# EDGAR Filing Document

**Accession Number:** 0001316944
**File Stem:** 0001316944-26-000080
**Filing Date:** 2026-4
**Character Count:** 13455
**Document Hash:** 39221ba37d6ff512e1fe06ec3ffabee0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001316944-26-000080.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001316944-26-000080

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260423

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**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:** 26893467

**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-20260423

**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) April 23, 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. ☐

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

On April 24, 2026, the Federal Home Loan Bank of San Francisco (the "Bank") issued a news release announcing its operating results for the first quarter of 2026. 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 April 24, 2026, issued by the Federal Home Loan Bank of San Francisco](q12026earningsrelease-ex99.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: April 24, 2026 | By: | /s/ Jennifer F. Lin |
|  |  | Jennifer F. Lin<br>Senior Vice President and Controller |

---

## Exhibit 99.1

**Exhibit 99.1**

**Federal Home Loan Bank of San Francisco Announces First Quarter 2026 Operating Results**

SAN FRANCISCO, April 24, 2026 — The Federal Home Loan Bank of San Francisco (Bank) today announced its unaudited first quarter 2026 financial results and its quarterly dividends.

"The Bank continues to deliver reliable liquidity to our members while advancing our public mission," said Winthrop Watson, interim president and chief executive officer of the Bank. "In the first quarter, the Bank paid a special cash dividend that reinforced our members' ability to serve their communities and directed an additional voluntary mission contribution to the Affordable Housing Program general fund, expanding access to affordable housing across Arizona, California, and Nevada."

***Financial Results***

Net income for the first quarter of 2026 was $64 million, a decrease of $30 million compared with the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income was down slightly compared with the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest income decreased by $23 million compared with the first quarter of 2025, driven by fair value changes on financial instruments and derivatives, as well as net interest settlements on economic hedges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest expense increased by $9 million compared with the first quarter of 2025, primarily driven by an increase of $17 million in voluntary housing and community investment contributions, partially offset by a reduction of $8 million in operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At March 31, 2026, total assets were $70.7 billion, a decrease of $2.6 billion from $73.3 billion at December 31, 2025. The decrease in total assets was primarily due to a $1.9 billion reduction in short-term investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Bank exceeded its 4.00% regulatory capital requirement with a regulatory capital ratio of 10.22% at March 31, 2026.

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

*AHP assessment*. In the first quarter of 2026, the Bank expensed $8 million for its statutory AHP assessment, which supports the construction, preservation, and purchase of affordable homes.

*Voluntary housing and community investment contributions.* In addition to the statutory AHP assessment, voluntary housing and community investment contributions included $27 million in the first quarter of 2026 to support expanding housing supply, access to affordable housing, and other initiatives benefiting individuals and families across the Bank's three-state district.

***Dividends***

During the first quarter of 2026, the Bank paid a special cash dividend totaling $75 million on the average capital stock outstanding during the fourth quarter of 2025.

On April 23, 2026, the Bank's board of directors declared quarterly cash dividends on the average Class B-1 membership stock and Class B-2 activity-based stock outstanding during the first quarter of 2026 at annualized rates of 4.75% and 10.00%, respectively, and also declared dividends on the average outstanding Class B stock for the pre-conversion period of January 1, 2026, at an annualized rate of 8.75%. The Bank expects to pay these dividends on May 8, 2026.

------

**Financial Highlights**

(Unaudited)

(Dollars in millions)

---

| | | |
|:---|:---|:---|
| **Selected Balance Sheet Items at Period End** | Mar 31, 2026 | Dec 31, 2025 |
| Total Assets | $70676 | $73329 |
| Advances | 37792 | 38227 |
| Investments<sup>1</sup> | 31761 | 33968 |
| Consolidated Obligations | 60745 | 64328 |
| Total Capital Stock | 2538 | 2552 |
| Retained Earnings | 4598 | 4662 |
| Total Capital | 7292 | 7360 |
| **Selected Other Data at Period End** | Mar 31, 2026 | Dec 31, 2025 |
| Regulatory Capital Ratio<sup>2</sup> | 10.22 | 9.98 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended |
| **Selected Operating Results for the Period** | Mar 31, 2026 |  | Mar 31, 2025 |
| Net Interest Income | $140 |  | $142 |
| Provision for/(Reversal of) Credit Losses |  |  | 1 |
| Other Income/(Loss) | (3) |  | 20 |
| Voluntary Housing and Community Investment Contributions | 27 |  | 10 |
| Other Non-Interest Expense | 38 |  | 46 |
| Affordable Housing Program Assessment | 8 |  | 11 |
| Net Income/(Loss) | $64 |  | $94 |
|  | Three Months Ended | Three Months Ended | Three Months Ended |
| **Selected Other Data for the Period** | Mar 31, 2026 |  | Mar 31, 2025 |
| Net Interest Margin<sup>3</sup> | 0.77 | % | 0.76 |
| Return on Average Assets | 0.35 |  | 0.50 |
| Return on Average Equity | 3.51 |  | 5.37 |
| Annualized Dividend Rate<sup>4</sup> | 8.75 |  | 8.75 |
| Annualized Special Dividend Rate | 11.36 |  |  |

---

&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, total 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 March 31, 2026, and December 31, 2025 was $7.2 billion and $7.3 billion, respectively.

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 declared and paid during the period are calculated based on the average capital stock outstanding during the previous quarter. Effective January 2, 2026, the Bank's outstanding Class B stock has been converted into Class B-1 membership stock and Class B-2 activity-based stock.

------

**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>