Washington | 001-34654 | 91-1661606 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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 |
Item 7.01 | Regulation FD Disclosure |
Item 9.01 | Financial Statements and Exhibits. |
Date: October 24, 2011 | WASHINGTON FEDERAL, INC. | |||||
By: | /s/ BRENT J. BEARDALL | |||||
Brent J. Beardall | ||||||
Executive Vice President and Chief Financial Officer |
September 30, 2011 | September 30, 2010 | ||||||
(In thousands, except share data) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 816,002 | $ | 888,622 | |||
Available-for-sale securities | 3,255,144 | 2,481,093 | |||||
Held-to-maturity securities | 47,036 | 80,107 | |||||
Loans receivable, net | 7,935,877 | 8,423,703 | |||||
Covered loans, net | 382,183 | 534,474 | |||||
Interest receivable | 52,332 | 49,020 | |||||
Premises and equipment, net | 166,593 | 162,721 | |||||
Real estate held for sale | 159,829 | 188,998 | |||||
Covered real estate held for sale | 56,383 | 44,155 | |||||
FDIC indemnification asset | 98,871 | 131,128 | |||||
FHLB stock | 151,755 | 151,748 | |||||
Intangible assets, net | 256,271 | 257,718 | |||||
Federal and state income taxes, net | — | 8,093 | |||||
Other assets | 62,473 | 84,799 | |||||
$ | 13,440,749 | $ | 13,486,379 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities | |||||||
Customer accounts | |||||||
Transaction deposit accounts | $ | 2,662,188 | $ | 2,554,762 | |||
Time deposit accounts | 6,003,715 | 6,297,778 | |||||
8,665,903 | 8,852,540 | ||||||
FHLB advances | 1,962,066 | 1,865,548 | |||||
Other borrowings | 800,000 | 800,000 | |||||
Advance payments by borrowers for taxes and insurance | 39,548 | 39,504 | |||||
Federal and State income taxes | 1,535 | — | |||||
Accrued expenses and other liabilities | 65,164 | 87,640 | |||||
11,534,216 | 11,645,232 | ||||||
Stockholders’ equity | |||||||
Common stock, $1.00 par value, 300,000,000 shares authorized; 129,853,534 and 129,555,956 shares issued; 108,976,410 and 112,483,632 shares outstanding | 129,854 | 129,556 | |||||
Paid-in capital | 1,582,843 | 1,578,527 | |||||
Accumulated other comprehensive income, net of taxes | 85,789 | 49,682 | |||||
Treasury stock, at cost; 20,877,124 and 17,072,324 shares | (268,665 | ) | (208,985 | ) | |||
Retained earnings | 376,712 | 292,367 | |||||
1,906,533 | 1,841,147 | ||||||
$ | 13,440,749 | $ | 13,486,379 | ||||
CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||||
Common stockholders' equity per share | $ | 17.49 | $ | 16.37 | |||
Tangible common stockholders' equity per share | 15.14 | 14.08 | |||||
Stockholders' equity to total assets | 14.18 | % | 13.65 | % | |||
Tangible common stockholders' equity to tangible assets | 12.52 | 11.97 | |||||
Weighted average rates at period end | |||||||
Loans and mortgage-backed securities | 5.43 | % | 5.75 | % | |||
Combined loans, mortgage-backed securities and investment securities | 4.97 | 5.21 | |||||
Customer accounts | 1.14 | 1.51 | |||||
Borrowings | 4.04 | 4.14 | |||||
Combined cost of customer accounts and borrowings | 1.84 | 2.12 |
Interest rate spread | 3.13 | 3.09 |
Quarter Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
INTEREST INCOME | |||||||||||||||
Loans & covered loans | $ | 127,943 | $ | 139,557 | $ | 522,230 | $ | 561,069 | |||||||
Mortgage-backed securities | 27,822 | 21,606 | 108,207 | 91,775 | |||||||||||
Investment securities and cash equivalents | 3,210 | 4,322 | 14,198 | 10,716 | |||||||||||
158,975 | 165,485 | 644,635 | 663,560 | ||||||||||||
INTEREST EXPENSE | |||||||||||||||
Customer accounts | 26,070 | 34,495 | 115,835 | 146,360 | |||||||||||
FHLB advances and other borrowings | 28,387 | 30,621 | 111,861 | 122,741 | |||||||||||
54,457 | 65,116 | 227,696 | 269,101 | ||||||||||||
Net interest income | 104,518 | 100,369 | 416,939 | 394,459 | |||||||||||
Provision for loan losses | 15,354 | 26,000 | 93,104 | 179,909 | |||||||||||
Net interest income after provision for loan losses | 89,164 | 74,369 | 323,835 | 214,550 | |||||||||||
OTHER INCOME | |||||||||||||||
Gain on FDIC-assisted transaction | — | — | — | 85,608 | |||||||||||
Prepayment penalty on FHLB advance | — | (8,150 | ) | — | (8,150 | ) | |||||||||
Gain on sale of investments | — | 1,981 | 8,147 | 22,409 | |||||||||||
Other | 4,719 | 6,153 | 17,786 | 20,563 | |||||||||||
4,719 | (16 | ) | 25,933 | 120,430 | |||||||||||
OTHER EXPENSE | |||||||||||||||
Compensation and benefits | 18,015 | 15,308 | 72,034 | 69,879 | |||||||||||
Occupancy | 3,700 | 3,575 | 14,480 | 13,933 | |||||||||||
FDIC insurance premiums | 5,283 | 5,313 | 20,582 | 18,626 | |||||||||||
Other | 7,287 | 7,469 | 28,963 | 29,042 | |||||||||||
34,285 | 31,665 | 136,059 | 131,480 | ||||||||||||
Loss on real estate acquired through foreclosure, net | (11,681 | ) | (20,089 | ) | (40,050 | ) | (80,475 | ) | |||||||
Income before income taxes | 47,917 | 22,599 | 173,659 | 123,025 | |||||||||||
Income tax provision | 17,251 | 6,636 | $ | 62,518 | 4,372 | ||||||||||
NET INCOME | $ | 30,666 | $ | 15,963 | $ | 111,141 | $ | 118,653 | |||||||
PER SHARE DATA | |||||||||||||||
Basic earnings | $ | 0.28 | $ | 0.14 | $ | 1.00 | $ | 1.06 | |||||||
Diluted earnings | 0.28 | 0.14 | 1.00 | 1.05 | |||||||||||
Cash dividends per share | 0.06 | 0.05 | 0.24 | 0.20 | |||||||||||
Basic weighted average number of shares outstanding | 109,666,258 | 112,478,697 | 111,383,877 | 112,438,059 | |||||||||||
Diluted weighted average number of shares outstanding, including dilutive stock options | 109,748,550 | 112,672,316 | 111,460,106 | 112,745,261 | |||||||||||
PERFORMANCE RATIOS | |||||||||||||||
Return on average assets | 0.91 | % | 0.47 | % | 0.83 | % | 0.89 | % | |||||||
Return on average common equity | 6.55 | 3.46 | 5.99 | 6.55 |
Exhibit 99.2 | ||||||||||||||||||||||||||||||
3/11 QTR | 6/11 QTR | 9/11 QTR | ||||||||||||||||||||||||||||
Loan Loss Reserve - Total | $ | 163,617 | $ | 161,098 | $ | 157,160 | ||||||||||||||||||||||||
General | 107,510 | 114,158 | 115,248 | |||||||||||||||||||||||||||
Specific | 56,107 | 46,940 | 41,912 | |||||||||||||||||||||||||||
Net Charge-offs (Recoveries) for the Qtr | 26,421 | 23,519 | 18,539 | |||||||||||||||||||||||||||
Non-performing Assets - Total | 399,295 | 394,679 | 370,294 | |||||||||||||||||||||||||||
REO | 147,725 | 132,006 | 129,175 | |||||||||||||||||||||||||||
REHI | 29,834 | 29,921 | 30,654 | |||||||||||||||||||||||||||
Non-accrual | 221,736 | 232,752 | 210,465 | |||||||||||||||||||||||||||
Troubled Debt Restructuring | 312,277 | 363,663 | 377,496 | |||||||||||||||||||||||||||
Regulatory Capital Ratios (excludes holding co.) | ||||||||||||||||||||||||||||||
Tangible | 1,530,254 | 11.68 | % | 1,536,983 | 11.82 | % | 1,543,437 | 11.82 | % | |||||||||||||||||||||
Core | 1,530,254 | 11.68 | 1,536,983 | 11.82 | 1,543,437 | 11.82 | ||||||||||||||||||||||||
Risk Based | 1,612,264 | 24.24 | 1,619,301 | 24.26 | 1,624,817 | 24.68 | ||||||||||||||||||||||||
3/11 QTR | 3/11 YTD | 6/11 QTR | 3/11 YTD | 9/11 QTR | 9/11 YTD | |||||||||||||||||||||||||
Loan Originations - Total | $ | 319,601 | $ | 634,892 | $ | 353,668 | $ | 988,560 | $ | 319,030 | $ | 1,307,590 | ||||||||||||||||||
Single-Family Residential | 136,530 | 273,564 | 163,910 | 437,474 | 120,428 | 557,902 | ||||||||||||||||||||||||
Construction - Speculative | 30,486 | 57,374 | 32,158 | 89,532 | 36,510 | 126,042 | ||||||||||||||||||||||||
Construction - Custom | 70,757 | 122,636 | 84,273 | 206,909 | 82,204 | 289,113 | ||||||||||||||||||||||||
Land - Acquisition & Development | 5,738 | 9,157 | 3,439 | 12,596 | 2,361 | 14,957 | ||||||||||||||||||||||||
Land - Consumer Lot Loans | 2,824 | 4,707 | 3,285 | 7,992 | 1,976 | 9,968 | ||||||||||||||||||||||||
Multi-Family | 42,829 | 76,032 | 31,579 | 107,611 | 15,007 | 122,618 | ||||||||||||||||||||||||
Commercial Real Estate | 3,318 | 6,284 | 5,908 | 12,192 | 5,928 | 18,120 | ||||||||||||||||||||||||
Commercial & Industrial | 18,443 | 67,155 | 22,650 | 89,805 | 45,135 | 134,940 | ||||||||||||||||||||||||
HELOC | 8,676 | 17,764 | 6,466 | 24,230 | 9,481 | 33,711 | ||||||||||||||||||||||||
Consumer | — | 219 | — | 219 | — | 219 | ||||||||||||||||||||||||
3/11 QTR | 3/11 YTD | 6/11 QTR | 3/11 YTD | 9/11 QTR | 9/11 YTD | |||||||||||||||||||||||||
Loan Servicing Fee Income | $ | 1,893 | $ | 3,604 | $ | 1,684 | $ | 5,288 | $ | 1,923 | $ | 7,211 | ||||||||||||||||||
Other Fee Income | 717 | 1,622 | 893 | 2,515 | 956 | 3,471 | ||||||||||||||||||||||||
Total Fee Income | 2,610 | 5,226 | 2,577 | 7,803 | 2,879 | 10,682 | ||||||||||||||||||||||||
3/11 QTR | 3/11 YTD | 6/11 QTR | 3/11 YTD | 9/11 QTR | 9/11 YTD | |||||||||||||||||||||||||
Average Loans | $ | 8,130,199 | $ | 8,277,384 | $ | 8,063,178 | $ | 8,205,982 | $ | 8,083,927 | $ | 8,175,217 | ||||||||||||||||||
Average Earning Assets | 12,448,753 | 12,498,114 | 12,350,022 | 12,448,750 | 12,441,133 | 12,446,830 | ||||||||||||||||||||||||
Average Assets | 13,412,761 | 13,457,075 | 13,343,611 | 13,418,516 | 13,407,813 | 13,422,544 | ||||||||||||||||||||||||
Average Paying Liabilities | 11,493,611 | 11,538,796 | 11,419,719 | 11,499,103 | 11,449,501 | 11,486,601 | ||||||||||||||||||||||||
Operating Expenses/Average Assets | 0.99 | % | 1.00 | % | 1.02 | % | 1.02 | % | 1.02 | % | 1.01 | % | ||||||||||||||||||
Efficiency Ratio | 31.46 | 31.43 | 30.95 | 31.27 | 31.39 | 31.3 | ||||||||||||||||||||||||
Amortization of Intangibles | $ | 367 | $ | 747 | $ | 355 | $ | 1,102 | $ | 345 | $ | 1,447 | ||||||||||||||||||
Net Interest Margin | 3.26 | % | 3.30 | % | 3.44 | % | 3.35 | % | 3.36 | % | 3.35 | % | ||||||||||||||||||
Repayments | 3/11 QTR | 3/11 YTD | 6/11 QTR | 3/11 YTD | 9/11 QTR | 9/11 YTD | ||||||||||||||||||||||||
Loans | $ | 464,326 | $ | 1,092,134 | $ | 330,981 | $ | 1,423,115 | $ | 399,013 | $ | 1,822,128 | ||||||||||||||||||
MBS | 171,883 | 380,875 | 110,993 | 491,868 | 156,512 | 648,380 | ||||||||||||||||||||||||
EOP Numbers | 3/11 QTR | 6/11 QTR | 9/11 QTR | |||||||||||||||||||||||||||
Shares Issued and Outstanding | 112,074,425 | 110,438,317 | 108,976,410 | |||||||||||||||||||||||||||
Share repurchase information | 3/11 QTR | 3/11 YTD | 6/11 QTR | 3/11 YTD | 9/11 QTR | 9/11 YTD | ||||||||||||||||||||||||
Remaining shares auth. for repurchase | 2,238,314 | 2,238,314 | 10,583,514 | 10,583,514 | 9,083,514 | 9,083,514 | ||||||||||||||||||||||||
Shares repurchased | 350,000 | 650,000 | 1,654,800 | 2,304,800 | 1,500,000 | 3,804,800 | ||||||||||||||||||||||||
Average share repurchase price | $ | 17.27 | $ | 16.26 | $ | 15.72 | $ | 15.87 | $ | 15.37 | $ | 15.68 |
Tangible Common Book Value | 3/11 QTR | 6/11 QTR | 9/11 QTR | |||||||||||||||||||||
$ Amount | $ | 1,580,670 | $ | 1,603,706 | $ | 1,650,262 | ||||||||||||||||||
Per Share | 14.1 | 14.52 | 15.14 | |||||||||||||||||||||
# of Employees | 1,226 | 1,215 | 1,221 | |||||||||||||||||||||
Tax Rate - Going Forward | 36.00 | % | 36.00 | % | 36.00 | % | ||||||||||||||||||
Investments | 3/11 QTR | 6/11 QTR | 9/11 QTR | |||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Agency MBS | $ | 2,566,822 | $ | 2,817,485 | $ | 3,011,090 | ||||||||||||||||||
Other | 338,255 | 308,925 | 244,054 | |||||||||||||||||||||
$ | 2,905,077 | $ | 3,126,410 | $ | 3,255,144 | |||||||||||||||||||
Held-to-maturity: | ||||||||||||||||||||||||
Agency MBS | $ | 50,760 | $ | 47,553 | $ | 45,086 | ||||||||||||||||||
Other | 1,950 | 1,950 | 1,950 | |||||||||||||||||||||
$ | 52,710 | $ | 49,503 | $ | 47,036 |
AS OF 3/31/11 | AS OF 6/30/11 | AS OF 9/30/11 | |||||||||||||||||||||||||
Gross Loan Portfolio by Category * | AMOUNT | % | AMOUNT | % | AMOUNT | % | |||||||||||||||||||||
Single-Family Residential | $ | 6,254,244 | 75.0 | % | $ | 6,281,072 | 74.8 | % | $ | 6,218,878 | 74.9 | % | |||||||||||||||
Construction - Speculative | 145,282 | 1.7 | 143,964 | 1.7 | 140,459 | 1.7 | |||||||||||||||||||||
Construction - Custom | 243,739 | 2.9 | 270,894 | 3.2 | 279,851 | 3.4 | |||||||||||||||||||||
Land - Acquisition & Development | 253,377 | 3.0 | 230,901 | 2.8 | 200,692 | 2.4 | |||||||||||||||||||||
Land - Consumer Lot Loans | 174,929 | 2.1 | 169,714 | 2.0 | 163,146 | 2.0 | |||||||||||||||||||||
Multi-Family | 717,533 | 8.6 | 717,107 | 8.6 | 700,673 | 8.4 | |||||||||||||||||||||
Commercial Real Estate | 294,181 | 3.5 | 303,023 | 3.6 | 303,442 | 3.7 | |||||||||||||||||||||
Commercial & Industrial | 74,248 | 0.9 | 82,091 | 1.0 | 109,332 | 1.3 | |||||||||||||||||||||
HELOC | 114,840 | 1.4 | 114,676 | 1.4 | 115,092 | 1.4 | |||||||||||||||||||||
Consumer | 79,184 | 0.9 | 73,061 | 0.9 | 67,509 | 0.8 | |||||||||||||||||||||
$ | 8,351,557 | 100.0 | % | $ | 8,386,503 | 100.0 | % | $ | 8,299,074 | 100.0 | % | ||||||||||||||||
Less: | |||||||||||||||||||||||||||
ALL | 163,617 | 161,099 | 157,160 | ||||||||||||||||||||||||
Loans in Process | 142,776 | 164,747 | 170,229 | ||||||||||||||||||||||||
Deferred Net Origination Fees | 36,503 | 37,047 | 35,808 | ||||||||||||||||||||||||
342,896 | 362,893 | 363,197 | |||||||||||||||||||||||||
$ | 8,008,661 | $ | 8,023,610 | $ | 7,935,877 | ||||||||||||||||||||||
AS OF 3/31/11 | AS OF 6/30/11 | AS OF 9/30/11 | |||||||||||||||||||||||||
Net Loan Portfolio by Category * | AMOUNT | % | AMOUNT | % | AMOUNT | % | |||||||||||||||||||||
Single-Family Residential | $ | 6,158,837 | 77.0 | % | $ | 6,177,329 | 77.1 | % | $ | 6,107,499 | 77.0 | % | |||||||||||||||
Construction - Speculative | 95,319 | 1.2 | 92,160 | 1.1 | 101,005 | 1.3 | |||||||||||||||||||||
Construction - Custom | 137,572 | 1.7 | 145,552 | 1.8 | 145,934 | 1.8 | |||||||||||||||||||||
Land - Acquisition & Development | 199,597 | 2.5 | 185,592 | 2.3 | 160,028 | 2.0 | |||||||||||||||||||||
Land - Consumer Lot Loans | 168,477 | 2.1 | 163,151 | 2.0 | 156,922 | 2.0 | |||||||||||||||||||||
Multi-Family | 706,378 | 8.8 | 705,777 | 8.8 | 688,694 | 8.7 | |||||||||||||||||||||
Commercial Real Estate | 288,266 | 3.6 | 296,452 | 3.7 | 294,667 | 3.7 | |||||||||||||||||||||
Commercial & Industrial | 67,490 | 0.8 | 76,652 | 1.0 | 103,425 | 1.3 | |||||||||||||||||||||
HELOC | 113,208 | 1.4 | 113,021 | 1.4 | 113,456 | 1.4 | |||||||||||||||||||||
Consumer | 73,517 | 0.9 | 67,924 | 0.8 | 64,247 | 0.8 | |||||||||||||||||||||
$ | 8,008,661 | 100.0 | % | $ | 8,023,610 | 100.0 | % | $ | 7,935,877 | 100.0 | % | ||||||||||||||||
* Excludes covered loans |
AS OF 3/31/11 | AS OF 6/30/11 | AS OF 9/30/11 | ||||||||||||||||||||||||||||
Deposits by State | AMOUNT | % | # | AMOUNT | % | # | AMOUNT | % | # | |||||||||||||||||||||
WA | $ | 4,305,002 | 49.0 | % | 64 | $ | 4,264,738 | 48.9 | % | 64 | $ | 4,261,208 | 49.1 | % | 64 | |||||||||||||||
ID | 607,059 | 6.9 | 16 | 594,854 | 6.8 | 16 | 590,595 | 6.8 | 16 | |||||||||||||||||||||
OR | 1,381,836 | 15.7 | 28 | 1,378,798 | 15.8 | 28 | 1,374,167 | 15.9 | 28 | |||||||||||||||||||||
UT | 345,433 | 3.9 | 10 | 345,402 | 4.0 | 10 | 344,655 | 4.0 | 10 | |||||||||||||||||||||
NV | 218,646 | 2.5 | 4 | 219,850 | 2.5 | 4 | 214,057 | 2.5 | 4 | |||||||||||||||||||||
TX | 130,815 | 1.5 | 6 | 127,170 | 1.5 | 6 | 128,361 | 1.5 | 6 | |||||||||||||||||||||
AZ | 1,321,747 | 15.0 | 21 | 1,306,416 | 15.0 | 21 | 1,283,853 | 14.8 | 21 | |||||||||||||||||||||
NM | 479,734 | 5.5 | 11 | 476,462 | 5.5 | 11 | 469,007 | 5.4 | 11 | |||||||||||||||||||||
Total | $ | 8,790,272 | 100.0 | % | 160 | $ | 8,713,690 | 100.0 | % | 160 | $ | 8,665,903 | 100.0 | % | 160 | |||||||||||||||
3/11 QTR | 6/11 QTR | 9/11 QTR | ||||||||||||||||||||||||||||
Deposits by Type | AMOUNT | % | AMOUNT | % | AMOUNT | % | ||||||||||||||||||||||||
Checking (noninterest) | $ | 212,752 | 2.4 | % | $ | 221,656 | 2.5 | % | $ | 235,146 | 2.7 | % | ||||||||||||||||||
NOW (interest) | 490,663 | 5.6 | 512,457 | 5.9 | 543,907 | 6.3 | ||||||||||||||||||||||||
Savings (passbook/stmt) | 244,069 | 2.8 | 246,260 | 2.8 | 255,396 | 2.9 | ||||||||||||||||||||||||
Money Market | 1,649,127 | 18.8 | 1,637,812 | 18.8 | 1,627,738 | 18.8 | ||||||||||||||||||||||||
CD's | 6,193,661 | 70.4 | 6,095,505 | 70.0 | 6,003,716 | 69.3 | ||||||||||||||||||||||||
Total | $ | 8,790,272 | 100.0 | % | $ | 8,713,690 | 100.0 | % | $ | 8,665,903 | 100.0 | % | ||||||||||||||||||
Deposits greater than $250,000 - EOP | $ | 893,687 | $ | 906,300 | $ | 921,462 | ||||||||||||||||||||||||
Brokered Deposits | $ | — | $ | — | $ | — |
3/11 QTR | 6/11 QTR | 9/11 QTR | ||||||||||||||||||||||
Non-Performing Assets | ||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||
Single-Family Residential | $ | 121,535 | $ | 129,798 | $ | 126,624 | ||||||||||||||||||
Construction - Speculative | 20,187 | 24,539 | 15,383 | |||||||||||||||||||||
Construction - Custom | 307 | — | 635 | |||||||||||||||||||||
Land - Acquisition & Development | 45,494 | 51,100 | 37,339 | |||||||||||||||||||||
Land - Consumer Lot Loans | 6,470 | 6,148 | 8,843 | |||||||||||||||||||||
Multi-Family | 13,249 | 7,850 | 7,664 | |||||||||||||||||||||
Commercial Real Estate | 12,734 | 12,186 | 11,380 | |||||||||||||||||||||
Commercial & Industrial | 369 | 257 | 1,679 | |||||||||||||||||||||
HELOC | 1,001 | 590 | 481 | |||||||||||||||||||||
Consumer | 390 | 284 | 437 | |||||||||||||||||||||
Total non-accrual loans | 221,736 | 232,752 | 210,465 | |||||||||||||||||||||
Total REO | 147,725 | 132,006 | 129,175 | |||||||||||||||||||||
Total REHI | 29,834 | 29,921 | 30,654 | |||||||||||||||||||||
Total non-performing assets | $ | 399,295 | $ | 394,679 | $ | 370,294 | ||||||||||||||||||
Total non-performing assets as a | ||||||||||||||||||||||||
% of total assets | 2.98 | % | 2.96 | % | 2.76 | % | ||||||||||||||||||
Restructured loans: | |||||||||||||||||||||||||||
Single-Family Residential | $ | 238,163 | 76.2 | % | $ | 283,445 | 78.0 | % | $ | 309,372 | 82.0 | % | |||||||||||||||
Construction - Speculative | 13,361 | 4.3 | 14,922 | 4.1 | 15,481 | 4.1 | |||||||||||||||||||||
Construction - Custom | — | — | — | — | — | — | |||||||||||||||||||||
Land - Acquisition & Development | 28,430 | 9.1 | 32,505 | 8.9 | 18,033 | 4.8 | |||||||||||||||||||||
Land - Consumer Lot Loans | 9,312 | 3.0 | 10,493 | 2.9 | 13,124 | 3.5 | |||||||||||||||||||||
Multi-Family | 20,583 | 6.6 | 19,914 | 5.5 | 19,046 | 5.0 | |||||||||||||||||||||
Commercial Real Estate | 1,464 | 0.5 | 1,449 | 0.4 | 1,435 | 0.4 | |||||||||||||||||||||
Commercial & Industrial | 886 | 0.3 | 857 | 0.2 | 828 | 0.2 | |||||||||||||||||||||
HELOC | 78 | — | 78 | — | 177 | — | |||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||
Total restructured loans (2) | $ | 312,277 | 100.0 | % | $ | 363,663 | 100.0 | % | $ | 377,496 | 100.0 | % | |||||||||||||||
(2) Restructured loans were as follows: | |||||||||||||||||||||||||||
Performing | $ | 285,595 | 91.5 | % | $ | 297,423 | 81.8 | % | $ | 320,018 | 84.8 | % | |||||||||||||||
Non-accrual * | 26,682 | 8.5 | 66,240 | 18.2 | 57,478 | 15.2 | |||||||||||||||||||||
* - Included in "Total non-accrual loans" above | $ | 312,277 | 100.0 | % | $ | 363,663 | 100.0 | % | $ | 377,496 | 100.0 | % |
3/11 QTR | 6/11 QTR | 9/11 QTR | |||||||||||||||||||||||||
Net Charge-offs by Category | |||||||||||||||||||||||||||
Single-Family Residential | $ | 7,469 | $ | 8,018 | $ | 13,897 | |||||||||||||||||||||
Construction - Speculative | 5,580 | 169 | (263 | ) | |||||||||||||||||||||||
Construction - Custom | 157 | 80 | — | ||||||||||||||||||||||||
Land - Acquisition & Development | 6,475 | 11,869 | 3,043 | ||||||||||||||||||||||||
Land - Consumer Lot Loans | 1,224 | 1,169 | 801 | ||||||||||||||||||||||||
Multi-Family | (71 | ) | 1,100 | 175 | |||||||||||||||||||||||
Commercial Real Estate | 570 | 22 | 245 | ||||||||||||||||||||||||
Commercial & Industrial | 3,611 | 119 | 103 | ||||||||||||||||||||||||
HELOC | 348 | 386 | 95 | ||||||||||||||||||||||||
Consumer | 1,058 | 588 | 443 | ||||||||||||||||||||||||
Total net charge-offs | $ | 26,421 | $ | 23,519 | $ | 18,539 | |||||||||||||||||||||
3/31/2011 | 6/30/2011 | 9/30/2011 | |||||||||||||||||||||||||
SOP 03-3 | |||||||||||||||||||||||||||
Accretable Yield | $ | 21,304 | $ | 18,682 | $ | 37,072 | |||||||||||||||||||||
Non-Accretable Yield | 214,920 | 214,920 | 190,895 | ||||||||||||||||||||||||
Total Contractual Payments | $ | 236,224 | $ | 233,602 | $ | 227,967 | |||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||||
One Year GAP | (19.0 | )% | (19.1 | )% | (16.5 | )% | |||||||||||||||||||||
NPV post 200 bps shock* | 11.15 | % | 9.92 | % | 11.04 | % | |||||||||||||||||||||
Change in NII after 200 bps shock* | (6.30 | )% | (7.40 | )% | (3.30 | )% | |||||||||||||||||||||
* Assumes no balance sheet management | |||||||||||||||||||||||||||
CD's Repricing | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||||||||
Within 3 months | $ | 1,672,303 | 1.33 | % | $ | 1,024,732 | 1.29 | % | $ | 1,531,968 | 1.37 | % | |||||||||||||||
From 4 to 6 months | 1,004,046 | 1.32 | 1,512,394 | 1.39 | 1,053,840 | 1.26 | |||||||||||||||||||||
From 7 to 9 months | 995,236 | 1.85 | 768,384 | 1.58 | 673,707 | 1.22 | |||||||||||||||||||||
From 10 to 12 months | 755,428 | 1.60 | 675,834 | 1.22 | 677,778 | 1.21 | |||||||||||||||||||||
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 $ | ||||||||||||||||||||||
September 30, 2011 | ||||||||||||||||||||||||||||||||
Single-Family Residential | 33,288 | 187 | $ | 6,217,670 | 253 | 99 | 544 | 896 | 2.69 | % | $ | 202,207 | 3.25 | % | ||||||||||||||||||
Construction - Speculative | 557 | 207 | 115,409 | 2 | — | 34 | 36 | 6.46 | 8,566 | 7.42 | ||||||||||||||||||||||
Construction - Custom | 685 | 216 | 147,764 | — | — | 1 | 1 | 0.15 | 635 | 0.43 | ||||||||||||||||||||||
Land - Acquisition & Development | 233 | 831 | 193,613 | 2 | — | 27 | 29 | 12.45 | 34,256 | 17.69 | ||||||||||||||||||||||
Land - Consumer Lot Loans | 1,699 | 96 | 163,146 | 14 | 11 | 68 | 93 | 5.47 | 11,297 | 6.92 | ||||||||||||||||||||||
Multi-Family | 1,163 | 601 | 699,340 | — | 2 | 6 | 8 | 0.69 | 8,575 | 1.23 | ||||||||||||||||||||||
Commercial Real Estate | 544 | 552 | 300,307 | 4 | — | 8 | 12 | 2.21 | 8,292 | 2.76 | ||||||||||||||||||||||
Commercial & Industrial | 428 | 255 | 108,995 | 1 | 1 | 2 | 4 | 0.93 | 2,287 | 2.10 | ||||||||||||||||||||||
HELOC | 1,817 | 63 | 115,092 | 4 | 1 | 6 | 11 | 0.61 | 1,033 | 0.90 | ||||||||||||||||||||||
Consumer | 12,060 | 6 | 67,509 | 194 | 94 | 80 | 368 | 3.05 | 2,075 | 3.07 | ||||||||||||||||||||||
52,474 | $ | 8,128,845 | 474 | 208 | 776 | 1,458 | 2.78 | $ | 279,223 | 3.43 | ||||||||||||||||||||||
June 30, 2011 | ||||||||||||||||||||||||||||||||
Single-Family Residential | 33,727 | 186 | $ | 6,279,632 | 232 | 157 | 515 | 904 | 2.68 | % | $ | 215,645 | 3.43 | % | ||||||||||||||||||
Construction - Speculative | 576 | 200 | 115,271 | 6 | 6 | 41 | 53 | 9.20 | 13,474 | 11.69 | ||||||||||||||||||||||
Construction - Custom | 652 | 226 | 147,339 | 1 | — | — | 1 | 0.15 | 635 | 0.43 | ||||||||||||||||||||||
Land - Acquisition & Development | 283 | 784 | 221,967 | 3 | 21 | 41 | 65 | 22.97 | 39,055 | 17.59 | ||||||||||||||||||||||
Land - Consumer Lot Loans | 1,741 | 97 | 169,714 | 16 | 9 | 51 | 76 | 4.37 | 8,508 | 5.01 | ||||||||||||||||||||||
Multi-Family | 1,190 | 602 | 715,875 | 1 | 5 | 5 | 11 | 0.92 | 9,945 | 1.39 | ||||||||||||||||||||||
Commercial Real Estate | 561 | 539 | 302,142 | 6 | 4 | 9 | 19 | 3.39 | 10,450 | 3.46 | ||||||||||||||||||||||
Commercial & Industrial | 439 | 187 | 82,078 | 4 | 2 | 3 | 9 | 2.05 | 294 | 0.36 | ||||||||||||||||||||||
HELOC | 1,817 | 63 | 114,676 | 5 | 3 | 7 | 15 | 0.83 | 1,073 | 0.94 | ||||||||||||||||||||||
Consumer | 12,804 | 6 | 73,061 | 210 | 94 | 66 | 370 | 2.89 | 2,127 | 2.91 | ||||||||||||||||||||||
53,790 | $ | 8,221,756 | 484 | 301 | 738 | 1,523 | 2.83 | $ | 301,206 | 3.66 | ||||||||||||||||||||||
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 |
Quarters Ended | ||||||||||||||||||||||||||
March 31, 2011 | June 30, 2011 | September 30, 2011 | ||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Loans and covered loans | $ | 8,596,325 | $ | 128,634 | 6.07 | % | $ | 8,488,518 | $ | 127,736 | 6.04 | % | $ | 8,476,006 | $ | 127,943 | 5.99 | % | ||||||||
Mortgage-backed securities | 2,527,106 | 26,163 | 4.20 | 2,765,274 | 30,529 | 4.43 | 2,783,572 | 27,822 | 3.97 | |||||||||||||||||
Cash & Investments | 1,173,572 | 3,740 | 1.29 | 944,478 | 3,264 | 1.39 | 1,029,802 | 3,208 | 1.24 | |||||||||||||||||
FHLB stock | 151,750 | 2 | 0.01 | 151,752 | 2 | 0.01 | 151,753 | 2 | 0.01 | |||||||||||||||||
Total interest-earning assets | 12,448,753 | 158,539 | 5.16 | % | 12,350,022 | 161,531 | 5.25 | % | 12,441,133 | 158,975 | 5.07 | % | ||||||||||||||
Other assets | 964,008 | 993,589 | 966,680 | |||||||||||||||||||||||
Total assets | $ | 13,412,761 | $ | 13,343,611 | $ | 13,407,813 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||
Customer accounts | $ | 8,829,887 | 29,450 | 1.35 | % | $ | 8,756,538 | 27,581 | 1.26 | % | $ | 8,708,928 | 26,070 | 1.19 | % | |||||||||||
FHLB advances | 1,863,724 | 20,170 | 4.39 | 1,863,181 | 20,371 | 4.39 | 1,940,573 | 20,858 | 4.26 | |||||||||||||||||
Other borrowings | 800,000 | 7,364 | 3.73 | 800,000 | 7,447 | 3.73 | 800,000 | 7,529 | 3.73 | |||||||||||||||||
Total interest-bearing liabilities | 11,493,611 | 56,984 | 2.01 | % | 11,419,719 | 55,399 | 1.95 | % | 11,449,501 | 54,457 | 1.89 | % | ||||||||||||||
Other liabilities | 71,404 | 83,229 | 86,422 | |||||||||||||||||||||||
Total liabilities | 11,565,015 | 11,502,948 | 11,535,923 | |||||||||||||||||||||||
Stockholders’ equity | 1,847,746 | 1,840,663 | 1,871,890 | |||||||||||||||||||||||
Total liabilities and equity | $ | 13,412,761 | $ | 13,343,611 | $ | 13,407,813 | ||||||||||||||||||||
Net interest income | $ | 101,555 | $ | 106,132 | $ | 104,518 | ||||||||||||||||||||
Net interest margin (1) | 3.26 | % | 3.44 | % | 3.36 | % | ||||||||||||||||||||
(1) Net interest income divided by average interest-earning assets | ||||||||||||||||||||||||||