Key Facts 2016

Overview

San Francisco is the headquarters of the Twelfth Federal Reserve District, which includes the nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. Branch offices are located in Los Angeles, Portland, Salt Lake City, and Seattle, with a cash processing center in Phoenix. The information presented in this document does not include the District’s island territories.

Geography and Demographics

Of the 12 Federal Reserve Districts, the Twelfth District is the largest, covering about 1.3 million square miles, or 36 percent of the nation’s area.

  • The District’s estimated 66.9 million people accounted for nearly 21 percent of the total U.S. population in 2015.

The District also ranks first in the size of its economy:

  • Its 27.9 million workers accounted for almost 20 percent of the nation’s total nonfarm employment in 2015. Those workers earned more than 21 percent of the nation’s total personal income in 2015.
  • Altogether, District states accounted for close to 22 percent of the nation’s exports of manufactured goods in 2015.
  • In broad terms, the District’s industry mix mirrors that of the rest of the nation.
    • However, the District employs a slightly higher share of workers in the following major sectors: construction, information, professional and business services, leisure and hospitality, and government.
    • Several of the nation’s leading information technology (IT) centers are located in the District. As a percentage of total nonfarm workers, the District employs a considerably larger share of IT workers than the rest of the nation. Moreover, these District IT workers on average earn more in annual wages than IT workers in the rest of the nation.

Employees

The Twelfth District had a total staff of 1,670 as of April 1, 2016.

  • San Francisco Headquarters – 1,180
  • Los Angeles Branch – 284
  • Portland Branch – 10
  • Salt Lake City Branch – 63
  • Seattle Branch – 91
  • Phoenix Processing Center – 42

Cash Processing

The Twelfth District processed 20.4 billion currency notes in 2015, which is about 81.1 million notes per day. The Fed’s Cash Services department processes currency using high speed computer controlled machines that are each capable of verifying over 1,900 notes per minute. The machines intercept potential counterfeits and destroy old, worn out notes.

Banking Environment

As of December 31, 2015, there were 208 bank holding companies, 23 savings and loan holding companies, 38 state member banks, 53 national banks, and 256 state-chartered, non-member banks in the District. In addition, the District is home to 70 U.S. branches, agencies, and representative offices of foreign banks and three Edge Act agreement corporations.

Financial Situation

The Federal Reserve Bank of San Francisco had assets of $594.2 billion and operating expenses of $641 million as of December 31, 2015.

System Earnings

During 2015, the Federal Reserve System’s earnings totaled approximately $99.9 billion. Approximately $117.1 billion was remitted to the United States Treasury and the Twelfth District’s share was $13.6 billion.

Payments

In 2015, the Federal Reserve System cleared 5.5 billion commercial checks, of which 99.99% were deposited electronically. In addition, 12.4 billion commercial and 1.6 billion government payments were processed as Automated Clearing House (ACH) transactions. The Federal Reserve processes approximately two-fifths of the interbank check transactions and nearly three-fourths of the ACH payments in the country.

Data sources available upon request. Revised April 2016.

In This Section

Key Facts about the 12th District (pdf, 810 kb)

Economic Profile of the 12th District (pdf, 101 kb)