Hoping to rebuild its capital base, the Federal Home Loan Bank of San Francisco said it will not pay a dividend for the first quarter and will not repurchase excess stock held by members on April 30.

The Home Loan bank said the moves stem from worries that it could face additional other-than-temporary impairment charges on its private-label mortgage portfolio that would further erode its capital. The bank recorded $590 million in such charges last year, while retained earnings fell 22.5%, to $176 million.

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