-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RikznAyoSzzCCnQioa2fzC+JS+5BYHjoQjbmmnFXZpyYmvL8hDbC1BmhmJfKpREX lcW2HPN8nV5l0Wj6oXDw0A== 0000936528-05-000005.txt : 20050719 0000936528-05-000005.hdr.sgml : 20050719 20050719140139 ACCESSION NUMBER: 0000936528-05-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050715 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050719 DATE AS OF CHANGE: 20050719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WASHINGTON FEDERAL INC CENTRAL INDEX KEY: 0000936528 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 911661606 STATE OF INCORPORATION: WA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25454 FILM NUMBER: 05961290 BUSINESS ADDRESS: STREET 1: 425 PIKE STREET CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 2066247930 MAIL ADDRESS: STREET 1: 425 PIKE ST CITY: SEATTLE STATE: WA ZIP: 98101 8-K 1 jul15_8k.txt JULY 15 2005 FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 15, 2005 ------------------------------ Washington Federal, Inc. - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Washington 0-25454 91-1661606 - ------------------------------------------------------------------------------ (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 425 Pike Street, Seattle, Washington 98101 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (206) 624-7930 ---------------------------- Not Applicable - ------------------------------------------------------------------------------ (Former name, former address and former fiscal year, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition ------------- On July 15, 2005, Washington Federal, Inc. (the "Company") announced by press release its earnings for the quarter ended June 30, 2005. A copy of the press release is attached hereto as Exhibit 99.1. A copy of the June 30, 2005 Fact Sheet which presents certain detailed financial information about the Company is attached hereto as Exhibit 99.2. Item 7.01. Regulation FD Disclosure ------------- A copy of the June 30, 2005 Fact Sheet which presents certain detailed financial information about the Company is attached hereto as Exhibit 99.2. Item 9.01. Financial Statements and Exhibits ------------- (a) Not applicable. (b) Not applicable. (c) Exhibits: 99.1 Press release dated July 15, 2005. 99.2 Fact Sheet as of June 30, 2005. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WASHINGTON FEDERAL, INC. Dated: July 18, 2005 By: /s/ Brent J. Beardall --------------------- Brent J. Beardall Senior Vice President and Chief Financial Officer EX-99 2 jul15_x992.txt JULY 15 2005 FORM 8-K EXHIBIT 99.2 1 Washington Federal, Inc. Fact Sheet June 30, 2005 ($ in Thousands) 12/04 QTR 3/05 QTR 6/05 QTR -------- -------- --------- Loan Loss Reserve - Total $ 25,008 $ 24,994 $ 24,868 - General 24,268 24,362 24,371 - Specific 740 631 498 Net Charge-offs (Recoveries) for the Qtr 132 14 (8) Nonperforming Assets - Total 12,896 9,082 7,975 - REO 2,094 1,590 643 - Nonaccrual 10,802 7,492 7,332 Troubled Debt Restructuring 763 766 572 Capital Ratios - Tangible 1,058,930 14.20% 1,080,322 14.37% 1,102,679 14.09% - Core 1,058,930 14.20 1,080,322 14.37 1,102,679 14.09 - Risk Based 1,073,724 26.49 1,095,205 26.71 1,119,121 26.25 12/04 QTR 3/05 QTR 3/05 YTD 6/05 QTR 6/05 YTD -------- -------- -------- --------- -------- Loan Originations - Total $ 563,971 $ 511,406 $1,075,377 $ 667,886 $1,743,263 - Single-Family 282,033 253,242 535,275 320,126 855,401 - Multi-Family 32,596 25,923 58,519 40,470 98,989 - Land 72,727 75,331 148,058 121,490 269,548 - Construction 176,615 156,910 333,525 185,800 519,325 12/04 QTR 3/05 QTR 3/05 YTD 6/05 QTR 6/05 YTD -------- -------- -------- -------- -------- Loan Servicing Fee Income $ 1,572 $ 1,694 $ 3,266 $ 1,651 $ 4,917 Other Fee Income 231 237 468 237 705 -------- -------- -------- -------- -------- Total Fee Income $ 1,803 $ 1,931 $ 3,734 $ 1,888 $ 5,622 ======== ======== ======== ======== ======== 12/04 QTR 3/05 QTR 3/05 YTD 6/05 QTR 6/05 YTD -------- -------- -------- -------- -------- Average Loans $5,203,795 $5,422,200 $5,311,797 $5,643,508 $5,422,368 Average Earning Assets 7,146,047 7,380,416 7,261,943 7,571,048 7,364,978 Average Assets 7,386,270 7,586,058 7,478,002 7,777,389 7,586,711 Average Paying Liabilities 6,070,724 6,247,571 6,158,176 6,442,057 6,252,803 Operating Expenses/Average Assets 0.65% 0.74% 0.69% 0.66% 0.68% Efficiency Ratio 17.62 18.16 17.91 19.55 18.42 Amortization of Intangibles $ 318 $ 306 $ 624 $ 293 $ 917 Repayments 12/04 QTR 3/05 QTR 3/05 YTD 6/05 QTR 6/05 YTD - ---------- -------- -------- -------- -------- -------- Loans $ 400,142 $ 381,643 $ 781,785 $ 475,893 $1,257,678 MBS 55,390 46,100 101,490 53,199 154,689 EOP Numbers 12/04 QTR 3/05 QTR 6/05 QTR - ----------- -------- -------- --------- Shares Issued and Outstanding 86,617,485 * 86,707,298 86,777,363 Share repurchase information 12/04 QTR 3/05 QTR 3/05 YTD 6/05 QTR 6/05 YTD - ---------------------------- -------- -------- -------- -------- -------- Remaining shares auth. for repurchase 3,310,014 * 3,310,014 3,310,014 3,310,014 3,310,014 Shares repurchased --- --- --- --- --- Average share repurchase price $ --- $ --- $ --- $ --- $ --- * - Item has been adjusted for the Feb. 2005 10% stock dividend -1- 2 Tangible Book Value 12/04 QTR 3/05 QTR 6/05 QTR - ------------------- -------- -------- --------- $ Amount $1,077,486 $1,091,196 $1,116,338 Per Share 12.44 * 12.58 12.86 # of Employees 749 756 770 Tax Rate - Going Forward 35.50% 35.50% 35.50% 12/04 QTR 3/05 QTR 6/05 QTR ---------------- ---------------- ---------------- Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT % - -------------------------- ------ - ------ - ------ - Single-Family Residential $4,145,727 70.7% $4,248,491 70.6% $4,451,132 70.2% Multi-Family 475,057 8.1 470,635 7.8 481,184 7.6 Construction 908,528 15.5 931,861 15.5 978,411 15.5 Land 331,281 5.7 365,360 6.1 421,966 6.7 ---------- ---- ---------- ---- ---------- ---- Gross Loans (before ALL/Deferrals/LIP) $5,860,593 100% $6,016,347 100% $6,332,693 100% ========== ==== ========== ==== ========== ==== 12/04 QTR 3/05 QTR 6/05 QTR ----------------------- ----------------------- ----------------------- Deposits by State AMOUNT % # AMOUNT % # AMOUNT % # - ----------------- ------ - - ------ - - ------ - - WA $2,231,460 47.8% 43 $2,252,898 47.8% 43 $2,255,177 46.8% 43 ID 492,592 10.6 16 500,663 10.6 16 504,357 10.5 16 OR 813,237 17.4 26 836,936 17.7 27 862,457 17.9 27 UT 279,902 6.0 10 287,686 6.1 10 291,300 6.1 10 NV 65,199 1.4 2 63,361 1.3 3 103,619 2.2 3 TX 35,805 0.8 2 35,412 0.7 2 36,162 0.8 2 AZ 746,136 16.0 20 745,633 15.8 20 755,613 15.7 20 ---------- ---- --- ---------- ---- --- ---------- ---- --- Total $4,664,331 100% 119 $4,722,589 100% 121 $4,808,685 100% 121 ========== ==== === ========== ==== === ========== ==== === 12/04 QTR 3/05 QTR 6/05 QTR ---------------- ---------------- ---------------- Deposits by type AMOUNT % AMOUNT % AMOUNT % - ---------------- ------ - ------ - ------ - Checking (noninterest) $ 13,207 0.3% $ 12,560 0.3% $ 14,611 0.3% NOW (interest) 181,962 3.9 181,300 3.8 176,537 3.7 Savings (passbook/stmt) 219,151 4.7 210,080 4.4 200,176 4.2 Money Market 946,535 20.3 942,680 20.0 894,682 18.6 C.D.'s 3,303,476 70.8 3,375,969 71.5 3,522,679 73.2 ---------- ---- ---------- ---- ---------- ---- Total $4,664,331 100% $4,722,589 100% $4,808,685 100% ========== ==== ========== ==== ========== ==== Deposits greater than $100,000 - EOP $1,211,460 $1,240,065 $1,268,965 Brokered Deposits $ --- $ --- $ --- * - Item has been adjusted for the Feb. 2005 10% stock dividend -2-
EX-99 3 jul15_x991.txt JULY 15 2005 FORM 8-K EXHIBIT 99.1 1 Washington Federal, Inc. 425 Pike Street Seattle, WA 98101 Contact: Cathy Cooper (206) 777-8246 Thursday, July 15, 2005 FOR IMMEDIATE RELEASE Washington Federal's Earnings Strengthen SEATTLE - Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal Savings, today announced earnings of $34,281,000 or $.39 per diluted share for the quarter ended June 30, 2005, compared to $35,032,000 or $.40 per diluted share for the quarter ended June 30, 2004, a decrease of 2.1%. For the nine months ended June 30, 2005 earnings were $111,500,000 or $1.27 per diluted share, compared to $100,375,000 or $1.15 per diluted share for the nine months ended June 30, 2004, an 11.1% increase. The third fiscal quarter produced a return on assets of 1.76%, while return on equity amounted to 11.82% for the quarter. Year-to-date, return on assets measured 1.96% and return on equity was 12.97%. Chief Executive Officer Roy M. Whitehead commented,"Higher deposit costs versus the same period one year ago were offset by interest income attributable to an increase in earning assets and higher yields on construction loans due to increases in the prime rate. However, net income was adversely affected by an increase in operating expenses. The increase in expenses is due primarily to additional personnel and the consolidation of a low-income housing investment. Asset quality continues to be pristine." As announced on June 20, 2005, the Board of Directors of the Company declared a 5.26% increase in the Company's quarterly cash dividend to 20 cents per share from 19 cents per share. The dividend will be payable July 15, 2005 to common stockholders of record on July 1, 2005. This will be Washington Federal's 90th consecutive quarterly cash dividend and represents the 40th increase since Washington Federal began publicly trading in 1982. Washington Federal Savings, with headquarters in Seattle, Washington, has 121 offices in seven western states. -1- 2 WASHINGTON FEDERAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
June 30, 2005 September 30, 2004 ------------------ ------------------ (In thousands, except per share data) ASSETS Cash and cash equivalents ......................................... $ 499,700 $ 508,361 Securities purchased under agreements to resell ................... - 200,000 Available-for-sale securities, including mortgage-backed securities of $861,964 ......................................... 1,188,487 899,525 Held-to-maturity securities, including mortgage-backed securities of $101,405 ......................................... 138,464 156,373 Securitized assets subject to repurchase, net ..................... 79,210 110,607 Loans receivable, net ............................................. 5,697,437 4,982,836 Interest receivable ............................................... 33,330 29,832 Premises and equipment, net ....................................... 62,324 63,049 Real estate held for sale ......................................... 5,545 8,630 FHLB stock ........................................................ 129,453 137,274 Intangible assets ................................................. 58,022 58,939 Other assets ...................................................... 38,484 13,779 ----------- ----------- $ 7,930,456 $ 7,169,205 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Customer accounts Savings and demand accounts .................................... $ 4,777,216 $ 4,569,245 Repurchase agreements with customers ........................... 31,469 41,113 ----------- ----------- 4,808,685 4,610,358 FHLB advances ..................................................... 1,200,000 1,200,000 Other borrowings................................................... 600,000 100,000 Advance payments by borrowers for taxes and insurance ............. 16,085 25,226 Federal and state income taxes .................................... 41,718 62,081 Accrued expenses and other liabilities ............................ 89,790 51,352 ----------- ----------- 6,756,278 6,049,017 STOCKHOLDERS' EQUITY Common stock, $1.00 par value, 300,000,000 shares authorized; 104,009,983 and 103,821,846 shares issued; 86,777,363 and 86,547,557 shares outstanding .................................. 104,010 94,383 Paid-in capital ................................................... 1,238,456 1,161,627 Accumulated other comprehensive income, net of taxes .............. 6,503 17,107 Treasury stock, at cost; 17,232,620 and 17,274,289 shares ......... (206,170) (206,666) Retained earnings ................................................. 31,379 53,737 ----------- ----------- 1,174,178 1,120,188 ----------- ----------- $ 7,930,456 $ 7,169,205 =========== =========== CONSOLIDATED FINANCIAL HIGHLIGHTS Stockholders' equity per share .................................... $ 13.53 $ 12.94 Stockholders' equity to total assets .............................. 14.81% 15.62% Weighted average rates at period end Loans and mortgage-backed securities* ........................... 6.14% 6.17% Investment securities** ......................................... 3.22 3.01 Combined loans, mortgage-backed securities and investment securities .................................... 5.78 5.62 Customer accounts ............................................... 2.70 1.96 Borrowings ...................................................... 4.66 4.96 Combined cost of customer accounts and borrowings ............... 3.23 2.62 Interest rate spread ............................................ 2.55 3.00
* Includes securitized assets subject to repurchase **Includes municipal bonds at tax equivalent yields and cash equivalents -2- 3 WASHINGTON FEDERAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Quarter Ended June 30, Nine Months Ended June 30, -------------------------- -------------------------- 2005 2004 2005 2004 -------- -------- --------- --------- (In thousands, except per share data) INTEREST INCOME Loans and securitized assets subject to repurchase ........ $ 94,206 $82,651 $271,413 $247,434 Mortgage-backed securities ................................. 12,244 11,659 48,646 35,773 Investment securities and cash equivalents.................. 7,552 8,900 23,667 25,367 -------- -------- -------- -------- 114,002 103,210 343,726 308,574 INTEREST EXPENSE Customer accounts .......................................... 30,593 21,101 81,107 63,971 FHLB advances and other borrowings ......................... 20,655 19,939 57,850 64,531 -------- -------- -------- -------- 51,248 41,040 138,957 128,502 -------- -------- -------- -------- NET INTEREST INCOME ........................................ 62,754 62,170 204,769 180,072 Provision (reversal of reserve) for loan losses ............ (134) (231) (134) (231) -------- -------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES ........ 62,888 62,401 204,903 180,303 OTHER INCOME Gains (loss) on sale of securities, net .................... (121) (596) (3,534) (719) Gain on sale of real estate ................................ 120 - 362 - Other ...................................................... 2,567 3,021 8,586 8,570 -------- -------- -------- -------- 2,566 2,425 5,414 7,851 OTHER EXPENSE Compensation and fringe benefits ........................... 8,694 7,797 25,761 22,966 Occupancy .................................................. 1,912 1,815 6,872 5,489 Other ...................................................... 2,164 1,415 6,079 5,214 -------- -------- -------- -------- 12,770 11,027 38,712 33,669 Gain (loss) on real estate acquired through foreclosure, net 464 303 1,263 556 -------- -------- -------- -------- Income before income taxes ................................. 53,148 54,102 172,868 155,041 Income taxes ............................................... 18,867 19,070 61,368 54,666 -------- -------- -------- -------- NET INCOME ................................................. $ 34,281 $ 35,032 $111,500 $100,375 ======== ======== ======== ======== PER SHARE DATA Basic earnings ............................................. $ .40 $ .41 $ 1.29 $ 1.16 Diluted earnings ........................................... .39 .40 1.27 1.15 Cash dividends ............................................. .20 .19 .58 .55 Weighted average number of shares outstanding, including dilutive stock options ........................ 87,464,631 87,000,061 87,455,443 87,094,161 PERFORMANCE RATIOS Return on average assets ................................... 1.76% 1.91% 1.96% 1.79% Return on average stockholders' equity ..................... 11.82% 12.76% 12.97% 12.39% Net interest margin ........................................ 3.32% 3.51% 3.71% 3.34%
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