0000936528-11-000003.txt : 20110419 0000936528-11-000003.hdr.sgml : 20110419 20110418191446 ACCESSION NUMBER: 0000936528-11-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110414 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110419 DATE AS OF CHANGE: 20110418 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: 001-34654 FILM NUMBER: 11766656 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 wfsmar312011earningsrel8k.htm MAR 31 2011 WFSL EARNINGS RELEASE FORM 8-K WebFilings | EDGAR view
 

 
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): April 14, 2011
 ____________________________________
Washington Federal, Inc.
(Exact name of registrant as specified in its charter)
 ____________________________________
 
 
 
 
 
Washington
 
001-34654
 
91-1661606
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
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 or former address, 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 (see General Instruction A.2. below):
o
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
 
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 April 14, 2011, Washington Federal, Inc. ("the Company") announced by press release its earnings for the quarter ended March 31, 2011. A copy of the press release is attached hereto as Exhibit 99.1. A copy of the March 31, 2011, 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 March 31, 2011, 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) Not applicable
(d) Exhibits:
 
99.1 Press release dated April 14, 2011.
99.2 Fact Sheet as of March 31, 2011.
 
 

2
 

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 thereunto duly authorized.
 
 
 
 
 
 
 
 
Date: April 18, 2011
 
 
 
WASHINGTON FEDERAL, INC.
 
 
 
 
 
 
 
 
By:
 
/s/ BRENT J. BEARDALL
 
 
 
 
 
 
Brent J. Beardall
 
 
 
 
 
 
Executive Vice President
and Chief Financial Officer

3
 EX-99.1 2 exhibit991mar3120118kearni.htm MAR 31 2011 WFSL EARNINGS RELEASE WebFilings | EDGAR view
 

 
Exhibit 99.1
 
Washington Federal, Inc.                                
425 Pike Street
Seattle, WA 98101
Contact: Cathy Cooper
(206) 777-8246
Thursday, April 14, 2011
FOR IMMEDIATE RELEASE
 
Washington Federal Reports Quarterly Net Income of $25.8 Million
 
 
SEATTLE - Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal, today announced earnings of $25,824,000 or $.23 per diluted share for the quarter ended March 31, 2011, compared to $82,111,000 or $.73 per diluted share for the same period one year ago. Earnings for the 2nd quarter one year ago included two non-recurring items, an $85.6 million gain resulting from the acquisition of certain assets and liabilities of the former Horizon Bank, and a $39 million recovery resulting from the settlement of a contingent federal tax liability. The Company's ratio of tangible common equity to tangible assets ended the quarter at 12.04% and continues to be among the best of large regional financial institutions in the U.S.
 
Chairman, President & CEO Roy M. Whitehead commented, “The Company had a good quarter. Earnings were solid and have become more predictable. The already strong balance sheet improved further as liquidity, loan loss reserves and capital increased as a percent of assets, while non-performing assets declined materially. Loan demand remains weak, which makes it unlikely that revenue growth will contribute much to earnings in the near-term. On the other hand, while we remain subject to the future course of economic events, we expect that credit costs will ultimately follow the decline in problem assets downward and could drive higher profits between now and our September 30 fiscal year-end. In general, each successive quarter finds us a bit more positive about overall conditions and future prospects.”
 

 
 

Non-performing assets amounted to $399 million or 2.98% of total assets at quarter-end, a $35.2 million or 8.1% decrease from September 30, 2010. Non-performing assets peaked at $606 million or 5.03% of total assets, on June 30, 2009 and have since decreased by $207 million or 34.2%. Specifically, non-performing loans decreased from $246 million at the Company's September 30, 2010 fiscal year-end, to $222 million as of March 31, 2011, a 9.8% decrease. Net loan charge-offs decreased from $59 million in the quarter ended March 31, 2010 to $26 million in the most recent quarter, a 56% decrease. Total loan delinquencies were 3.37% as of March 31, 2011, a decrease from the 3.53% at September 30, 2010. Delinquencies on single family loans, the largest component of the loan portfolio, remained unchanged at 3.33% from December 31, 2010.
 
Improving asset quality trends such as lower delinquencies, charge-offs and non-performing assets are noted; however, soft real estate values and high unemployment persist throughout the Company's eight state territory. Consistent with these conditions, the Company increased its general loan loss reserve. As of March 31, 2011, the general allowance totaled 1.34% of loans, an increase of nine basis points from the 1.25% as of December 31, 2010.
 
Real estate held for sale decreased by $11.4 million or 6.1% from September 30, 2010 as the Company continues its efforts to liquidate foreclosed properties. During the 2nd quarter the Company sold 107 properties. As of March 31, 2011, real estate held for sale consisted of 534 properties totaling $177.6 million. Net loss on real estate acquired through foreclosure decreased by $7.0 million to $9.6 million for the current quarter, compared to the same quarter one year ago. Net loss on real estate acquired through foreclosure includes gains and losses on sales, ongoing maintenance expenses and any additional writedowns from lower valuations.
 
Total assets decreased by $97.6 million or .7% to $13.39 billion from $13.49 billion at September 30, 2010. Specifically, loans and covered loans decreased by $496 million, offset by a $397 million increase in investment balances. As of March 31, 2011, the Company's investment portfolio had net unrealized gains of $30 million. During the six months ended March 31, 2011, total non-covered loans outstanding decreased by $415 million from $8.42 billion to $8.01 billion as a result of increased loan prepayments stemming from low interest rates available on 30 year fixed-rate mortgages in the market. The pace of net loan runoff decreased in the 2nd quarter of the year compared to the first quarter as market rates increased; however, competition for the Company's primary asset class, single-family mortgage loans, remains strong.
 
During the quarter, the company had an average balance of $782 million in cash and cash equivalents

 
 

invested overnight at a yield of approximately .25%. The Company is maintaining higher than normal amounts of liquidity due to concern for potentially rising interest rates in the future. The period end spread was unchanged at 3.07% as of both March 31, 2011 and 2010.
 
Net interest income for the quarter was $101.5 million, a $4.5 million increase from the same quarter one year ago. Net interest margin was 3.26% for the quarter, compared to 3.09% for the same quarter one year ago and 3.34% for the quarter ended December 31, 2010. The decrease in the current quarter occurred as the negative impact of net loan and investment runoff and re-pricing offset the benefit from lower deposit costs. Additionally, the Company sold $143 million of securities for a gain of $8.1 million to realize a portion of the benefit of holding above market rate investments.
 
The Company's efficiency ratio of 31.5% for the quarter remains among the lowest in the industry. The quarter produced a return on assets of .77%, while return on equity amounted to 5.59%.
 
During the quarter, the Office of Thrift Supervision (“OTS”) completed a field visit to review the Company's progress against a previously reported July 28, 2010 memorandum of understanding (“MOU”) related primarily to its information technology platform and its regulatory compliance program. By law, the Company cannot disclose the status of an examination; however management believes many of the items required by the MOU have been completed. The Company had previously disclosed that the MOU and the factors that gave rise to it could limit or delay our ability or plans to expand strategically. During the quarter, management requested and the OTS permitted the Company's pursuit of a potential acquisition. After preliminary discussions with the potential target, no transaction materialized. Future transactions, if any, may be subject to regulatory approval in accordance with applicable law, which may or may not be granted.
 
 
On April 22, 2011, Washington Federal will pay a cash dividend of $.06 per share to common stockholders of record on April 8, 2011. This will be the Company's 113th consecutive quarterly cash dividend. During the quarter the Company repurchased 350,000 shares of stock at a weighted average price of $17.27.
 
Washington Federal, with headquarters in Seattle, Washington, has 160 offices in eight western states.
 
To find out more about the Company, please visit our website. The Company uses its website to distribute financial and other material information about the Company, which is routinely posted on and accessible at www.washingtonfederal.com.

 
 

 
Important Cautionary Statements
The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company's 2010 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
 
This press release contains statements about Washington Federal's future that are not statements of historical fact. These statements are “forward looking statements” for purposes of applicable securities laws, and are based on current information and/or management's good faith belief as to future events. The words “believe,” “expect,” “anticipate,” “project,” and similar expressions signify forward-looking statements. Forward-looking statements include projections and estimates of loan demand, revenue growth, credit costs, levels of problem assets, earnings, interest rates, regulatory actions or other financial or business items; statements of management's plans, strategies and objectives for future operations, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements of this type speak only as of the date of this press release. Washington Federal cautions against placing undue reliance on forward-looking statements, which reflect its good faith beliefs with respect to future events and are based on information currently available to it as of the date the forward-looking statement is made.  Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the timing when, or by which, such performance or results will be achieved. 
By their nature, forward-looking statements involve inherent risk and uncertainties, which change over time, and actual performance or results, could differ materially from those anticipated by any forward-looking statements. Washington Federal undertakes no obligation to update or revise any forward-looking statement. If Washington Federal does update any forward-looking statement, no inference should be drawn that Washington Federal will make additional updates with respect to that statement or any other forward-looking statements.   The following important factors, in addition to those discussed or referenced in Washington Federal's periodic reports filed with the SEC, may cause actual results to differ materially from those contemplated by any forward-looking statements: including, but not limited to, general economic conditions; legislative and regulatory changes, including without limitation the potential effect of the Dodd-Frank Wall Street Reform and Consumer Protection Act and regulations to be promulgated thereunder; monetary fiscal policies of the federal government; changes in tax policies; rates and regulations of federal, state and local tax authorities; changes in interest rates; deposit flows; cost of funds; the level of success of the Company's asset/liability management strategies; demand for loan products; demand for financial services; competition; changes in the quality or composition of the Company's loan and investment portfolios;

 
 

adequacy of the reserve for loan losses; the level of success in disposing of foreclosed real estate and reducing nonperforming assets; changes in accounting principles; policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and fees, including without limitation the Bank's ability to comply in a timely and satisfactory manner with the requirements of the MOU entered into with the OTS.
# # #
 
 

 
 

 
March 31, 2011
 
September 30, 2010
 
(In thousands, except share data)
ASSETS
 
 
 
Cash and cash equivalents
$
911,961
 
 
$
888,622
 
Available-for-sale securities
2,905,077
 
 
2,481,093
 
Held-to-maturity securities
52,710
 
 
80,107
 
Loans receivable, net
8,008,661
 
 
8,423,703
 
Covered loans, net
453,291
 
 
534,474
 
Interest receivable
51,855
 
 
49,020
 
Premises and equipment, net
164,883
 
 
162,721
 
Real estate held for sale
177,559
 
 
188,998
 
Covered real estate held for sale
66,025
 
 
44,155
 
FDIC indemnification asset
108,618
 
 
131,128
 
FHLB stock
151,752
 
 
151,748
 
Intangible assets, net
256,971
 
 
257,718
 
Federal and state income taxes, net
8,673
 
 
8,093
 
Other assets
70,769
 
 
84,799
 
 
$
13,388,805
 
 
$
13,486,379
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Customer accounts
 
 
 
Savings and demand accounts
$
8,754,007
 
 
$
8,825,918
 
Repurchase agreements with customers
36,265
 
 
26,622
 
 
8,790,272
 
 
8,852,540
 
FHLB advances
1,863,541
 
 
1,865,548
 
Other borrowings
800,000
 
 
800,000
 
Advance payments by borrowers for taxes and insurance
30,837
 
 
39,504
 
Federal and State income taxes
—
 
 
—
 
Accrued expenses and other liabilities
66,514
 
 
87,640
 
 
11,551,164
 
 
11,645,232
 
Stockholders’ equity
 
 
 
Common stock, $1.00 par value, 300,000,000 shares authorized;
129,796,749 and 129,320,072 shares issued; 112,074,425 and 112,247,748 shares outstanding
129,797
 
 
129,556
 
Paid-in capital
1,580,652
 
 
1,578,527
 
Accumulated other comprehensive income, net of taxes
17,580
 
 
49,682
 
Treasury stock, at cost; 17,722,324 shares
(219,589
)
 
(208,985
)
Retained earnings
329,201
 
 
292,367
 
 
1,837,641
 
 
1,841,147
 
 
$
13,388,805
 
 
$
13,486,379
 
 
 
 
 
CONSOLIDATED FINANCIAL HIGHLIGHTS
 
 
 
Common stockholders' equity per share
$
16.40
 
 
$
16.37
 
Tangible common stockholders' equity per share
14.10
 
 
14.08
 
Stockholders' equity to total assets
13.73
%
 
13.65
%
Tangible common stockholders' equity to tangible assets
12.04
 
 
11.97
 
Weighted average rates at period end
 
 
 
     Loans and mortgage-backed securities
5.86
%
 
5.75
%
     Combined loans, mortgage-backed securities and investment securities
5.05
 
 
5.21
 
     Customer accounts
1.32
 
 
1.51
 
     Borrowings
4.14
 
 
4.14
 
     Combined cost of customer accounts and borrowings
1.98
 
 
2.12
 
     Interest rate spread
3.07
 
 
3.09
 
 
 

 
 

 
 
Quarter Ended March 31,
 
Six Months Ended March 31,
 
2011
 
2010
 
2011
 
2010
 
(In thousands, except per share data)
INTEREST INCOME
 
 
 
 
 
 
 
Loans & covered loans
$
128,634
 
 
$
142,317
 
 
$
266,550
 
 
$
279,770
 
Mortgage-backed securities
26,163
 
 
21,097
 
 
49,857
 
 
48,378
 
Investment securities and cash equivalents
3,742
 
 
1,620
 
 
7,722
 
 
2,557
 
 
158,539
 
 
165,034
 
 
324,129
 
 
330,705
 
INTEREST EXPENSE
 
 
 
 
 
 
 
Customer accounts
29,450
 
 
37,698
 
 
62,184
 
 
74,183
 
FHLB advances and other borrowings
27,534
 
 
30,296
 
 
55,656
 
 
61,716
 
 
56,984
 
 
67,994
 
 
117,840
 
 
135,899
 
Net interest income
101,555
 
 
97,040
 
 
206,289
 
 
194,806
 
Provision for loan losses
30,750
 
 
63,423
 
 
56,750
 
 
133,173
 
Net interest income after provision for loan losses
70,805
 
 
33,617
 
 
149,539
 
 
61,633
 
OTHER INCOME
 
 
 
 
 
 
 
Gain on FDIC-assisted transaction
—
 
 
85,608
 
 
—
 
 
85,608
 
Gain on sale of investments
8,147
 
 
—
 
 
8,147
 
 
20,428
 
Other
4,364
 
 
5,446
 
 
8,790
 
 
9,255
 
 
12,511
 
 
91,054
 
 
16,937
 
 
115,291
 
OTHER EXPENSE
 
 
 
 
 
 
 
Compensation and benefits
17,824
 
 
24,178
 
 
35,547
 
 
37,813
 
Occupancy
3,636
 
 
3,399
 
 
7,151
 
 
6,648
 
FDIC insurance premiums
5,100
 
 
4,874
 
 
10,199
 
 
8,439
 
Other
6,761
 
 
7,510
 
 
14,703
 
 
14,037
 
 
33,321
 
 
39,961
 
 
67,600
 
 
66,937
 
Loss on real estate acquired through foreclosure, net
(9,645
)
 
(16,635
)
 
(20,198
)
 
(29,355
)
Income before income taxes
40,350
 
 
68,075
 
 
78,678
 
 
80,632
 
Income tax provision
14,526
 
 
(14,036
)
 
$
28,324
 
 
(9,390
)
NET INCOME
$
25,824
 
 
$
82,111
 
 
$
50,354
 
 
$
90,022
 
 
 
 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
Basic earnings
$
0.23
 
 
$
0.73
 
 
$
0.45
 
 
$
0.80
 
Diluted earnings
0.23
 
 
0.73
 
 
0.45
 
 
0.80
 
Cash dividends per share
0.06
 
 
0.05
 
 
0.12
 
 
0.10
 
Basic weighted average number of shares outstanding
112,278,823
 
 
112,450,001
 
 
112,364,935
 
 
112,401,443
 
Diluted weighted average number of shares outstanding, including dilutive stock options
112,411,414
 
 
112,798,396
 
 
112,447,927
 
 
112,689,113
 
 
 
 
 
 
 
 
 
PERFORMANCE RATIOS
 
 
 
 
 
 
 
Return on average assets
0.77
%
 
2.44
%
 
0.75
%
 
1.37
%
Return on average common equity
5.59
 
 
18.24
 
 
5.44
 
 
10.10
 
 
 

 
 EX-99.2 3 exhibit992mar3120118kfacts.htm MAR 31 2011 WFSL FACT SHEET WebFilings | EDGAR view
Washington Federal, Inc.
Fact Sheet
March 31, 2011
($ in Thousands)
 

Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 9/10 QTR
 
 
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Loss Reserve - Total
 
$
163,094
 
 
 
 
 
 
$
159,288
 
 
 
 
 
 
$
163,617
 
 
 
 
 
     General
 
98,092
 
 
 
 
 
 
101,347
 
 
 
 
 
 
107,510
 
 
 
 
 
     Specific
 
65,002
 
 
 
 
 
 
57,941
 
 
 
 
 
 
56,107
 
 
 
 
 
Net Charge-offs (Recoveries) for the Qtr
 
36,332
 
 
 
 
 
 
29,806
 
 
 
 
 
 
26,421
 
 
 
 
 
Non-performing Assets - Total
 
434,530
 
 
 
 
 
 
442,699
 
 
 
 
 
 
399,295
 
 
 
 
 
     REO
 
160,754
 
 
 
 
 
 
156,572
 
 
 
 
 
 
147,725
 
 
 
 
 
     REHI
 
28,244
 
 
 
 
 
 
29,693
 
 
 
 
 
 
29,834
 
 
 
 
 
     Non-accrual
 
245,532
 
 
 
 
 
 
256,434
 
 
 
 
 
 
221,736
 
 
 
 
 
Troubled Debt Restructuring
 
272,922
 
 
 
 
 
 
290,474
 
 
 
 
 
 
312,277
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital Ratios (excludes holding co.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Tangible
 
1,534,681
 
 
11.67
%
 
 
 
1,530,085
 
 
11.66
%
 
 
 
1,530,254
 
 
11.68
%
 
 
     Core
 
1,534,681
 
 
11.67
 
 
 
 
1,530,085
 
 
11.66
 
 
 
 
1,530,254
 
 
11.68
 
 
 
     Risk Based
 
1,619,206
 
 
23.39
 
 
 
 
1,612,747
 
 
23.83
 
 
 
 
1,612,264
 
 
24.24
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 9/10 QTR
 
 9/10 YTD
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 3/11 YTD
 
 
Loan Originations - Total
 
$
369,209
 
 
$
1,477,533
 
 
 
 
$
274,007
 
 
 
 
 
 
$
302,687
 
 
$
576,694
 
 
 
     Single-Family Residential
 
154,723
 
 
583,429
 
 
 
 
137,034
 
 
 
 
 
 
136,530
 
 
273,564
 
 
 
     Construction - Speculative
 
33,351
 
 
132,328
 
 
 
 
26,888
 
 
 
 
 
 
30,486
 
 
57,374
 
 
 
     Construction - Custom
 
75,957
 
 
276,057
 
 
 
 
51,879
 
 
 
 
 
 
70,757
 
 
122,636
 
 
 
     Land - Acquisition & Development
 
4,196
 
 
31,179
 
 
 
 
3,419
 
 
 
 
 
 
5,738
 
 
9,157
 
 
 
     Land - Consumer Lot Loans
 
2,568
 
 
11,334
 
 
 
 
1,883
 
 
 
 
 
 
2,824
 
 
4,707
 
 
 
     Multi-Family
 
7,819
 
 
49,179
 
 
 
 
33,203
 
 
 
 
 
 
42,829
 
 
76,032
 
 
 
     Commercial Real Estate
 
19,505
 
 
59,600
 
 
 
 
2,966
 
 
 
 
 
 
3,318
 
 
6,284
 
 
 
     Commercial & Industrial
 
59,412
 
 
272,102
 
 
 
 
7,428
 
 
 
 
 
 
1,529
 
 
8,957
 
 
 
     HELOC
 
10,803
 
 
59,084
 
 
 
 
9,088
 
 
 
 
 
 
8,676
 
 
17,764
 
 
 
     Consumer
 
875
 
 
3,241
 
 
 
 
219
 
 
 
 
 
 
—
 
 
219
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Page 1 of 9
Washington Federal, Inc.
Fact Sheet
March 31, 2011
($ in Thousands)
 

 
 
 
 9/10 QTR
 
 9/10 YTD
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 3/11 YTD
 
 
Loan Servicing Fee Income
 
$
2,080
 
 
$
7,438
 
 
 
 
$
1,711
 
 
 
 
 
 
$
1,893
 
 
$
3,604
 
 
 
Other Fee Income
 
820
 
 
3,736
 
 
 
 
905
 
 
 
 
 
 
717
 
 
1,622
 
 
 
     Total Fee Income
 
2,900
 
 
11,174
 
 
 
 
2,615
 
 
 
 
 
 
2,610
 
 
5,226
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 9/10 QTR
 
 9/10 YTD
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 3/11 YTD
 
 
Average Loans
 
$
8,604,249
 
 
$
8,791,214
 
 
 
 
$
8,421,368
 
 
 
 
 
 
$
8,130,199
 
 
$
8,277,384
 
 
 
Average Earning Assets
 
12,636,641
 
 
12,458,201
 
 
 
 
12,546,403
 
 
 
 
 
 
12,448,753
 
 
12,498,114
 
 
 
Average Assets
 
13,649,632
 
 
13,373,767
 
 
 
 
13,493,969
 
 
 
 
 
 
13,412,761
 
 
13,457,075
 
 
 
Average Paying Liabilities
 
11,722,052
 
 
11,518,512
 
 
 
 
11,582,999
 
 
 
 
 
 
11,493,611
 
 
11,538,796
 
 
 
Operating Expenses/Average Assets
 
0.93
%
 
0.98
%
 
 
 
1.02
%
 
 
 
 
 
0.99
%
 
1.00
%
 
 
Efficiency Ratio
 
29.73
 
 
26.26
 
 
 
 
31.40
 
 
 
 
 
 
31.46
 
 
31.43
 
 
 
Amortization of Intangibles
 
$
401
 
 
$
2,140
 
 
 
 
$
380
 
 
 
 
 
 
$
367
 
 
$
747
 
 
 
Net Interest Margin
 
3.18
%
 
3.17
%
 
 
 
3.34
%
 
 
 
 
 
3.26
%
 
3.30
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayments
 
 9/10 QTR
 
 9/10 YTD
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 3/11 YTD
 
 
Loans
 
$
523,083
 
 
$
1,964,572
 
 
 
 
$
586,525
 
 
 
 
 
 
$
447,412
 
 
$
1,033,937
 
 
 
MBS
 
156,766
 
 
739,643
 
 
 
 
208,992
 
 
 
 
 
 
171,883
 
 
380,875
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EOP Numbers
 
 9/10 QTR
 
 
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 
 
 
Shares Issued and Outstanding
 
112,483,632
 
 
 
 
 
 
112,282,718
 
 
 
 
 
 
112,074,425
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share repurchase information
 
 9/10 QTR
 
 9/10 YTD
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 3/11 YTD
 
 
Remaining shares auth. for repurchase
 
2,888,314
 
 
2,888,314
 
 
 
 
2,588,314
 
 
 
 
 
 
2,238,314
 
 
2,238,314
 
 
 
Shares repurchased
 
—
 
 
—
 
 
 
 
300,000
 
 
 
 
 
 
350,000
 
 
650,000
 
 
 
Average share repurchase price
 
$
—
 
 
$
—
 
 
 
 
$
15.09
 
 
 
 
 
 
$
17.27
 
 
$
16.26
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Page 2 of 9
Washington Federal, Inc.
Fact Sheet
March 31, 2011
($ in Thousands)
 

 
 
 
Tangible Common Book Value
 
 9/10 QTR
 
 
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 
 
 
$ Amount
 
$
1,583,429
 
 
 
 
 
 
$
1,581,261
 
 
 
 
 
 
$
1,580,670
 
 
 
 
 
Per Share
 
14.08
 
 
 
 
 
 
14.08
 
 
 
 
 
 
14.10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
# of Employees
 
1,223
 
 
 
 
 
 
1,226
 
 
 
 
 
 
1,226
 
 
 
 
 
Tax Rate - Going Forward
 
36.00
%
 
 
 
 
 
36.00
%
 
 
 
 
 
36.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 9/10 QTR
 
 
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
 
$
2,130,087
 
 
 
 
 
 
$
2,371,421
 
 
 
 
 
 
$
2,566,822
 
 
 
 
 
     Other
 
351,006
 
 
 
 
 
 
440,694
 
 
 
 
 
 
338,255
 
 
 
 
 
 
 
$
2,481,093
 
 
 
 
 
 
$
2,812,115
 
 
 
 
 
 
$
2,905,077
 
 
 
 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
 
$
73,052
 
 
 
 
 
 
$
66,796
 
 
 
 
 
 
$
50,760
 
 
 
 
 
     Other
 
7,055
 
 
 
 
 
 
1,950
 
 
 
 
 
 
1,950
 
 
 
 
 
 
 
$
80,107
 
 
 
 
 
 
$
68,746
 
 
 
 
 
 
$
52,710
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Page 3 of 9
Washington Federal, Inc.
Fact Sheet
March 31, 2011
($ in Thousands)
 

 
 
 AS OF 9/30/10
 
 
 
 AS OF 12/31/10
 
 
 
 AS OF 3/31/11
 
 
Gross Loan Portfolio by Category *
 
 AMOUNT
 
 %
 
 
 
 AMOUNT
 
 %
 
 
 
 AMOUNT
 
 %
 
 
     Single-Family Residential
 
$
6,551,836
 
 
74.8
%
 
 
 
$
6,333,040
 
 
74.9
%
 
 
 
$
6,254,244
 
 
75.0
%
 
 
     Construction - Speculative
 
169,712
 
 
1.9
 
 
 
 
146,933
 
 
1.7
 
 
 
 
145,282
 
 
1.7
 
 
 
     Construction - Custom
 
256,384
 
 
2.9
 
 
 
 
239,337
 
 
2.8
 
 
 
 
243,739
 
 
2.9
 
 
 
     Land - Acquisition & Development
 
307,230
 
 
3.5
 
 
 
 
275,396
 
 
3.3
 
 
 
 
253,377
 
 
3.0
 
 
 
     Land - Consumer Lot Loans
 
186,840
 
 
2.1
 
 
 
 
181,205
 
 
2.1
 
 
 
 
174,929
 
 
2.1
 
 
 
     Multi-Family
 
697,351
 
 
7.9
 
 
 
 
696,601
 
 
8.2
 
 
 
 
717,533
 
 
8.6
 
 
 
     Commercial Real Estate
 
315,915
 
 
3.6
 
 
 
 
315,332
 
 
3.7
 
 
 
 
294,181
 
 
3.5
 
 
 
     Commercial & Industrial
 
82,640
 
 
0.9
 
 
 
 
78,082
 
 
0.9
 
 
 
 
74,248
 
 
0.9
 
 
 
     HELOC
 
116,143
 
 
1.3
 
 
 
 
115,660
 
 
1.4
 
 
 
 
114,840
 
 
1.4
 
 
 
     Consumer
 
92,624
 
 
1.1
 
 
 
 
85,987
 
 
1.0
 
 
 
 
79,184
 
 
0.9
 
 
 
 
 
$
8,776,675
 
 
100.0
%
 
 
 
$
8,467,573
 
 
100.0
%
 
 
 
$
8,351,557
 
 
100.0
%
 
 
     Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        ALL
 
163,094
 
 
 
 
 
 
159,288
 
 
 
 
 
 
163,617
 
 
 
 
 
        Loans in Process
 
154,171
 
 
 
 
 
 
129,472
 
 
 
 
 
 
142,776
 
 
 
 
 
        Deferred Net Origination Fees
 
35,707
 
 
 
 
 
 
35,865
 
 
 
 
 
 
36,503
 
 
 
 
 
 
 
352,972
 
 
 
 
 
 
324,625
 
 
 
 
 
 
342,896
 
 
 
 
 
 
 
$
8,423,703
 
 
 
 
 
 
$
8,142,948
 
 
 
 
 
 
$
8,008,661
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 AS OF 9/30/10
 
 
 
 AS OF 12/31/10
 
 
 
 AS OF 3/31/11
 
 
Net Loan Portfolio by Category *
 
 AMOUNT
 
 %
 
 
 
 AMOUNT
 
 %
 
 
 
 AMOUNT
 
 %
 
 
     Single-Family Residential
 
$
6,476,330
 
 
76.9
%
 
 
 
$
6,250,385
 
 
76.7
%
 
 
 
$
6,158,837
 
 
77.0
%
 
 
     Construction - Speculative
 
121,991
 
 
1.4
 
 
 
 
99,739
 
 
1.2
 
 
 
 
95,319
 
 
1.2
 
 
 
     Construction - Custom
 
136,796
 
 
1.6
 
 
 
 
145,068
 
 
1.8
 
 
 
 
137,572
 
 
1.7
 
 
 
     Land - Acquisition & Development
 
232,168
 
 
2.8
 
 
 
 
210,128
 
 
2.6
 
 
 
 
199,597
 
 
2.5
 
 
 
     Land - Consumer Lot Loans
 
181,147
 
 
2.2
 
 
 
 
175,264
 
 
2.2
 
 
 
 
168,477
 
 
2.1
 
 
 
     Multi-Family
 
689,378
 
 
8.2
 
 
 
 
687,419
 
 
8.4
 
 
 
 
706,378
 
 
8.8
 
 
 
     Commercial Real Estate
 
305,834
 
 
3.6
 
 
 
 
309,780
 
 
3.8
 
 
 
 
288,266
 
 
3.6
 
 
 
     Commercial & Industrial
 
76,215
 
 
0.9
 
 
 
 
71,087
 
 
0.9
 
 
 
 
67,490
 
 
0.8
 
 
 
     HELOC
 
115,084
 
 
1.4
 
 
 
 
114,030
 
 
1.4
 
 
 
 
113,208
 
 
1.4
 
 
 
     Consumer
 
84,853
 
 
1.0
 
 
 
 
80,048
 
 
1.0
 
 
 
 
73,517
 
 
0.9
 
 
 
 
 
$
8,419,796
 
 
100.0
%
 
 
 
$
8,142,948
 
 
100.0
%
 
 
 
$
8,008,661
 
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Excludes covered loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Page 4 of 9
Washington Federal, Inc.
Fact Sheet
March 31, 2011
($ in Thousands)
 

 
 
 AS OF 9/30/10
 
 AS OF 12/31/10
 
 AS OF 3/31/11
Deposits by State
 
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
     WA
 
$
4,320,280
 
 
48.9
%
 
64
 
 
$
4,329,844
 
 
48.8
%
64
 
64
 
 
$
4,305,002
 
 
49.0
%
64
 
64
 
     ID
 
614,002
 
 
6.9
 
 
16
 
 
606,893
 
 
6.9
 
16
 
16
 
 
607,059
 
 
6.9
 
16
 
16
 
     OR
 
1,391,330
 
 
15.7
 
 
28
 
 
1,386,363
 
 
15.7
 
28
 
28
 
 
1,381,836
 
 
15.7
 
28
 
28
 
     UT
 
353,035
 
 
4.0
 
 
10
 
 
354,393
 
 
4.0
 
10
 
10
 
 
345,433
 
 
3.9
 
10
 
10
 
     NV
 
207,704
 
 
2.3
 
 
4
 
 
218,733
 
 
2.5
 
4
 
4
 
 
218,646
 
 
2.5
 
4
 
4
 
     TX
 
130,199
 
 
1.5
 
 
6
 
 
132,887
 
 
1.5
 
6
 
6
 
 
130,815
 
 
1.5
 
6
 
6
 
     AZ
 
1,347,178
 
 
15.2
 
 
21
 
 
1,330,816
 
 
15.0
 
21
 
21
 
 
1,321,747
 
 
15.0
 
21
 
21
 
     NM
 
488,812
 
 
5.5
 
 
11
 
 
485,703
 
 
5.5
 
11
 
11
 
 
479,734
 
 
5.5
 
11
 
11
 
     Total
 
$
8,852,540
 
 
100.0
%
 
160
 
 
$
8,845,632
 
 
100.0
%
160
 
160
 
 
$
8,790,272
 
 
100.0
%
160
 
160
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 9/10 QTR
 
 
 
 12/10 QTR
 
 
 
 3/11 QTR
 
 
Deposits by Type
 
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
Checking (noninterest)
 
$
184,240
 
 
2.1
%
 
 
 
$
214,090
 
 
2.4
%
 
 
 
$
212,752
 
 
2.4
%
 
 
NOW (interest)
 
482,131
 
 
5.4
 
 
 
 
477,760
 
 
5.4
 
 
 
 
490,663
 
 
5.6
 
 
 
Savings (passbook/stmt)
 
234,673
 
 
2.7
 
 
 
 
236,558
 
 
2.7
 
 
 
 
244,069
 
 
2.8
 
 
 
Money Market
 
1,653,718
 
 
18.7
 
 
 
 
1,661,914
 
 
18.8
 
 
 
 
1,649,127
 
 
18.8
 
 
 
CD's
 
6,297,778
 
 
71.1
 
 
 
 
6,255,310
 
 
70.7
 
 
 
 
6,193,661
 
 
70.4
 
 
 
Total
 
$
8,852,540
 
 
100.0
%
 
 
 
$
8,845,632
 
 
100.0
%
 
 
 
$
8,790,272
 
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits greater than $250,000 - EOP
 
$
893,338
 
 
 
 
 
 
$
902,534
 
 
 
 
 
 
$
893,687
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brokered Deposits
 
$
—
 
 
 
 
 
 
$
—
 
 
 
 
 
 
$
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Page 5 of 9
Washington Federal, Inc.
Fact Sheet
March 31, 2011
($ in Thousands)
 

 
 
 
 9/10 QTR
 
 
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 
 
 
Non-Performing Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructured loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
$
207,040
 
 
75.9
%
 
 
 
$
218,169
 
 
75.1
%
 
 
 
$
238,163
 
 
76.2
%
 
 
     Construction - Speculative
 
9,893
 
 
3.6
 
 
 
 
10,045
 
 
3.5
 
 
 
 
13,361
 
 
4.3
 
 
 
     Construction - Custom
 
—
 
 
—
 
 
 
 
—
 
 
—
 
 
 
 
—
 
 
—
 
 
 
     Land - Acquisition & Development
 
33,497
 
 
12.3
 
 
 
 
32,143
 
 
11.1
 
 
 
 
28,430
 
 
9.1
 
 
 
     Land - Consumer Lot Loans
 
7,095
 
 
2.6
 
 
 
 
7,758
 
 
2.7
 
 
 
 
9,312
 
 
3.0
 
 
 
     Multi-Family
 
12,862
 
 
4.7
 
 
 
 
19,883
 
 
6.8
 
 
 
 
20,583
 
 
6.6
 
 
 
     Commercial Real Estate
 
1,503
 
 
0.6
 
 
 
 
1,480
 
 
0.5
 
 
 
 
1,464
 
 
0.5
 
 
 
     Commercial & Industrial
 
954
 
 
0.3
 
 
 
 
918
 
 
0.3
 
 
 
 
886
 
 
0.3
 
 
 
     HELOC
 
78
 
 
—
 
 
 
 
78
 
 
—
 
 
 
 
78
 
 
—
 
 
 
     Consumer
 
—
 
 
—
 
 
 
 
—
 
 
—
 
 
 
 
—
 
 
—
 
 
 
        Total restructured loans (2)
 
272,922
 
 
100.0
%
 
 
 
290,474
 
 
100.0
%
 
 
 
312,277
 
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Page 6 of 9
Washington Federal, Inc.
Fact Sheet
March 31, 2011
($ in Thousands)
 

 
 
Non-accrual loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
115,155
 
 
 
 
 
 
132,694
 
 
 
 
 
 
121,535
 
 
 
 
 
     Construction - Speculative
 
39,915
 
 
 
 
 
 
33,625
 
 
 
 
 
 
20,187
 
 
 
 
 
     Construction - Custom
 
—
 
 
 
 
 
 
—
 
 
 
 
 
 
307
 
 
 
 
 
     Land - Acquisition & Development
 
64,883
 
 
 
 
 
 
53,698
 
 
 
 
 
 
45,494
 
 
 
 
 
     Land - Consumer Lot Loans
 
7,540
 
 
 
 
 
 
8,174
 
 
 
 
 
 
6,470
 
 
 
 
 
     Multi-Family
 
4,931
 
 
 
 
 
 
14,069
 
 
 
 
 
 
13,249
 
 
 
 
 
     Commercial Real Estate
 
10,831
 
 
 
 
 
 
11,721
 
 
 
 
 
 
12,734
 
 
 
 
 
     Commercial & Industrial
 
371
 
 
 
 
 
 
568
 
 
 
 
 
 
369
 
 
 
 
 
     HELOC
 
929
 
 
 
 
 
 
1,170
 
 
 
 
 
 
1,001
 
 
 
 
 
     Consumer
 
977
 
 
 
 
 
 
715
 
 
 
 
 
 
390
 
 
 
 
 
        Total non-accrual loans
 
245,532
 
 
 
 
 
 
256,434
 
 
 
 
 
 
221,736
 
 
 
 
 
Total REO
 
160,754
 
 
 
 
 
 
156,572
 
 
 
 
 
 
147,725
 
 
 
 
 
Total REHI
 
28,244
 
 
 
 
 
 
29,693
 
 
 
 
 
 
29,834
 
 
 
 
 
Total non-performing assets
 
$
434,530
 
 
 
 
 
 
$
442,699
 
 
 
 
 
 
$
399,295
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing assets and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     performing restructured loans
 
$
659,725
 
 
 
 
 
 
$
685,497
 
 
 
 
 
 
$
684,890
 
 
 
 
 
Total non-performing assets and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     performing restructured loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     as a % of total assets
 
4.89
%
 
 
 
 
 
5.11
%
 
 
 
 
 
5.12
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Restructured loans were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Performing
 
$
225,195
 
 
82.5
%
 
 
 
$
242,798
 
 
83.6
%
 
 
 
$
285,595
 
 
91.5
%
 
 
     Non-accrual *
 
47,727
 
 
17.5
 
 
 
 
47,676
 
 
16.4
 
 
 
 
26,682
 
 
8.5
 
 
 
     * - Included in "Total non-accrual loans" above
 
$
272,922
 
 
100.0
%
 
 
 
$
290,474
 
 
100.0
%
 
 
 
$
312,277
 
 
100.0
%
 
 
 
 
 
 

Page 7 of 9
Washington Federal, Inc.
Fact Sheet
March 31, 2011
($ in Thousands)
 

 
 
 
 
 
 9/10 QTR
 
 
 
 
 
 12/10 QTR
 
 
 
 
 
 3/11 QTR
 
 
 
 
Net Charge-offs by Category
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
$
9,277
 
 
 
 
 
 
$
6,303
 
 
 
 
 
 
$
7,469
 
 
 
 
 
     Construction - Speculative
 
9,392
 
 
 
 
 
 
5,275
 
 
 
 
 
 
5,580
 
 
 
 
 
     Construction - Custom
 
263
 
 
 
 
 
 
—
 
 
 
 
 
 
157
 
 
 
 
 
     Land - Acquisition & Development
 
11,826
 
 
 
 
 
 
16,139
 
 
 
 
 
 
6,475
 
 
 
 
 
     Land - Consumer Lot Loans
 
1,251
 
 
 
 
 
 
1,001
 
 
 
 
 
 
1,224
 
 
 
 
 
     Multi-Family
 
1,363
 
 
 
 
 
 
675
 
 
 
 
 
 
(71
)
 
 
 
 
     Commercial Real Estate
 
425
 
 
 
 
 
 
429
 
 
 
 
 
 
570
 
 
 
 
 
     Commercial & Industrial
 
1,173
 
 
 
 
 
 
(1,025
)
 
 
 
 
 
3,611
 
 
 
 
 
     HELOC
 
49
 
 
 
 
 
 
(75
)
 
 
 
 
 
348
 
 
 
 
 
     Consumer
 
1,313
 
 
 
 
 
 
1,084
 
 
 
 
 
 
1,058
 
 
 
 
 
        Total net charge-offs
 
$
36,332
 
 
 
 
 
 
$
29,806
 
 
 
 
 
 
$
26,421
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9/30/2010
 
 
 
 
 
12/31/2010
 
 
 
 
 
3/31/2011
 
 
 
 
SOP 03-3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accretable Yield
 
$
27,019
 
 
 
 
 
 
$
24,084
 
 
 
 
 
 
$
21,304
 
 
 
 
 
Non-Accretable Yield
 
214,920
 
 
 
 
 
 
214,920
 
 
 
 
 
 
214,920
 
 
 
 
 
Total Contractual Payments
 
$
241,939
 
 
 
 
 
 
$
239,004
 
 
 
 
 
 
$
236,224
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Page 8 of 9
Washington Federal, Inc.
Fact Sheet
March 31, 2011
Delinquency Summary (excludes covered loans)
($ in Thousands)
 

 
 
 
 
 
 
 
 AMOUNT OF LOANS
 
# OF LOANS
 
% based
 
 
 
% based
TYPE OF LOANS
 
 #LOANS
 
AVG Size
 
NET OF LIP & CHG-OFFs
 
30
 
60
 
90
 
Total
 
on #
 
$ Delinquent
 
on $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
33,726
 
 
185
 
 
$
6,252,956
 
 
257
 
 
157
 
 
467
 
 
881
 
 
2.61
%
 
$
208,529
 
 
3.33
%
     Construction - Speculative
 
586
 
 
201
 
 
117,561
 
 
7
 
 
—
 
 
51
 
 
58
 
 
9.90
 
 
11,039
 
 
9.39
 
     Construction - Custom
 
605
 
 
230
 
 
139,186
 
 
—
 
 
1
 
 
1
 
 
2
 
 
0.33
 
 
1,519
 
 
1.09
 
     Land - Acquisition & Development
 
380
 
 
646
 
 
245,523
 
 
4
 
 
8
 
 
44
 
 
56
 
 
14.74
 
 
19,879
 
 
8.10
 
     Land - Consumer Lot Loans
 
1,774
 
 
99
 
 
174,929
 
 
14
 
 
8
 
 
50
 
 
72
 
 
4.06
 
 
9,276
 
 
5.30
 
     Multi-Family
 
1,199
 
 
598
 
 
717,285
 
 
4
 
 
—
 
 
7
 
 
11
 
 
0.92
 
 
15,492
 
 
2.16
 
     Commercial Real Estate
 
606
 
 
484
 
 
293,079
 
 
8
 
 
1
 
 
12
 
 
21
 
 
3.47
 
 
5,885
 
 
2.01
 
     Commercial & Industrial
 
598
 
 
124
 
 
74,240
 
 
9
 
 
6
 
 
6
 
 
21
 
 
3.51
 
 
606
 
 
0.82
 
     HELOC
 
1,980
 
 
58
 
 
114,840
 
 
8
 
 
3
 
 
16
 
 
27
 
 
1.36
 
 
2,353
 
 
2.05
 
     Consumer
 
13,652
 
 
6
 
 
79,184
 
 
219
 
 
110
 
 
77
 
 
406
 
 
2.97
 
 
2,301
 
 
2.91
 
 
 
55,106
 
 
 
 
8,208,783
 
 
530
 
 
294
 
 
731
 
 
1,555
 
 
2.82
 
 
276,879
 
 
3.37
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
34,194
 
 
185
 
 
$
6,331,998
 
 
241
 
 
135
 
 
504
 
 
880
 
 
2.57
%
 
$
211,124
 
 
3.33
%
     Construction - Speculative
 
544
 
 
226
 
 
123,192
 
 
3
 
 
4
 
 
59
 
 
66
 
 
12.13
 
 
19,337
 
 
15.70
 
     Construction - Custom
 
635
 
 
231
 
 
146,470
 
 
3
 
 
—
 
 
—
 
 
3
 
 
0.47
 
 
478
 
 
0.33
 
     Land - Acquisition & Development
 
336
 
 
788
 
 
264,747
 
 
7
 
 
3
 
 
38
 
 
48
 
 
14.29
 
 
20,467
 
 
7.73
 
     Land - Consumer Lot Loans
 
1,817
 
 
100
 
 
181,205
 
 
12
 
 
14
 
 
57
 
 
83
 
 
4.57
 
 
10,949
 
 
6.04
 
     Multi-Family
 
1,211
 
 
575
 
 
696,551
 
 
2
 
 
2
 
 
9
 
 
13
 
 
1.07
 
 
10,680
 
 
1.53
 
     Commercial Real Estate
 
579
 
 
543
 
 
314,209
 
 
14
 
 
—
 
 
5
 
 
19
 
 
3.28
 
 
4,814
 
 
1.53
 
     Commercial & Industrial
 
480
 
 
163
 
 
78,081
 
 
10
 
 
—
 
 
3
 
 
13
 
 
2.71
 
 
539
 
 
0.69
 
     HELOC
 
1,788
 
 
65
 
 
115,660
 
 
13
 
 
4
 
 
13
 
 
30
 
 
1.68
 
 
2,794
 
 
2.42
 
     Consumer
 
14,427
 
 
6
 
 
85,988
 
 
288
 
 
141
 
 
124
 
 
553
 
 
3.83
 
 
3,491
 
 
4.06
 
 
 
56,011
 
 
 
 
8,338,101
 
 
593
 
 
303
 
 
812
 
 
1,708
 
 
3.05
 
 
284,672
 
 
3.41
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
35,080
 
 
187
 
 
$
6,547,382
 
 
221
 
 
150
 
 
472
 
 
843
 
 
2.40
%
 
$
203,819
 
 
3.11
%
     Construction - Speculative
 
624
 
 
228
 
 
142,400
 
 
6
 
 
3
 
 
72
 
 
81
 
 
12.98
 
 
26,346
 
 
18.50
 
     Construction - Custom
 
734
 
 
204
 
 
149,372
 
 
2
 
 
—
 
 
—
 
 
2
 
 
0.27
 
 
283
 
 
0.19
 
     Land - Acquisition & Development
 
371
 
 
780
 
 
289,371
 
 
8
 
 
4
 
 
51
 
 
63
 
 
16.98
 
 
42,785
 
 
14.79
 
     Land - Consumer Lot Loans
 
1,870
 
 
100
 
 
186,840
 
 
17
 
 
8
 
 
48
 
 
73
 
 
3.90
 
 
9,799
 
 
5.24
 
     Multi-Family
 
1,231
 
 
566
 
 
697,311
 
 
5
 
 
—
 
 
9
 
 
14
 
 
1.14
 
 
8,714
 
 
1.25
 
     Commercial Real Estate
 
641
 
 
497
 
 
318,420
 
 
6
 
 
1
 
 
12
 
 
19
 
 
2.96
 
 
8,103
 
 
2.54
 
     Commercial & Industrial
 
634
 
 
130
 
 
82,640
 
 
3
 
 
2
 
 
3
 
 
8
 
 
1.26
 
 
222
 
 
0.27
 
     HELOC
 
1,989
 
 
58
 
 
116,143
 
 
4
 
 
4
 
 
10
 
 
18
 
 
0.90
 
 
1,569
 
 
1.35
 
     Consumer
 
15,444
 
 
6
 
 
92,624
 
 
247
 
 
136
 
 
111
 
 
494
 
 
3.20
 
 
3,025
 
 
3.27
 
 
 
58,618
 
 
 
 
8,622,504
 
 
519
 
 
308
 
 
788
 
 
1,615
 
 
2.76
 
 
304,665
 
 
3.53
 

Page 9 of 9
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