balance Sheet Items at Period End** | Dec 31, 2025 | Dec 31, 2024 |
| Total Assets | $73329 | $81735 |
| Advances | 38227 | 45637 |
| Investments, Net<sup>1</sup> | 33968 | 34961 |
| Consolidated Obligations | 64328 | 72552 |
| Capital Stock – Class B – Putable | 2552 | 2458 |
| Retained Earnings | 4662 | 4483 |
| Total Capital | 7360 | 7004 |
| **Selected Other Data at Period End** | Dec 31, 2025 | Dec 31, 2024 |
| Regulatory Capital Ratio<sup>2</sup> | 9.98 | 8.90 |

---

---

| | | | |
|:---|:---|:---|:---|
| | For the Years Ended | For the Years Ended | For the Years Ended |
| **Selected Operating Results for the Period** | Dec 31, 2025 |  | Dec 31, 2024 |
| Net Interest Income | $588 |  | $580 |
| Provision for/(Reversal of) Credit Losses | 3 |  |  |
| Other Income/(Loss) | 68 |  | 93 |
| Voluntary Housing and Community Investment Contributions | 32 |  | 41 |
| Other Non-Interest Expense | 172 |  | 178 |
| Affordable Housing Program Assessment | 46 |  | 52 |
| Net Income/(Loss) | $403 |  | $402 |
|  | For the Years Ended | For the Years Ended | For the Years Ended |
| **Selected Other Data for the Period** | Dec 31, 2025 |  | Dec 31, 2024 |
| Net Interest Margin<sup>3</sup> | 0.77 | % | 0.69 |
| Return on Average Assets | 0.52 |  | 0.47 |
| Return on Average Equity | 5.59 |  | 5.89 |
| Annualized Dividend Rate<sup>4</sup> | 8.75 |  | 8.75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1.&nbsp;&nbsp;&nbsp;&nbsp;Investments consist of federal funds sold, interest-bearing deposits, available-for-sale securities, held-to-maturity securities, and securities purchased under agreements to resell.

2.&nbsp;&nbsp;&nbsp;&nbsp;The regulatory capital ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes retained earnings, Class B capital stock, and mandatorily redeemable capital stock (which is classified as a liability) but excludes accumulated other comprehensive income/(loss). Total regulatory capital was $7.3 billion as of December 31, 2025, and December 31, 2024.

3.&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin is calculated as net interest income divided by average interest-earning assets.

4.&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends declared and paid during the period are calculated based on the average capital stock outstanding during the previous quarter.

------

**Federal Home Loan Bank of San Francisco** <br>The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions–commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions propel homeownership, finance affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.

**Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995** <br>This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the Bank's dividend rates. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "endeavoring," "will," and "expects," or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized, including future dividends. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Report on Form 10-K and other periodic and current reports that we may file with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

**Contact:** 

Tom Flannigan, (415) 616-2695

flannigt@fhlbsf.com

<br>