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Federal Home Loan Bank Of San Francisco

Calendar

5 Aug 22
27 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 54M 54M 54M 54M 54M 54M
Cash burn (monthly) 333.33K (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 975.49K n/a n/a n/a n/a n/a
Cash remaining 53.02M n/a n/a n/a n/a n/a
Runway (months of cash) 159.1 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Financial report summary

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Risks
  • Natural disasters, pandemics, terrorist attacks, or other catastrophic events could adversely affect our operations, business activities, results of operations, and financial condition.
  • Market uncertainty and volatility may adversely affect our business, profitability, or results of operations.
  • Weaknesses in the housing and mortgage markets may undermine the need for wholesale funding and have a negative impact on the demand for advances.
  • Changes in or limits on our ability to access the capital markets could adversely affect our financial condition, results of operations, or ability to fund advances, pay dividends, or redeem or repurchase capital stock.
  • Changes in interest rates could adversely affect our financial condition, results of operations, or ability to fund advances on acceptable terms, pay dividends, or redeem or repurchase capital stock.
  • Volatile market conditions increase the risk that our financial models will produce unreliable results.
  • Changes to and replacement of the London Interbank Offered Rate (LIBOR) benchmark interest rate could adversely affect our business, financial condition, and results of operations.
  • Our exposure to credit risk could adversely affect our financial condition, results of operations, or ability to pay dividends or redeem or repurchase capital stock.
  • We depend on institutional counterparties to provide credit obligations that are critical to our business. Defaults by one or more of these institutional counterparties on their obligations to the Bank could adversely affect our financial condition, results of operations, or ability to pay dividends or redeem or repurchase capital stock.
  • Insufficient collateral protection could adversely affect our financial condition, results of operations, or ability to pay dividends or redeem or repurchase capital stock.
  • Under certain extreme stress conditions, we may not be able to meet our obligations as they come due or meet the credit and liquidity needs of our members in a timely and cost-effective manner.
  • Limitations on the payment of dividends and repurchase of excess capital stock may adversely affect the attractiveness of our business model to members.
  • Changes in the credit ratings on FHLBank System consolidated obligations may adversely affect the cost of consolidated obligations.
  • We face competition for advances and access to funding, which could adversely affect our business.
  • Lowering advances pricing to our members may affect earnings.
  • If our activity stock requirement is below our regulatory capital requirements, a significant increase in business growth may require the Bank to increase its activity stock requirement in the future.
  • We have a high concentration of advances and capital with certain institutions and their affiliates, and a loss or change of business activities with any of these institutions could adversely affect our results of operations, financial condition, or ability to pay dividends or redeem or repurchase capital stock.
  • The lack of long-term growth or a material and prolonged decline in advances could adversely affect our results of operations, financial condition, or ability to pay dividends or redeem or repurchase capital stock.
  • A prolonged decline and lack of mortgage-backed securities purchases could adversely affect our results of operations, financial condition, or ability to pay dividends or redeem or repurchase capital stock.
  • We may become liable for all or a portion of the consolidated obligations for which other FHLBanks are the primary obligors.
  • If the Bank or any other FHLBank has not paid the principal or interest due on all consolidated obligations, we may not be able to pay dividends or redeem or repurchase any shares of our capital stock.
  • We could change our policies, programs, and agreements affecting our members.
  • The failure of the FHLBanks to set aside, in the aggregate, at least $100 million annually for the AHP could result in an increase in our AHP contribution, which could adversely affect our results of operations or ability to pay dividends or redeem or repurchase capital stock.
  • We rely heavily on information systems and other technology. A failure, interruption, or security breach, including events caused by cyberattacks, of our information systems or those of critical vendors and third parties, such as the Federal Reserve Banks, could disrupt our business or adversely affect our financial condition, results of operations, or reputation.
  • The inability to attract and retain skilled key personnel could adversely affect the business and operations of the Bank.
  • Restrictions on the redemption, repurchase, or transfer of our capital stock could significantly reduce the liquidity of our shareholders’ capital stock investment.
  • Changes in federal fiscal and monetary policy could adversely affect our business or results of operations.
  • We rely on derivative transactions to reduce our market risk and funding costs, and changes in our credit ratings or the credit ratings of our derivative counterparties, or changes in the legislation or the regulations affecting derivatives, may adversely affect our ability to enter into derivative transactions on cost-effective terms.
  • We are affected by federal laws and regulations that could change or be applied in a manner detrimental to our operations.
  • Our members are governed by federal and state laws and regulations that could change in a manner detrimental to their ability or motivation to invest in the Bank or to use our products and services.
  • Changes in the status, regulation, and perception of the housing GSEs or in policies and programs relating to the housing GSEs may adversely affect our business activities, future advances balances, the cost of debt issuance, or future dividend payments.
  • Economic weakness could adversely affect the business of many of our members and of our business and results of operations.
  • Significant climate change events could adversely affect the members and business of our Bank, and failure to meet investor or other stakeholder expectations regarding climate change and other environmental matters may damage the reputation of the Bank.
Management Discussion
  • (1)The average balances of AFS securities are reflected at amortized cost. As a result, the average rates do not reflect changes in fair value.
  • (2)Interest income on AFS securities includes accretion of yield adjustments on certain PLRMBS (resulting from improvement in expected cash flows) with previous credit losses related to the prior methodology of evaluating credit losses, totaling $10 million and $13 million for the three months ended June 30, 2022 and 2021, respectively.
  • (4)Interest income includes net prepayment fees on AFS MBS of $13 million for the three months ended June 30, 2022. There were no prepayments of AFS MBS during the three months ended June 30, 2021.

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Removed: communication, continued, Continuity, created, disrupted, documentation, economy, emergency, environment, exceeded, external, foreseeable, governmental, harmed, high, impacted, impaired, implement, labeled, noting, OIS, operate, outbreak, pandemic, physical, practicable, prime, ranged, reduction, remotely, response, risky, safeguard, scenario, shock, stability, stated, substantial, tested, transact, transitioned, updated, upward, welfare, work, workforce
Proxies
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