Earnings Surge At FHLB SanFrancisco

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SAN FRANCISCO - (07/27/06) -- Net income for the Federal Home LoanBank of San Francisco climbed 21% in the second quarter, to $128million, the FHLB announced Wednesday. The surge in earnings wasdue mainly to a 26% increase, or $42 million, in net interestincome, to $201 million, over the same period last year. For thefirst six months of the year, the San Francisco Bank reported a 47%rise in net income to $247 million, compared to the first half in2005. The rising earnings allowed the FHLB to hike its secondquarter dividend to 5.22%, up from 4.21% for the second quarterlast year. The annualized dividend rate for the first six months is5.13%, up from 4.23% for the first half in 2005. The San FranciscoBank has 340 members, including 42 credit unions.

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