# EDGAR Filing Document

**Accession Number:** 0001316944
**File Stem:** 0001316944-25-000145
**Filing Date:** 2025-7
**Character Count:** 15341
**Document Hash:** 98c1d8f823e6a4ebbafaa1ae78f3b7ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001316944-25-000145.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001316944-25-000145

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250724

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**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:** 251151776

**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-20250724

**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) July 24, 2025**

__________________

**FEDERAL HOME LOAN BANK OF SAN FRANCISCO**

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

__________________

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| | | |
|:---|:---|:---|
| **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. ☐

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

On July 25, 2025, the Federal Home Loan Bank of San Francisco (the "Bank") issued a news release announcing its operating results for the second quarter of 2025, and the declaration of a cash dividend on the capital stock outstanding during the second quarter of 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.**

On July 24, 2025, the Bank's Board of Directors declared a quarterly cash dividend on the capital stock outstanding during the second quarter of 2025 at an annualized rate of 8.75%. 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.**

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| | | |
|:---|:---|:---|
| (d) | <u>Exhibits</u> | |
| | 99.1 | <u>[News Release dated](exhibit991newsreleaseq22025.htm)[July](exhibit991newsreleaseq22025.htm)[25, 2025, issued by the Federal Home Loan Bank of San Francisco](exhibit991newsreleaseq22025.htm)</u> |
| | 104 | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> |

---

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**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: July 25, 2025 | By: | /s/ Joseph E. Amato |
|  |  | Joseph E. Amato<br>Interim President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Federal Home Loan Bank of San Francisco Announces Second Quarter 2025 Results**

SAN FRANCISCO, July 25, 2025 — The Federal Home Loan Bank of San Francisco (Bank) today announced its unaudited second quarter 2025 financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income for the second quarter of 2025 was $94 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Bank allocated $21 million of its second quarter 2025 net earnings to fund its Affordable Housing Program (AHP) and several voluntary housing and community development initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Bank's board of directors declared a second quarter dividend at an annualized rate of 8.75%.

"It is our mission to provide liquidity for our members and to support affordable housing and community development across our region," said Joseph E. Amato, interim president and chief executive officer of FHLBank San Francisco. "We approach this important work with a business-minded focus and a commitment to operational efficiency so that we can continue to be a reliable source of low-cost funding and a vital partner in delivering impactful housing solutions."

*Financial Results*

Net income for the second quarter of 2025 was $94 million, an increase of $8 million compared with the second quarter of 2024. The increase was primarily attributable to an increase in net interest income of $6 million, an increase in other income of $5 million, and a decrease in operating expense of $5 million, partially offset by an increase in voluntary housing and community investment contributions of $8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The $6 million increase in net interest income was attributable to decreases in costs on lower balances of consolidated obligations and dividends paid on mandatorily redeemable capital stock classified as interest expense, offset by decreases in advance balances and yields on interest-earning assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The $5 million increase in other income was primarily driven by favorable net fair value movements in the Bank's financial instruments carried at fair value.

The Bank allocated $21 million of its second quarter 2025 net earnings (net income before interest expense related to dividends paid on mandatorily redeemable capital stock and the assessment for the AHP) for affordable housing and voluntary initiatives, including $11 million for the statutory AHP, which supports the construction, preservation, and purchase of affordable homes. Disbursements of voluntary community investment contributions included, but were not limited to, more than $9 million in support for homeownership, housing infrastructure, and other initiatives benefiting individuals and families across the Bank's three-state district.

*Balance Sheet and Capital*

At June 30, 2025, total assets were $83.1 billion, an increase of $1.4 billion from $81.7 billion at December 31, 2024. The increase in total assets was primarily driven by increases of $4.0 billion in securities purchased under agreements to resell and $3.4 billion in federal funds sold. These increases were partially offset by a $5.7 billion reduction in advances. Advances declined primarily due to maturities of advances held by nonmembers in connection with certain Bank member acquisitions that occurred in 2023.

As of June 30, 2025, the Bank exceeded all regulatory capital requirements. The Bank exceeded its 4.0% regulatory capital requirement with a regulatory capital ratio of 8.7% at June 30, 2025. The Bank also exceeded its risk-based capital requirement of $1.2 billion with $7.3 billion in permanent capital.

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*Dividend Declaration*

On July 24, 2025, the Bank's board of directors declared a quarterly cash dividend on the average capital stock outstanding during the second quarter of 2025 at an annualized rate of 8.75%. The Bank expects to pay the dividend on August 12, 2025.

------

**Financial Highlights**

(Unaudited)

(Dollars in millions)

---

| | | |
|:---|:---|:---|
| **Selected Balance Sheet Items**<br>&nbsp;&nbsp;&nbsp;&nbsp;**at Period End**  | Jun 30, 2025 | Dec 31, 2024 |
| Total Assets | $83146 | $81735 |
| Advances | 39909 | 45637 |
| Mortgage Loans Held for Portfolio, Net | 666 | 693 |
| Investments, Net<sup>1</sup> | 42115 | 34961 |
| Consolidated Obligations | 73235 | 72552 |
| Mandatorily Redeemable Capital Stock | 131 | 331 |
| Capital Stock – Class B – Putable | 2575 | 2458 |
| Retained Earnings | 4564 | 4483 |
| Accumulated Other Comprehensive Income/(Loss) | 47 | 63 |
| Total Capital | 7186 | 7004 |
| **Selected Other Data at Period End** | Jun 30, 2025 | Dec 31, 2024 |
| Regulatory Capital Ratio<sup>2</sup> | 8.74 | 8.90 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | Six Months Ended |
| **Selected Operating Results for the Period** | Jun 30, 2025 |  | Jun 30, 2024 | Jun 30, 2025 |  | Jun 30, 2024 |
| Net Interest Income | $142 |  | $136 | $284 |  | $286 |
| Provision for/(Reversal of) Credit Losses | 3 |  | 3 | 4 |  | (1) |
| Other Income/(Loss) | 17 |  | 12 | 37 |  | 48 |
| Voluntary housing and community investment contributions | 10 |  | 2 | 20 |  | 6 |
| Other Expense | 41 |  | 45 | 87 |  | 91 |
| Affordable Housing Program Assessment | 11 |  | 12 | 22 |  | 28 |
| Net Income/(Loss) | $94 |  | $86 | $188 |  | $210 |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | Six Months Ended |
| **Selected Other Data for the Period** | Jun 30, 2025 |  | Jun 30, 2024 | Jun 30, 2025 |  | Jun 30, 2024 |
| Net Interest Margin<sup>3</sup> | 0.68 | % | 0.65 | 0.72 | % | 0.67 |
| Return on Average Assets | 0.45 |  | 0.41 | 0.47 |  | 0.49 |
| Return on Average Equity | 5.22 |  | 5.10 | 5.29 |  | 6.28 |
| Annualized Dividend Rate<sup>4</sup> | 8.75 |  | 8.75 | 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 as of June 30, 2025, and December 31, 2024, was $7.3 billion.

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

4.&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends are declared and paid during the period, 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 philosophy and 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, as well as regulatory and accounting rule adjustments or requirements; the application of accounting standards relating to, among other things, hedge accounting of derivatives and underlying financial instruments, along with related fair values; future operating results; the withdrawal of one or more large members; high inflation and interest rates that may adversely affect our members and their customers; and our ability to pay a quarterly dividend rate that is equal to or greater than similar current rates for highly rated investments. 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>