0000936528-12-000002.txt : 20120117 0000936528-12-000002.hdr.sgml : 20120116 20120117135433 ACCESSION NUMBER: 0000936528-12-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20120111 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120117 DATE AS OF CHANGE: 20120117 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: 12529173 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 wfsl8-k_dec312011.htm WFSL FORM 8-K_DEC 31 2011 EARNINGS RELEASE WFSL 8-K_Dec 31 2011
 
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): January 11, 2012
 ____________________________________
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 January 11, 2012, Washington Federal, Inc. (the "Company") announced by press release its earnings for the quarter ended December 31, 2011. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the December 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 December 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 January 11, 2012.
99.2 Fact Sheet as of December 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: January 17, 2012
 
 
 
WASHINGTON FEDERAL, INC.
 
 
 
 
 
 
 
 
By:
 
/s/ BRENT J. BEARDALL
 
 
 
 
 
 
Brent J. Beardall
 
 
 
 
 
 
Executive Vice President
and Chief Financial Officer

3
 EX-99.1 2 dec312011pressrelease_exhi.htm WFSL FORM 8-K EXHIBIT 99.1_DEC 31 2011 EARNINGS RELEASE Dec 31 2011 Press Release_Exhibit 99.1
Exhibit 99.1


Washington Federal, Inc.                                
425 Pike Street
Seattle, WA 98101
Contact: Cathy Cooper
(206) 777-8246
Wednesday, January 11, 2012
FOR IMMEDIATE RELEASE

Washington Federal Quarterly Earnings Increase by 36% to $33.4 Million


SEATTLE - Washington Federal, Inc. (Nasdaq: WFSL) today announced earnings of $33,418,000, or $.31 per diluted share, for the quarter ended December 31, 2011, compared to $24,530,000, or $.22 per diluted share, for the same period one year ago. Net income increased by 36% and earnings per share improved by 41%, driven primarily by lower credit costs. Credit related expenses, which include the provision for loan losses and charges related to real estate owned (“REO”), were $21,779,000 for the quarter ended December 31, 2011, a decrease of $14,774,000, or 40%, from the same quarter one year ago.

Chairman, President and CEO Roy M. Whitehead commented, “We are very pleased to report the sixth consecutive quarter of improved earnings. Loan losses continued to decline, demand for foreclosed real estate increased noticeably, and improved economic conditions in virtually all of our markets were reported. Loan demand and revenue growth remain elusive, but it's a very good start to our new fiscal year.”

During the quarter the Company closed two separate acquisitions. On October 14th, $254 million in deposits and six branch locations in New Mexico were acquired from the former Charter Bank. Two of the acquired branches are in Santa Fe and four are located in Albuquerque. On December 16th, the Company entered into a transaction with the FDIC to acquire substantially all of the assets and liabilities of the former Western National Bank (“WNB”), headquartered in Phoenix, Arizona. WNB had gross loans of $143 million, along with $135 million in deposits and three branch locations. The Agreement with the FDIC, which does


not include a loss sharing provision, provided the Company with a discount on assets of $53 million and no deposit premium. Final purchase accounting adjustments will be made in the coming quarter, but at this time the Company does not anticipate recording a significant upfront gain or goodwill asset as a result of this transaction. Loans that were classified as non-performing loans by WNB are no longer classified as non-performing because, at acquisition, the carrying value of these loans was adjusted to reflect fair value. Management believes that the new book value reflects an amount that will ultimately be collected. Due to the Company's existing presence in the Phoenix market, it is anticipated that two of the WNB branch locations will be consolidated into nearby Washington Federal branches.

During the quarter the Company's loan portfolio decreased by $126 million or 2% as mortgage loans refinanced elsewhere at historically low interest rates. Investment securities increased by $288 million or 9% as management invested the proceeds from the two acquisitions closed during the quarter. As of December 31, 2011, the investment portfolio had an unrealized gain of $136 million, a slight decrease from the $139 million at September 30, 2011. Deposits increased by $210 million or 2% as a result of the two acquisitions.

Cash and cash equivalents were $910 million at December 31, 2011, an increase of $94 million from the prior quarter. The ratio of tangible common equity to tangible assets decreased slightly during the quarter to 12.35% from 12.52%. During the quarter the Company repurchased 1,550,000 shares at a weighted average price of $13.11. Under its existing authorization, the Company can repurchase an additional 7,533,514 shares.

Net interest margin contracted slightly to 3.27% from 3.36% on a linked quarter basis. The benefit from decreasing interest expense on deposits was more than offset by the reduced yield on assets as a result of repayments and reinvestment at lower yields.

The Company's efficiency ratio of 31.7% for the quarter remains among the lowest in the industry. The quarter produced a return on assets of .98%, while return on equity amounted to 7.0%, both of these measures are substantial improvements over the prior year.

Non-performing assets amounted to $344 million, or 2.52% of total assets, at quarter-end. This represents an improvement of $99 million or 22% from December 31, 2010, and a $26 million improvement from September 30, 2011. Non-performing loans totaled $186 million on December 31, 2011, which is a 62% decline from the peak of $492 million on June 30, 2009. Net loan charge-offs decreased from $30 million in the quarter ended December 31, 2010 to $14 million in the current quarter, a $16 million or 53%


decrease.

Overall delinquencies declined to 3.13% in the current quarter from 3.43% at September 30, 2011; the delinquency rate on single-family residential mortgages, the largest portion of the loan portfolio, decreased from 3.25% to 3.17%. The total allowance for loan losses, including specific reserves accounted for under ASC 310-10, amounted to $155 million, or 1.88% of total gross loans. As of quarter end the general allowance for loan losses totaled $115 million or 1.44% of loans subject to the general allowance. One year ago, the general allowance for loan losses totaled $101 million or 1.25% of loans. This increase in the general reserve was deemed necessary due to the elevated level of delinquency in the single family portfolio, continued high unemployment rates and weakness in the housing market. The total allowance decreased by $2.6 million, on a linked quarter basis due to improving credit metrics in the portfolio as described in the preceding paragraphs.

On January 13, 2012, Washington Federal will pay a cash dividend of $.08 per share to common stockholders of record on December 30, 2011. This will be the Company's 116th consecutive quarterly cash dividend and represents a 33% increase in the cash dividend of $.06 paid to stockholders in the preceding four quarters.

The Company's Annual Meeting of Stockholders will be held at 2:00 p.m. on January 18, 2012, at the Westin Hotel, 1900 Fifth Avenue, Seattle, Washington.

Washington Federal, with headquarters in Seattle, Washington, has 166 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 2011 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Financial information contained in this release should be considered to be an estimate until the


Company files its first fiscal quarter Form 10-Q for 2012 with the Securities and Exchange Commission. While the Company is not aware of any need to revise the results disclosed in this release, accounting literature may require adverse information received by management on troubled assets between the date of this release and the filing of the Form 10-Q to be reflected in the results of this quarter, even though the new information was received by management subsequent to the date of this release.

Statements contained herein that are not historical facts should be considered forward-looking statements with respect to Washington Federal. Forward-looking statements of this type speak only as of the date of this report. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, unforeseen local, regional, national or global events, economic conditions, asset quality, interest rates, loan demand, changes in business or consumer spending, borrowing or savings habits, deposit growth, adequacy of the reserve for loan losses, competition, stock price volatility, government monetary and economic policy, anticipated expense levels, changes in laws and regulations, the level of success of the company's asset/liability management strategies as well as its marketing, product development, sales and other strategies, the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as the Financial Accounting Standards Board and other accounting standard setters, the costs and effects of litigation and of unexpected or adverse outcomes in such litigation, and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Washington Federal undertakes no obligation to update or revise forward-looking statements to reflect subsequent circumstances, events or information or for any other reason.

# # #

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)

 
December 31, 2011
 
September 30, 2011
 
(In thousands, except share data)
ASSETS
 
 
 
Cash and cash equivalents
$
909,911

 
$
816,002

Available-for-sale securities
3,548,076

 
3,255,144

Held-to-maturity securities
42,226

 
47,036

Loans receivable, net
7,810,075

 
7,935,877

Covered loans, net
347,469

 
382,183

Interest receivable
53,974

 
52,332

Premises and equipment, net
174,026

 
166,593

Real estate held for sale
157,882

 
159,829

Covered real estate held for sale
48,534

 
56,383

FDIC indemnification asset
92,103

 
101,634

FHLB stock
153,333

 
151,755

Intangible assets, net
256,952

 
256,271

Other assets
55,155

 
59,710

 
$
13,649,716

 
$
13,440,749

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Customer accounts
 
 
 
Transaction deposit accounts
$
2,850,217

 
$
2,662,188

Time deposit accounts
6,025,458

 
6,003,715

 
8,875,675

 
8,665,903

FHLB advances
1,960,868

 
1,962,066

Other borrowings
800,000

 
800,000

Advance payments by borrowers for taxes and insurance
15,142

 
39,548

Federal and State income taxes
19,423

 
1,535

Accrued expenses and other liabilities
68,221

 
65,164

 
11,739,329

 
11,534,216

Stockholders’ equity
 
 
 
Common stock, $1.00 par value, 300,000,000 shares authorized;
129,887,559 and 129,853,534 shares issued; 107,460,435 and 108,976,410 shares outstanding
129,888

 
129,854

Paid-in capital
1,583,666

 
1,582,843

Accumulated other comprehensive income, net of taxes
84,196

 
85,789

Treasury stock, at cost; 22,427,124 and 20,877,124 shares
(288,976
)
 
(268,665
)
Retained earnings
401,613

 
376,712

 
1,910,387

 
1,906,533

 
$
13,649,716

 
$
13,440,749

 
 
 
 
CONSOLIDATED FINANCIAL HIGHLIGHTS
 
 
 
Common stockholders' equity per share
$
17.78

 
$
17.49

Tangible common stockholders' equity per share
15.39

 
15.14

Stockholders' equity to total assets
14.00
%
 
14.18
%
Tangible common stockholders' equity to tangible assets
12.35

 
12.52

Weighted average rates at period end
 
 
 
     Loans and mortgage-backed securities
5.32
%
 
5.43
%
     Combined loans, mortgage-backed securities and investment securities
4.85

 
4.97

     Customer accounts
1.03

 
1.14

     Borrowings
4.04

 
4.04

     Combined cost of customer accounts and borrowings
1.74

 
1.84

     Interest rate spread
3.11

 
3.13


WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)



 
Quarter Ended December 31,
 
2011
 
2010
 
(In thousands, except per share data)
INTEREST INCOME
 
 
 
Loans & covered loans
$
127,480

 
$
137,916

Mortgage-backed securities
26,296

 
23,694

Investment securities and cash equivalents
2,151

 
3,980

 
155,927

 
165,590

INTEREST EXPENSE
 
 
 
Customer accounts
23,949

 
32,734

FHLB advances and other borrowings
28,263

 
28,122

 
52,212

 
60,856

Net interest income
103,715

 
104,734

Provision for loan losses
11,209

 
26,000

Net interest income after provision for loan losses
92,506

 
78,734

OTHER INCOME
 
 
 
Other
4,645

 
4,426

 
4,645

 
4,426

OTHER EXPENSE
 
 
 
Compensation and benefits
18,675

 
17,723

Occupancy
3,931

 
3,515

FDIC insurance premiums
4,193

 
5,099

Other
7,565

 
7,942

 
34,364

 
34,279

Loss on real estate acquired through foreclosure, net
(10,570
)
 
(10,553
)
Income before income taxes
52,217

 
38,328

Income tax provision
18,799

 
13,798

NET INCOME
$
33,418

 
$
24,530

 
 
 
 
PER SHARE DATA
 
 
 
Basic earnings
$
0.31

 
$
0.22

Diluted earnings
0.31

 
0.22

Cash dividends per share
0.08

 
0.06

Basic weighted average number of shares outstanding
107,845,011

 
112,499,175

Diluted weighted average number of shares outstanding, including dilutive stock options
107,894,572

 
112,502,134

 
 
 
 
PERFORMANCE RATIOS
 
 
 
Return on average assets
0.98
%
 
0.73
%
Return on average common equity
7.02

 
5.30




 EX-99.2 3 dec312011factsheet_exhibit.htm WFSL FORM 8-K EXHIBIT 99.2_DEC 31 2011 EARNINGS RELEASE Dec 31 2011 Fact Sheet_Exhibit 99.2
Washington Federal, Inc.
Fact Sheet
December 31, 2011
($ in Thousands)

Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 6/11 QTR
 
 
 
 9/11 QTR
 
 
 
12/11 QTR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Loss Reserve - Total
$
161,098

 
 
 
$
157,160

 
 
 
$
154,540

 
 
     General
114,158

 
 
 
115,248

 
 
 
114,552

 
 
     Specific
46,940

 
 
 
41,912

 
 
 
39,988

 
 
    Allowance as a % of Gross Loans
1.92
%
 
 
 
1.89
%
 
 
 
1.88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital Ratios (excludes holding co.)
 
 
 
 
 
 
 
 
 
 
 
     Tangible
1,536,983

 
11.82%
 
1,543,437

 
11.82%
 
1,549,769

 
11.68%
     Core
1,536,983

 
11.82
 
1,543,437

 
11.82
 
1,549,769

 
11.68
     Risk Based
1,619,301

 
24.26
 
1,624,817

 
24.68
 
1,633,168

 
24.28
 
 
 
 
 
 
 
 
 
 
 
 
 
 6/11 QTR
 
 6/11 YTD
 
 9/11 QTR
 
 9/11 YTD
 
12/11 QTR
 
 
Loan Originations - Total
$
353,668

 
$
988,560

 
$
319,030

 
$
1,307,590

 
$
285,763

 
 
     Single-Family Residential
163,910

 
437,474

 
120,428

 
557,902

 
121,430

 
 
     Construction - Speculative
32,158

 
89,532

 
36,510

 
126,042

 
31,389

 
 
     Construction - Custom
84,273

 
206,909

 
82,204

 
289,113

 
51,420

 
 
     Land - Acquisition & Development
3,439

 
12,596

 
2,361

 
14,957

 
1,994

 
 
     Land - Consumer Lot Loans
3,285

 
7,992

 
1,976

 
9,968

 
1,452

 
 
     Multi-Family
31,579

 
107,611

 
15,007

 
122,618

 
38,431

 
 
     Commercial Real Estate
5,908

 
12,192

 
5,928

 
18,120

 
22,215

 
 
     Commercial & Industrial
22,650

 
89,805

 
45,135

 
134,940

 
8,239

 
 
     HELOC
6,466

 
24,230

 
9,481

 
33,711

 
9,193

 
 
     Consumer
—

 
219

 
—

 
219

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 

1 of 11
Washington Federal, Inc.
Fact Sheet
December 31, 2011
($ in Thousands)

 
 6/11 QTR
 
 6/11 YTD
 
 9/11 QTR
 
 9/11 YTD
 
12/11 QTR
 
 
Loan Servicing Fee Income
$
1,684

 
$
5,288

 
$
1,923

 
$
7,211

 
$
1,774

 
 
Other Fee Income
893

 
2,515

 
956

 
3,471

 
1,170

 
 
     Total Fee Income
2,577

 
7,803

 
2,879

 
10,682

 
2,944

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 6/11 QTR
 
 6/11 YTD
 
 9/11 QTR
 
 9/11 YTD
 
12/11 QTR
 
 
Operating Expenses/Average Assets
1.02
%
 
1.02
%
 
1.02
%
 
1.01
%
 
1.01
%
 
 
Efficiency Ratio
30.95

 
31.27

 
31.39

 
31.30

 
31.71

 
 
Amortization of Intangibles
$
355

 
$
1,102

 
$
345

 
$
1,447

 
$
380

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayments
 6/11 QTR
 
 6/11 YTD
 
 9/11 QTR
 
 9/11 YTD
 
12/11 QTR
 
 
Loans
$
330,981

 
$
1,423,115

 
$
399,013

 
$
1,822,128

 
$
525,313

 
 
MBS
110,993

 
491,868

 
156,512

 
648,380

 
335,274

 
 
 
 
 
 
 
 
 
 
 
 
 
 
EOP Numbers
 6/11 QTR
 
 
 
 9/11 QTR
 
 
 
12/11 QTR
 
 
Shares Issued and Outstanding
110,438,317

 
 
 
108,976,410

 
 
 
107,460,435

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share repurchase information
 6/11 QTR
 
 6/11 YTD
 
 9/11 QTR
 
 9/11 YTD
 
12/11 QTR
 
 
Remaining shares auth. for repurchase
10,583,514

 
10,583,514

 
9,083,514

 
9,083,514

 
7,533,514

 
 
Shares repurchased
1,654,800

 
2,304,800

 
1,500,000

 
3,804,800

 
1,550,000

 
 
Average share repurchase price
$
15.72

 
$
15.87

 
$
15.37

 
$
15.68

 
$
13.11

 
 
 
 
 
 
 
 
 
 
 
 
 
 

2 of 11
Washington Federal, Inc.
Fact Sheet
December 31, 2011
($ in Thousands)

Tangible Common Book Value
 6/11 QTR
 
 
 
 9/11 QTR
 
 
 
12/11 QTR
 
 
$ Amount
$
1,603,706

 
 
 
$
1,650,262

 
 
 
$
1,653,435

 
 
Per Share
14.52

 
 
 
15.14

 
 
 
15.39

 
 
 
 
 
 
 
 
 
 
 
 
 
 
# of Employees
1,215

 
 
 
1,221

 
 
 
1,241

 
 
Tax Rate - Going Forward
36.00
%
 
 
 
36.00
%
 
 
 
36.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 6/11 QTR
 
 
 
 9/11 QTR
 
 
 
12/11 QTR
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
2,817,485

 
 
 
$
3,011,090

 
 
 
$
3,343,771

 
 
     Other
308,925

 
 
 
244,054

 
 
 
204,305

 
 
 
$
3,126,410

 
 
 
$
3,255,144

 
 
 
$
3,548,076

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
47,553

 
 
 
$
45,086

 
 
 
$
41,431

 
 
     Other
1,950

 
 
 
1,950

 
 
 
795

 
 
 
$
49,503

 
 
 
$
47,036

 
 
 
$
42,226

 
 
 
 
 
 
 
 
 
 
 
 
 
 

3 of 11
Washington Federal, Inc.
Fact Sheet
December 31, 2011
($ in Thousands)

 
 AS OF 6/30/11
 
 AS OF 9/30/11
 
 AS OF 12/31/11
Gross Loan Portfolio by Category *
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
6,281,072

 
74.9
%
 
$
6,218,878

 
74.9
%
 
$
6,082,490

 
74.1
%
     Construction - Speculative
143,964

 
1.7
%
 
140,459

 
1.7
%
 
130,120

 
1.6
%
     Construction - Custom
270,894

 
3.2
%
 
279,851

 
3.4
%
 
271,227

 
3.3
%
     Land - Acquisition & Development
230,901

 
2.8
%
 
200,692

 
2.4
%
 
175,965

 
2.1
%
     Land - Consumer Lot Loans
169,714

 
2.0
%
 
163,146

 
2.0
%
 
154,874

 
1.9
%
     Multi-Family
717,107

 
8.6
%
 
700,673

 
8.4
%
 
689,149

 
8.4
%
     Commercial Real Estate
303,023

 
3.6
%
 
303,442

 
3.7
%
 
415,394

 
5.1
%
     Commercial & Industrial
82,091

 
1.0
%
 
109,332

 
1.3
%
 
93,792

 
1.1
%
     HELOC
114,676

 
1.4
%
 
115,092

 
1.4
%
 
132,089

 
1.6
%
     Consumer
73,061

 
0.9
%
 
67,509

 
0.8
%
 
63,243

 
0.8
%
 
$
8,386,503

 
100
%
 
$
8,299,074

 
100
%
 
$
8,208,343

 
100
%
     Less:
 
 
 
 
 
 
 
 
 
 
 
        ALL
161,099

 
 
 
157,160

 
 
 
154,540

 
 
        Loans in Process
164,747

 
 
 
170,229

 
 
 
159,437

 
 
        Deferred Net Origination Fees
37,047

 
 
 
35,808

 
 
 
84,291

 
 
 
362,893

 
 
 
363,197

 
 
 
398,268

 
 
 
$
8,023,610

 
 
 
$
7,935,877

 
 
 
$
7,810,075

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 AS OF 6/30/11
 
 AS OF 9/30/11
 
 AS OF 12/31/11
Net Loan Portfolio by Category *
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
6,177,329

 
77.1
%
 
$
6,107,499

 
77.0
%
 
$
5,968,821

 
76.4
%
     Construction - Speculative
92,160

 
1.1
%
 
101,005

 
1.3
%
 
88,341

 
1.1
%
     Construction - Custom
145,552

 
1.8
%
 
145,934

 
1.8
%
 
159,091

 
2.0
%
     Land - Acquisition & Development
185,592

 
2.3
%
 
160,028

 
2.0
%
 
138,749

 
1.8
%
     Land - Consumer Lot Loans
163,151

 
2.0
%
 
156,922

 
2.0
%
 
145,923

 
1.9
%
     Multi-Family
705,777

 
8.8
%
 
688,694

 
8.7
%
 
665,649

 
8.5
%
     Commercial Real Estate
296,452

 
3.7
%
 
294,667

 
3.7
%
 
396,342

 
5.1
%
     Commercial & Industrial
76,652

 
1.0
%
 
103,425

 
1.3
%
 
62,592

 
0.8
%
     HELOC
113,021

 
1.4
%
 
113,456

 
1.4
%
 
124,280

 
1.6
%
     Consumer
67,924

 
0.8
%
 
64,247

 
0.8
%
 
60,287

 
0.8
%
 
$
8,023,610

 
100
%
 
$
7,935,877

 
100
%
 
$
7,810,075

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
* Excludes covered loans
 
 
 
 
 
 
 
 
 
 
 

4 of 11
Washington Federal, Inc.
Fact Sheet
December 31, 2011
($ in Thousands)

 
 AS OF 6/30/11
 
 AS OF 9/30/11
 
 AS OF 12/31/11
Deposits by State
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
     WA
$
4,264,738

 
48.9
%
 
64

 
$
4,261,208

 
49.1
%
 
64

 
$
4,265,429

 
48.1
%
 
64

     ID
594,854

 
6.8
%
 
16

 
590,595

 
6.8
%
 
16

 
583,244

 
6.6
%
 
16

     OR
1,378,798

 
15.8
%
 
28

 
1,374,167

 
15.9
%
 
28

 
1,343,553

 
15.1
%
 
28

     UT
345,402

 
4.0
%
 
10

 
344,655

 
4.0
%
 
10

 
340,278

 
3.8
%
 
10

     NV
219,850

 
2.5
%
 
4

 
214,057

 
2.5
%
 
4

 
204,034

 
2.3
%
 
4

     TX
127,170

 
1.5
%
 
6

 
128,361

 
1.5
%
 
6

 
125,592

 
1.4
%
 
6

     AZ
1,306,416

 
15.0
%
 
21

 
1,283,853

 
14.8
%
 
21

 
1,330,322

 
15.0
%
 
22

     NM
476,462

 
5.5
%
 
11

 
469,007

 
5.4
%
 
11

 
683,223

 
7.7
%
 
16

     Total
$
8,713,690

 
100.0
%
 
160

 
$
8,665,903

 
100.0
%
 
160

 
$
8,875,675

 
100.0
%
 
166

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 6/11 QTR
 
 
 
 9/11 QTR
 
 
 
12/11 QTR
 
 
Deposits by Type
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
Checking (noninterest)
$
221,656

 
2.5
%
 
 
 
$
235,146

 
2.7
%
 
 
 
$
266,073

 
3.0
%
 
 
NOW (interest)
512,457

 
5.9

 
 
 
543,907

 
6.3

 
 
 
584,517

 
6.6

 
 
Savings (passbook/stmt)
246,260

 
2.8

 
 
 
255,396

 
2.9

 
 
 
273,823

 
3.1

 
 
Money Market
1,637,812

 
18.8

 
 
 
1,627,738

 
18.8

 
 
 
1,725,804

 
19.4

 
 
CD's
6,095,505

 
70.0

 
 
 
6,003,716

 
69.3

 
 
 
6,025,458

 
67.9

 
 
Total
$
8,713,690

 
100.0
%
 
 
 
$
8,665,903

 
100.0
%
 
 
 
$
8,875,675

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits greater than $250,000 - EOP
$
906,300

 
 
 
 
 
$
921,462

 
 
 
 
 
$
1,001,418

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brokered Deposits
$
—

 
 
 
 
 
$
—

 
 
 
 
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5 of 11
Washington Federal, Inc.
Fact Sheet
December 31, 2011
($ in Thousands)

 
 6/11 QTR
 
 9/11 QTR
 
12/11 QTR
Non-Performing Assets
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Non-accrual loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
129,798

 
55.8
%
 
126,624

 
60.3
%
 
121,218

 
65.3
%
     Construction - Speculative
24,539

 
10.5

 
15,383

 
7.3

 
9,076

 
4.9

     Construction - Custom
—

 
—

 
635

 
0.3

 
635

 
0.3

     Land - Acquisition & Development
51,100

 
22.0

 
37,339

 
17.7

 
35,149

 
18.9

     Land - Consumer Lot Loans
6,148

 
2.6

 
8,843

 
4.2

 
6,851

 
3.7

     Multi-Family
7,850

 
3.4

 
7,664

 
3.6

 
7,028

 
3.8

     Commercial Real Estate
12,186

 
5.2

 
11,380

 
5.4

 
4,774

 
2.6

     Commercial & Industrial
257

 
0.1

 
1,679

 
0.8

 
8

 
—

     HELOC
590

 
0.3

 
481

 
0.2

 
611

 
0.3

     Consumer
284

 
0.1

 
437

 
0.2

 
433

 
0.2

        Total non-accrual loans
232,752

 
100.0
%
 
210,465

 
100.0
%
 
185,783

 
100.0
%
Total REO
132,006

 
 
 
129,175

 
 
 
126,432

 
 
Total REHI
29,921

 
 
 
30,654

 
 
 
31,450

 
 
Total non-performing assets
$
394,679

 
 
 
$
370,294

 
 
 
$
343,665

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing assets as a
 
 
 
 
 
 
 
 
 
 
 
     % of total assets
2.96
%
 
 
 
2.76
%
 
 
 
2.52
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6 of 11
Washington Federal, Inc.
Fact Sheet
December 31, 2011
($ in Thousands)

 
 6/11 QTR
 
 9/11 QTR
 
12/11 QTR
 
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Restructured loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
283,445

 
78.0
%
 
$
309,372

 
82.0
%
 
$
322,669

 
80.3
%
     Construction - Speculative
14,922

 
4.1

 
15,481

 
4.1

 
18,782

 
4.7

     Construction - Custom
—

 
—

 
—

 
—

 
1,196

 
0.3

     Land - Acquisition & Development
32,505

 
8.9

 
18,033

 
4.8

 
23,299

 
5.8

     Land - Consumer Lot Loans
10,493

 
2.9

 
13,124

 
3.5

 
14,411

 
3.6

     Multi-Family
19,914

 
5.5

 
19,046

 
5.0

 
18,635

 
4.6

     Commercial Real Estate
1,449

 
0.4

 
1,435

 
0.4

 
1,729

 
0.4

     Commercial & Industrial
857

 
0.2

 
828

 
0.2

 
804

 
0.2

     HELOC
78

 
—

 
177

 
—

 
263

 
0.1

     Consumer
—

 
—

 
—

 
—

 
—

 
—

        Total restructured loans (2)
363,663

 
100.0
%
 
377,496

 
100.0
%
 
401,788

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
(2) Restructured loans were as follows:
 
 
 
 
 
 
 
 
 
 
 
     Performing
$
297,423

 
81.8
%
 
$
320,018

 
84.8
%
 
$
361,551

 
90.0
%
     Non-accrual *
66,240

 
18.2

 
57,478

 
15.2

 
40,237

 
10.0

     * Included in "Total non-accrual loans" above
$
363,663

 
100.0
%
 
$
377,496

 
100.0
%
 
$
401,788

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 

7 of 11
Washington Federal, Inc.
Fact Sheet
December 31, 2011
($ in Thousands)

 
 6/11 QTR
 
 9/11 QTR
 
12/11 QTR
 
 AMOUNT
 
CO %**
 
 AMOUNT
 
CO %**
 
 AMOUNT
 
CO %**
Net Charge-offs by Category
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
8,018

 
0.51
%
 
$
13,897

 
0.89
 %
 
$
11,329

 
0.75
 %
     Construction - Speculative
169

 
0.47

 
(263
)
 
(0.75
)
 
440

 
1.35

     Construction - Custom
80

 
0.12

 
—

 
—

 
—

 
—

     Land - Acquisition & Development
11,869

 
20.56

 
3,043

 
6.07

 
2,131

 
4.84

     Land - Consumer Lot Loans
1,169

 
2.76

 
801

 
1.96

 
671

 
1.73

     Multi-Family
1,100

 
0.61

 
175

 
0.10

 
1,079

 
0.63

     Commercial Real Estate
22

 
0.03

 
245

 
0.32

 
—

 
—

     Commercial & Industrial
119

 
0.58

 
103

 
0.38

 
(2,191
)
 
(9.34
)
     HELOC
386

 
1.35

 
95

 
0.33

 
(52
)
 
(0.16
)
     Consumer
588

 
3.22

 
443

 
2.62

 
422

 
2.67

        Total net charge-offs
$
23,520

 
1.12
%
 
$
18,539

 
0.89
 %
 
$
13,829

 
0.67
 %
     ** Annualized Net Charge-offs divided by Gross Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 6/11 QTR
 
 
 
 9/11 QTR
 
 
 
12/11 QTR
 
 
SOP 03-3
 
 
 
 
 
 
 
 
 
 
 
Accretable Yield
$
18,682

 
 
 
$
37,072

 
 
 
$
31,721

 
 
Non-Accretable Yield
214,920

 
 
 
190,895

 
 
 
190,895

 
 
Total Contractual Payments
$
233,602

 
 
 
$
227,967

 
 
 
$
222,616

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Risk
 
 
 
 
 
 
 
 
 
 
 
One Year GAP
(19.1
)%
 
 
 
(16.5
)%
 
 
 
(18.1
)%
 
 
NPV post 200 bps shock*
9.92
 %
 
 
 
11.04
 %
 
 
 
10.87
 %
 
 
Change in NII after 200 bps shock*
(7.40
)%
 
 
 
(3.30
)%
 
 
 
(3.40
)%
 
 
* Assumes no balance sheet management
 
 
 
 
 
 
 
 
 
 
 
 
 6/11 QTR
 
 9/11 QTR
 
12/11 QTR
CD's Repricing
Amount
 
Rate
 
Amount
 
Rate
 
Amount
 
Rate
Within 3 months
$
1,024,732

 
1.29
%
 
$
1,531.968

 
1.37
 %
 
$
1,126,426

 
1.20
 %
From 4 to 6 months
1,512,394

 
1.39

 
1,053,840

 
1.26

 
1,193,610

 
0.88

From 7 to 9 months
768,384

 
1.58

 
673,707

 
1.22

 
725,357

 
1.17

From 10 to 12 months
675,834

 
1.22

 
677,778

 
1.21

 
1,071,946

 
1.33


8 of 11
Washington Federal, Inc.
Fact Sheet
December 31, 2011
($ in Thousands)

Historical CPR Rates ***
 
 
 
 
 
 
 
 
 
 
 
 
WAFED
 
WAFED
 
 
 
 
 
 
 
 
Quarter Ended
SFR Mortgages
 
GSE MBS
 
 
 
 
 
 
 
 
3/31/2010
11.60
%
 
44.30
%
 
 
 
 
 
 
 
 
6/30/2010
11.80

 
31.10

 
 
 
 
 
 
 
 
9/30/2010
20.20

 
29.80

 
 
 
 
 
 
 
 
12/31/2010
24.30

 
33.90

 
 
 
 
 
 
 
 
3/31/2011
13.00

 
18.00

 
 
 
 
 
 
 
 
6/30/2011
9.40

 
13.80

 
 
 
 
 
 
 
 
9/30/2011
14.00

 
21.90

 
 
 
 
 
 
 
 
12/31/2011
19.60

 
30.00

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*** The CPR Rate (conditional payment rate) is the rate that is equal to the proportion of the principal of a pool of loans that
 
 
 
 
 
 
is paid off prematurely in each period. Also, the comparison is not precise in that Washington Federal is a portfolio lender
 
 
 
 
 
 
and is not required to follow GSE servicing rules/regulations.
 
 
 
 
 
 


9 of 11
Washington Federal, Inc.
Fact Sheet
December 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 $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
32,704

 
186

 
$
6,080,965

 
248

 
113

 
544

 
905

 
2.77
%
 
$
192,588

 
3.17
%
     Construction - Speculative
 
524

 
200

 
104,654

 
11

 
1

 
15

 
27

 
5.18

 
6,152

 
5.88

     Construction - Custom
 
678

 
237

 
160,717

 
1

 
—

 
1

 
2

 
0.29

 
1,160

 
0.72

     Land - Acquisition & Development
 
224

 
758

 
169,752

 
2

 
1

 
21

 
24

 
11.32

 
26,573

 
15.65

     Land - Consumer Lot Loans
 
1,633

 
95

 
154,874

 
10

 
9

 
50

 
69

 
4.23

 
9,268

 
5.98

     Multi-Family
 
1,131

 
597

 
675,772

 
3

 
1

 
7

 
11

 
0.98

 
8,670

 
1.28

     Commercial Real Estate
 
752

 
550

 
413,343

 
5

 
—

 
7

 
12

 
2.23

 
4,583

 
1.11

     Commercial & Industrial
 
487

 
192

 
93,498

 
2

 
—

 
3

 
5

 
1.24

 
50

 
0.05

     HELOC
 
1,924

 
69

 
132,089

 
2

 
2

 
6

 
10

 
0.55

 
814

 
0.62

     Consumer
 
11,479

 
6

 
63,243

 
204

 
109

 
94

 
407

 
3.55

 
2,257

 
3.57

 
 
51,536

 
 
 
8,048,907

 
488

 
236

 
748

 
1,472

 
2.88
%
 
252,115

 
3.13
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
33,727

 
186

 
$
6,279,633

 
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
%

10 of 11
Washington Federal, Inc.
Fact Sheet
December 31, 2011
Average Balance Sheet
($ in Thousands)

 
Quarters Ended
 
June 30, 2011
 
September 30, 2011
 
December 31, 2011
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and covered loans
$
8,488,518

 
$
127,736

 
6.04
%
 
$
8,476,006

 
$
127,943

 
5.99
%
 
$
8,370,466

 
$
127,480

 
6.06
%
Mortgage-backed securities
2,765,274

 
30,529

 
4.43

 
2,783,572

 
27,822

 
3.97

 
3,146,219

 
26,296

 
3.33

Cash & Investments
944,478

 
3,264

 
1.39

 
1,029,802

 
3,208

 
1.24

 
1,014,559

 
2,151

 
0.84

FHLB stock
151,752

 
2

 
0.01

 
151,753

 
2

 
0.01

 
151,944

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-earning assets
12,350,022

 
161,531

 
5.25
%
 
12,441,133

 
158,975

 
5.07
%
 
12,683,188

 
155,927

 
4.89
%
Other assets
993,589

 
 
 
 
 
966,680

 
 
 
 
 
898,176

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
13,343,611

 
 
 
 
 
$
13,407,813

 
 
 
 
 
$
13,581,364

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer accounts
8,756,538

 
27,581

 
1.26
%
 
8,708,928

 
26,070

 
1.19
%
 
8,826,157

 
23,949

 
1.08
%
FHLB advances
1,863,181

 
20,371

 
4.39

 
1,940,573

 
20,858

 
4.26

 
1,961,261

 
20,735

 
4.21

Other borrowings
800,000

 
7,447

 
3.73

 
800,000

 
7,529

 
3.73

 
800,000

 
7,528

 
3.74

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-bearing liabilities
11,419,719

 
55,399

 
1.95
%
 
11,449,501

 
54,457

 
1.89
%
 
11,587,418

 
52,212

 
1.79
%
Other liabilities
83,229

 
 
 
 
 
86,422

 
 
 
 
 
90,416

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
11,502,948

 
 
 
 
 
11,535,923

 
 
 
 
 
11,677,834

 
 
 
 
Stockholders’ equity
1,840,663

 
 
 
 
 
1,871,890

 
 
 
 
 
1,903,530

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
13,343,611

 
 
 
 
 
$
13,407,813

 
 
 
 
 
$
13,581,364

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
106,132

 
 
 
 
 
$
104,518

 
 
 
 
 
$
103,715

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin (1)
 
 
 
 
3.44
%
 
 
 
 
 
3.36
%
 
 
 
 
 
3.27
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Annualized net interest income divided by average interest-earning assets.
 
 
 
 
 
 
 
 
 
 


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