What is the 11th district Cost-of-Funds Index (COFI)?


The 11th district Cost-of-Funds Index (COFI) is the index used by some savings banks in Arizona, California and Nevada. The banks eligible for inclusion on the COFI are members of the Federal Home Loan Bank of San Francisco.

The movement of the 11th district Cost-of-Funds Index (COFI) cannot be predicted, nor explained. It may follow market trends in general, but often goes in the opposite direction. Historical 11th district Cost-of-Funds Index (COFI) values should not be used to predict future COFI rates.

COFI is stable in its movement due to the long term fixed rate maturities. Financial activities between COFI Reporting Members and other institutions can also affect the COFI index.

The 11th district Cost-of-Funds Index (COFI) lags two months behind. For example, the COFI for May will be announced at 3 pm California time on the last business day in June. Cost of Funds data is submitted to the Bank of San Francisco until 12 noon on the last business day of June after which May COFI is announced.

If the Bank does not receive data from all COFI Reporting Members, it will disclose which members have contributed COFI data.

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