The Cost of Funds Index (COFI) for the 11th District reflects the interest expenses reported for a given month by the COFI Reporting Members’ various sources of funds. Only Arizona, California, and Nevada savings institutions that are members of the Federal Home Loan Bank of San Francisco are eligible to be considered for inclusion in the COFI. The Bank reserves the right to determine what type of institution satisfies its criteria for inclusion in the COFI and its criteria may change in the future to reflect changes in relevant law. The COFI is a ratio of monthly interest expenses to total funds, adjusted for variation in the number of days in that month, annualized and expressed as a percentage. The movement of COFI is affected by a number of factors, such as changes in market interest rates, the sources of funds used by the COFI Reporting Members, merger and acquisition activities, and changes in accounting rules or regulatory reporting instructions.