Federal Home Loan Bank of San Francisco Announces First Quarter 2012 Operating Results

SAN FRANCISCO, April 27, 2012 (BUSINESS WIRE) - The German Home Loan Bank of San Francisco today announced that its net income for the first quarter of 2012 was $ 169 million, compared with net income of $ 60 million in the first quarter of 2011.
The increase in net income for the first quarter of 2012 due primarily to the effect of a lower credit-related other than temporary impairment (Otti) tax on certain of the bank's private-label mortgage-backed securities (PLRMBS) and lower net losses related to derivatives hedged items and financial instruments carried at fair value, partially offset by a $ 14 million decrease in net interest income.
Net interest income for the first quarter of 2012 was $ 242 million, down from $ 256 million for the first quarter of 2011. The decrease in net interest income for the first quarter of 2012 was due in part to lower balances of advances, MBS and mortgage loans and a decline in earnings on invested capital due to lower balances and lower interest rate environment, partially offset by an increase in advance prepayment fees.
Other income / (loss) for the first quarter of 2012 was a loss of $ 20 million, against a deficit of $ 142 million in the first quarter of 2011. The loss for the first quarter of 2012 reflected a credit-related Otti tax of 9 million $, a $ 2 million net loss associated with derivatives, hedged items and financial instruments carried at fair value and net interest expense on derivative instruments used in economic hedges of $ 11 million, which is generally offset by net interest income of the economically hedged assets and liabilities.
The $ 9 million credit-related charges reflected the bank's Otti Otti analysis for the first quarter of 2012, which showed a modest increase in projected borrower default rates on PLRMBS backed by Alt-A fixed-rate loan collateral. The credit-related Otti charge for the first quarter of 2011 was $ 109 million.
The $ 2 million net loss associated with derivatives, hedged items and financial instruments carried at fair value, which fell from a $ 25 million net profit for the first quarter of 2011 reflected losses primarily related to reversals of prior period gains and the effects of changes in interest rates . Net gains and losses on these financial instruments is primarily a question of timing and will generally reverse through changes in future valuations and settlements in interest on cash flows over the remaining contractual maturities or exercised call or put dates. At 31 March, 2012, included the bank's restricted retained earnings an overall net gain of $ 100 million related to derivatives, hedged items and financial instruments carried at fair value.
In the first quarter of 2012 decreased the total assets of $ 3.5 billion, or 3%, to $ 110.1 billion 31st March 2012, from 113.6 billion $ 31 December 2011. All advances decreased $ 6.2 billion, or 9%, to 62.0 billion $ 31 March 2012, from 68.2 billion $ 31 December 2011. The continued decline in member advance demand reflected general economic conditions and conditions in the mortgage and credit markets. Member liquidity remained high and lending activity remained low.
Accumulated other comprehensive loss decreased $ 0.3 billion in the first quarter of 2012 from 1.9 billion, $ 31 december 2011 to 1.6 billion, $ 31 March 2012, primarily due to improvement in the fair value of PLRMBS classified as available-for-sale.
At 31 March 2012, the bank was in compliance with all of its regulatory capital. The bank's total regulatory capital amounted to 10.89% exceeds 4.00% requirement. The bank had $ 12.0 billion in regulatory capital in excess of its risk-based capital requirement of 4.4 billion kronor. In addition, the 31st March 2012 the amount of restricted retained earnings in the bank's targeted armament account reached $ 1.8 billion target set by the board. Total retained earnings were $ 2.0 billion by the 31st March 2012.
The bank bought back $ 446 million in excess capital stock in the first quarter of 2012. At 31 March 2012, was the bank's excess capital stock of $ 6.2 billion. In light of the bank's strong regulatory capital position, the bank plans to repurchase up to $ 500 million in excess capital stock on 15 May 2012. This buyback, combined with the planned redemption of $ 2 million in bonds redeemable capital stock during the quarter, will reduce the bank's excess capital by up to 502 million dollars.
Today, the bank's board of directors declared a cash dividend on the capital stock outstanding in the first quarter of 2012 annualized yield of 0.51%. The Bank expects to pay dividends (including dividends on mandatory redeemable capital stock) which will provide $ 13 million, on or about 10 maj, 2012.



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