SAN FRANCISCO – The Federal Home Loan Bank of San Francisco said last week that first quarter earnings soared 19% to $142 million, based mostly on increases in the fair market value of its portfolio and net interest income. The FHLB booked a $10 million gain in the fair market value of its investment portfolio for the first quarter, compared to a $3 million loss for the same period last year. In addition, net interest income for the first quarter rose 6%, to $205 million. Still, the Bank reduced its dividend rate for the first quarter to 4.89%, from 5.03% for the first quarter last year, as it seeks to build retained earnings.
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