---
schema_version: "secwatch.filing_event.v1"
accession: "0001316944-26-000080"
form_type: "8-K"
ticker: null
cik: "0001316944"
company_name: "Federal Home Loan Bank of San Francisco"
filed_at: "2026-04-24T23:59:59+00:00"
generated_at: "2026-05-15T04:10:49.298597+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# FHLB San Francisco Q1 net income $64M, down 32% YoY; declares quarterly dividends

## Summary
- Net income of $64M, down from $94M in Q1 2025, driven by lower non-interest income.
- Non-interest income fell $23M YoY to -$3M due to fair value changes on derivatives and net interest settlements.
- Voluntary housing contributions increased $17M to $27M, supporting affordable housing in AZ, CA, NV.
- Regulatory capital ratio 10.22% vs 4.00% requirement; total assets $70.7B, down $2.6B from year-end.
- Board declared quarterly dividends on B-1 stock at 4.75% annualized and B-2 at 10.00%, payable May 8, 2026.

## SEC filing metadata
- accession: 0001316944-26-000080
- form_type: 8-K
- cik: 0001316944
- company_name: Federal Home Loan Bank of San Francisco
- filed_at: 2026-04-24T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1316944/000131694426000080/0001316944-26-000080-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1316944/000131694426000080/fhlbsf-20260423.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001316944-26-000080
- JSON: https://secwatch.observer/filing/0001316944-26-000080.json
- Plain text: https://secwatch.observer/filing/0001316944-26-000080.txt

## Key facts
- Earnings Releases
  Federal Home Loan Bank of San Francisco reported first quarter of 2026 results: net income $64 million.
  - Period: first quarter of 2026
  - Net income: $64 million
  - Result: reported results
  source text: Net income for the first quarter of 2026 was $64 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1316944/000131694426000080/0001316944-26-000080-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.