0000936528-12-000046.txt : 20121023 0000936528-12-000046.hdr.sgml : 20121023 20121023172614 ACCESSION NUMBER: 0000936528-12-000046 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20121018 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121023 DATE AS OF CHANGE: 20121023 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: 121157072 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 wafd8-k_oct202012.htm WAFD OCT 23 2012 8-K WAFD 8-K_Oct 20 2012


 
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): October 18, 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):
x
 
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 October 18, 2012, Washington Federal, Inc. (the "Company") announced by press release its earnings for the quarter and fiscal year ended September 30, 2012. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the September 30, 2012, Fact Sheet, which presents certain detailed financial information about the Company, is attached as Exhibit 99.2. This information is being furnished under Item 2.02 (Results of Operations and Financial Condition) of Form 8-K.

Item 7.01
Regulation FD Disclosure

A copy of the September 30, 2012, Fact Sheet, which presents certain detailed financial information about the Company, is attached as Exhibit 99.2.

Item 9.01
Financial Statements and Exhibits

(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) The following exhibits are being furnished herewith:

99.1 Press release dated October 18, 2012
99.2 Fact Sheet as of September 30, 2012

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: October 23, 2012
 
 
 
WASHINGTON FEDERAL, INC.
 
 
 
 
 
 
 
 
By:
 
/s/ BRENT J. BEARDALL
 
 
 
 
 
 
Brent J. Beardall
 
 
 
 
 
 
Executive Vice President
and Chief Financial Officer

3
 EX-99.1 2 sep302012pressrelease_exhi.htm WAFD OCT 23 2012 8-K_EXHIBIT 99.1 Sep 30 2012 Press Release_Exhibit 99.1
Exhibit 99.1


Washington Federal, Inc.                                
425 Pike Street
Seattle, WA 98101
Contact: Cathy Cooper
(206) 777-8246
Thursday, October 18, 2012
FOR IMMEDIATE RELEASE

Washington Federal Reports Annual Net Income of $138 Million


SEATTLE - Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced earnings of $35,531,000 or $.33 per diluted share for the quarter ended September 30, 2012, compared to $30,666,000 or $.28 per diluted share for the same period one year ago, a $4.9 million or 18% increase per diluted share. Earnings for the fiscal year ended September 30, 2012 of $138,183,000 or $1.29 per diluted share, an increase of $18,895,000 or 29% per diluted share from the prior year. Higher earnings were driven primarily by lower credit costs due to improved market conditions. Total credit costs were $55 million for the year, a $78 million or 59% decrease from fiscal 2011. The Company's ratio of tangible common equity to tangible assets ended the quarter at 13.45% and its total risk-based capital ratio was 27.29%. Both of these ratios continue to be among the best of large regional financial institutions in the U.S.
Chairman, President & CEO Roy M. Whitehead commented, “Financial performance for the year exceeded our expectations. Much of the credit goes to improved real estate market conditions that enabled us to record gains on the sale of properties foreclosed on and written down in prior years. During the quarter, we also completed important steps to enhance future profitability. In fiscal 2013, the focus will largely be on growth in our commercial banking segments. Low interest rates and a slow economy will challenge earnings growth; however, our strong financial position will provide tremendous flexibility. Opportunities to improve shareholder value, including acquisitions and stock repurchases, will be aggressively pursued.”
Non-performing assets amounted to $273 million or 2.19% of total assets as of September 30, 2012, a $97 million or 26% decrease from September 30, 2011. Non-performing assets peaked at $606 million at



5.03% of total assets on June 30, 2009 and have since decreased by $333 million or 55%. Non-performing loans decreased from $210 million at the Company's September 30, 2011 fiscal year-end, to $173 million as of September 30, 2012, an 18% decrease. Total loan delinquencies were 2.57% as of September 30, 2012, a decrease from the 3.43% at September 30, 2011. Delinquencies on single family mortgage loans, the largest component of the loan portfolio, decreased to 2.73% from 3.25% as of September 30, 2011. Delinquencies on single family mortgage loans decreased by 8 basis points on a linked quarter basis to 2.73% from 2.81% as of June 30, 2012. The Company's single family mortgage loan delinquency ratio of 2.73% remains significantly better than the national average of 10.1%i.
Net loan charge-offs decreased from $98 million in the year ended September 30, 2011 to $70 million in the current year, a $28 million or 29% decrease. Net loan charge offs peaked in fiscal 2010, at $184 million. Total net charge-offs for fiscal 2012 represent a 62% decrease from the fiscal 2010 high.
Real estate held for sale decreased by $60 million or 38% from September 30, 2011 as the Company continues to liquidate foreclosed properties. During the year, the Company sold 663 properties for net proceeds of $143 million and a net gain on sale of $16 million over the current book value. The total net loss on sale of real estate, measured against the original loan balance of $267 million, was $124 million or 46% of original balances for properties sold in fiscal 2012. As of September 30, 2012, real estate held for sale consisted of 449 properties totaling $99 million. Land represented $43 million or 43% of total real estate held for sale at September 30, 2012. Net loss on real estate acquired through foreclosure, which includes gains and losses on sale, ongoing maintenance expense and periodic write-downs from lower valuations, decreased by 75% to $10 million in 2012 from $40 million in the prior year.
Asset quality trends during the quarter and fiscal year ending September 30, 2012 were generally positive as noted above with non-performing loans, real estate owned, delinquencies and net charge-offs all decreasing. Additionally, the residential real estate market has shown marked improvement in property values. The table below shows the change in median home priceii in several of our key markets.




 
Sep - 12
Sep - 11
% Change
 
($ in thousands)
 
 
 
 
 
Seattle
$
378

$
350

8.0
%
Portland
241

225

7.1

Boise
180

166

8.4

Salt Lake
212

199

6.5

Las Vegas
130

120

8.3

Phoenix
160

157

1.9

Albuquerque
165

164

0.6

Dallas
150

129

16.3

 
 
 
 

Consistent with these improving conditions, total loan loss reserve as a percentage of total gross loans has decreased. As of September 30, 2012, the allowance totaled 1.69% of loans, a decrease of 20 basis points from the 1.89% as of September 30, 2011. As of September 30, 2012, the general allowance for loan losses was $117 million or 1.56% of loans subject to the general allowance.
Total assets decreased by $968 million or 7% to $12.5 billion at September 30, 2012, from $13.4 billion at September 30, 2011. As previously disclosed, during the fourth quarter the Company took steps intended to reduce the Company's interest rate risk and improve its future earnings potential. During the quarter, the Company sold $2.3 billion of fixed rate mortgage-backed securities for a pre-tax gain of $95 million. In the same period, the Company pre-paid $876 million of long term debt at a pre-tax loss of $95 million. The weighted average rate on the retired debt was 3.94%. In related transactions, the Company also purchased a mix of short and longer term assets totaling $2.0 billion with an anticipated weighted average yield of 1.83%, and restructured an additional $830 million of long term debt to lengthen maturity and reduce the weighted average rate from 4.48% to 3.43%. These transactions are expected to reduce the volatility of net interest income and stabilize the margin going forward.
For the fiscal year ended September 30, 2012, loans decreased by $484 million or 6%, as the low interest rate environment caused loan repayments to accelerate. Total loan repayments for fiscal 2012 were $2.0 billion, a $142 million or 7.8% increase from the prior year. Loan originations in 2012 totaled $1.4 billion, an $83 million or 6% increase over 2011. Importantly, commercial loan originations increased $172 million or 41% as a result of improved economic conditions and the Company's continued phased rollout of its commercial business lines. Loans covered by an FDIC loss sharing agreement decreased by $94 million, investment securities decreased $329 million and cash and cash equivalents decreased by $65 million. Other assets increased by $78 million or 130% in 2012 as a result of the capitalization of prepayment fees associated



with the balance sheet restructuring described above. As of September 30, 2012, the Company's investment portfolio had net unrealized gains of $47 million.
Customer deposits decreased $89 million or 1% during the year, however; the Company was able to grow transaction accounts by $284 million or 11%, while time deposits decreased by $374 million or 6%. The weighted average rate paid on customer deposits during the year was 0.99%, a decrease of 33 basis points from the previous year, as a result of the low interest rate environment.
Federal Home Loan Bank (FHLB) and other borrowings decreased by $882 million or 32% as a result of the balance sheet restructuring. The weighted average rate on FHLB borrowings as of September 30, 2012 was 3.59%, a decrease of 51 basis points from the prior year.
During the year, the Company had an average balance of $848 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 about potentially rising interest rates in the future. The period end spread was 2.80% as of September 30, 2012, a decrease from 3.13% as of September 30, 2011.
Net interest income for the year was $397 million, a $20 million decrease from last year. Net interest margin was 3.18% for the year, compared to 3.35% for the prior year. The margin was pressured as lower asset yields offset decreasing interest expense.
Total credit costs, which include the provision for loan losses and net loss on real estate acquired, were the key driver for improved earnings this year. The table below shows the Company's total credit costs for the last twelve quarters and fiscal years ending September 30, 2010 , 2011 and 2012.




 
Total Credit Costs
$ Change
% Change
 
($ in thousands)
 
Quarter Ending
 
 
 
12/31/2009

$
82,470

 
 
3/31/2010

80,058

$
(2,412
)
(2.9
)%
6/30/2010

51,767

(28,291
)
(35.3
)
9/30/2010

46,089

(5,678
)
(11.0
)
12/31/2010

36,553

(9,536
)
(20.7
)
3/31/2011

40,395

3,842

10.5

6/30/2011

29,171

(11,224
)
(27.8
)
9/30/2011

27,035

(2,136
)
(7.3
)
12/31/2011

21,779

(5,256
)
(19.4
)
3/31/2012

19,582

(2,197
)
(10.1
)
6/30/2012

9,221

(10,361
)
(52.9
)
9/30/2012

4,194

(5,027
)
(54.5
)
 
 
 
 
Fiscal Year Ending
 
 
 
2010

260,384

 
 
2011

133,154

(127,230
)
(48.9
)
2012

54,776

(78,378
)
(58.9
)
 
 
 
 

The Company's efficiency ratio of 34.5% for the year remains among the lowest in the industry. The year produced a return on assets of 1.03%, while return on equity amounted to 7.23%.
On October 19, 2012, Washington Federal will pay a cash dividend of $.08 per share to common stockholders of record on October 5, 2012. This will be the Company's 119th consecutive quarterly cash dividend. During the year ended September 30, 2012, Washington Federal repurchased 2,895,484 shares at a weighted average price of $14.48. The Company has an authorization to repurchase up to an additional 6,188,030 shares. For the year the Company returned 55% of earnings to stockholders in the form of cash dividends and share repurchases.
During the quarter, the Company's first Eastern Washington branch was opened in Yakima, Washington.
Status of Proposed South Valley Bank and Trust Acquisition
Washington Federal has received approval from its primary regulators to complete its acquisition of South Valley Bank and Trust, which is anticipated to close on October 31, 2012. The transaction is expected to be immediately accretive to earnings.
About Washington Federal
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.
This press release contains statements about the Company'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; the characterization of the future effects of the reposition transactions on the Company's balance sheet and earnings prospects; 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. The Company 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. The Company undertakes no obligation to update or revise any forward-looking statement. If the Company does update any forward-looking statement, no inference should be drawn that the Company 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 the Company's periodic reports filed with the Securities and Exchange Commission (“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 Washington Federal's ability to comply in a timely and satisfactory manner with the requirements of a memorandum of understanding entered into with the Office of the Comptroller of the Currency.
                                              
i OCC Mortgage Metrics, 2nd Quarter 2012, which is the most recent data available
iiMultiple Listing Services


# # #


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

 
September 30, 2012
 
September 30, 2011
 
(In thousands, except share data)
ASSETS
 
 
 
Cash and cash equivalents
$
751,430

 
$
816,002

Available-for-sale securities
1,781,705

 
3,255,144

Held-to-maturity securities
1,191,487

 
47,036

Loans receivable, net
7,451,998

 
7,935,877

Covered loans, net
288,376

 
382,183

Interest receivable
46,857

 
52,332

Premises and equipment, net
178,845

 
166,593

Real estate held for sale
99,478

 
159,829

Covered real estate held for sale
29,549

 
56,383

FDIC indemnification asset
87,571

 
101,634

FHLB stock
149,840

 
151,755

Intangible assets, net
256,076

 
256,271

Federal and state income taxes
22,513

 
—

Other assets
137,219

 
59,710

 
$
12,472,944

 
$
13,440,749

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Customer accounts
 
 
 
Transaction deposit accounts
$
2,946,453

 
$
2,662,188

Time deposit accounts
5,630,165

 
6,003,715

 
8,576,618

 
8,665,903

FHLB advances
1,880,000

 
1,962,066

Other borrowings
—

 
800,000

Advance payments by borrowers for taxes and insurance
40,041

 
39,548

Federal and state income taxes
—

 
1,535

Accrued expenses and other liabilities
76,533

 
65,164

 
10,573,192

 
11,534,216

Stockholders’ equity
 
 
 
Common stock, $1.00 par value, 300,000,000 shares authorized;
129,950,223 and 129,853,534 shares issued; 106,177,615 and 108,976,410 shares outstanding
129,950

 
129,854

Paid-in capital
1,586,295

 
1,582,843

Accumulated other comprehensive income, net of taxes
13,306

 
85,789

Treasury stock, at cost; 23,772,608 and 20,877,124 shares
(310,579
)
 
(268,665
)
Retained earnings
480,780

 
376,712

 
1,899,752

 
1,906,533

 
$
12,472,944

 
$
13,440,749

 
 
 
 
CONSOLIDATED FINANCIAL HIGHLIGHTS
 
 
 
Common stockholders' equity per share
$
17.89

 
$
17.49

Tangible common stockholders' equity per share
15.48

 
15.14

Stockholders' equity to total assets
15.23
%
 
14.18
%
Tangible common stockholders' equity to tangible assets
13.45

 
12.52

Weighted average rates at period end
 
 
 
     Loans and mortgage-backed securities
4.72

 
5.43

     Combined loans, mortgage-backed securities and investment securities
4.18

 
4.97

     Customer accounts
0.90

 
1.14

     Borrowings
3.59

 
4.04

     Combined cost of customer accounts and borrowings
1.38

 
1.84

     Interest rate spread
2.80

 
3.13



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



 
Quarter Ended September 30,
 
Twelve Months Ended September 30,
 
2012
 
2011
 
2012
 
2011
 
(In thousands, except per share data)
INTEREST INCOME
 
 
 
 
 
 
 
Loans & covered loans
$
115,467

 
$
127,943

 
$
484,833

 
$
522,230

Mortgage-backed securities
16,062

 
27,822

 
96,142

 
108,207

Investment securities and cash equivalents
2,850

 
3,210

 
9,296

 
14,198

 
134,379

 
158,975

 
590,271

 
644,635

INTEREST EXPENSE
 
 
 
 
 
 
 
Customer accounts
20,071

 
26,070

 
86,939

 
115,835

FHLB advances and other borrowings
22,138

 
28,387

 
106,310

 
111,861

 
42,209

 
54,457

 
193,249

 
227,696

Net interest income
92,170

 
104,518

 
397,022

 
416,939

Provision for loan losses
5,379

 
15,354

 
44,955

 
93,104

Net interest income after provision for loan losses
86,791

 
89,164

 
352,067

 
323,835

OTHER INCOME
 
 
 
 
 
 
 
Gain on sale of investments
95,234

 
—

 
95,234

 
8,147

Prepayment penalty on long-term debt
(95,565
)
 
—

 
(95,565
)
 
—

Other
3,585

 
4,719

 
16,848

 
17,786

 
3,254

 
4,719

 
16,517

 
25,933

OTHER EXPENSE
 
 
 
 
 
 
 
Compensation and benefits
19,487

 
18,015

 
77,628

 
72,034

Occupancy
4,217

 
3,700

 
16,194

 
14,480

FDIC insurance premiums
3,550

 
5,283

 
16,093

 
20,582

Other
8,459

 
7,287

 
32,939

 
28,963

 
35,713

 
34,285

 
142,854

 
136,059

Gain (loss) on real estate acquired through foreclosure, net
1,185

 
(11,681
)
 
(9,819
)
 
(40,050
)
Income before income taxes
55,517

 
47,917

 
215,911

 
173,659

Income tax provision
19,986

 
17,251

 
77,728

 
62,518

NET INCOME
$
35,531

 
$
30,666

 
$
138,183

 
$
111,141

 
 
 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
Basic earnings
$
0.33

 
$
0.28

 
$
1.29

 
$
1.00

Diluted earnings
0.33

 
0.28

 
1.29

 
1.00

Cash dividends per share
0.08

 
0.06

 
0.32

 
0.24

Basic weighted average number of shares outstanding
106,512,324

 
109,666,258

 
107,108,703

 
111,383,877

Diluted weighted average number of shares outstanding, including dilutive stock options
106,556,946

 
109,748,550

 
107,149,240

 
111,460,106

 
 
 
 
 
 
 
 
PERFORMANCE RATIOS
 
 
 
 
 
 
 
Return on average assets
1.10
%
 
0.91
%
 
1.03
%
 
0.83
%
Return on average common equity
7.43

 
6.55

 
7.23

 
5.99





 EX-99.2 3 sep302012factsheet_exhibit.htm WAFD OCT 23 2012 8-K_EXHIBIT 99.2 Sep 30 2012 Fact Sheet_Exhibit 99.2
Washington Federal, Inc.
Fact Sheet
September 30, 2012
($ in Thousands)

Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 3/12 QTR
 
 
 
6/12 QTR
 
 
 
9/12 QTR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Loss Reserve - Total
$
143,819

 
 
 
$
137,951

 
 
 
$
133,147

 
 
     General
114,039

 
 
 
116,164

 
 
 
117,164

 
 
     Specific
29,781

 
 
 
21,787

 
 
 
15,983

 
 
    Allowance as a % of Gross Loans
1.79
%
 
 
 
1.73
%
 
 
 
1.69
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital Ratios (excludes holding co.)
 
 
 
 
 
 
 
 
 
 
 
     Tangible
1,557,847

 
11.70%
 
1,567,757

 
11.87%
 
1,577,280

 
12.92%
     Core
1,557,847

 
11.70
 
1,567,757

 
11.87
 
1,577,280

 
12.92
     Risk Based
1,637,250

 
26.06
 
1,646,427

 
26.43
 
1,653,760

 
27.29
 
 
 
 
 
 
 
 
 
 
 
 
 
 3/12 QTR
 
 3/12 YTD
 
6/12 QTR
 
 6/12 YTD
 
9/12 QTR
 
 9/12 YTD
Loan Originations - Total
$
263,768

 
$
549,531

 
$
430,229

 
$
979,761

 
$
410,517

 
$
1,390,278

     Single-Family Residential
114,954

 
236,385

 
157,486

 
393,871

 
145,351

 
539,222

     Construction - Speculative
27,951

 
59,340

 
45,407

 
104,747

 
41,747

 
146,494

     Construction - Custom
38,184

 
89,604

 
49,755

 
139,359

 
70,949

 
210,308

     Land - Acquisition & Development
3,714

 
5,708

 
6,109

 
11,817

 
9,506

 
21,323

     Land - Consumer Lot Loans
3,027

 
4,479

 
3,919

 
8,398

 
4,771

 
13,169

     Multi-Family
30,135

 
68,566

 
58,088

 
126,654

 
63,038

 
189,692

     Commercial Real Estate
10,900

 
33,115

 
26,365

 
59,480

 
27,991

 
87,471

     Commercial & Industrial
26,637

 
34,876

 
71,835

 
106,711

 
37,138

 
143,849

     HELOC
8,266

 
17,459

 
11,265

 
28,724

 
10,026

 
38,750

     Consumer
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 

1 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
($ in Thousands)

 
 3/12 QTR
 
 3/12 YTD
 
6/12 QTR
 
 6/12 YTD
 
9/12 QTR
 
 9/12 YTD
Loan Servicing Fee Income
$
2,052

 
$
3,826

 
$
1,482

 
$
5,308

 
$
1,913

 
$
7,222

Other Fee Income
775

 
1,945

 
753

 
2,698

 
675

 
3,374

     Total Fee Income
$
2,827

 
$
5,771

 
$
2,235

 
$
8,006

 
$
2,588

 
$
10,596

 
 
 
 
 
 
 
 
 
 
 
 
 
 3/12 QTR
 
 3/12 YTD
 
6/12 QTR
 
 6/12 YTD
 
9/12 QTR
 
 9/12 YTD
Operating Expenses/Average Assets
1.08
%
 
1.05
%
 
1.06
%
 
1.05
%
 
1.10
%
 
1.07
%
Efficiency Ratio
33.58

 
32.65

 
33.92

 
33.68

 
37.43

 
34.54

Amortization of Intangibles
$
407

 
$
787

 
$
366

 
$
1,153

 
$
356

 
$
1,509

 
 
 
 
 
 
 
 
 
 
 
 
Repayments
 3/12 QTR
 
 3/12 YTD
 
6/12 QTR
 
 6/12 YTD
 
9/12 QTR
 
 9/12 YTD
Loans
$
439,112

 
$
964,425

 
$
483,219

 
$
1,447,644

 
$
516,747

 
$
1,964,391

MBS
294,904

 
630,178

 
315,190

 
945,368

 
267,715

 
1,213,083

 
 
 
 
 
 
 
 
 
 
 
 
EOP Numbers
 3/12 QTR
 
 
 
6/12 QTR
 
 
 
9/12 QTR
 
 
Shares Issued and Outstanding
106,867,527

 
 
 
106,884,239

 
 
 
106,177,615

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share repurchase information
 3/12 QTR
 
 3/12 YTD
 
6/12 QTR
 
 6/12 YTD
 
9/12 QTR
 
 9/12 YTD
Remaining shares auth. for repurchase
6,908,314

 
6,908,314

 
6,908,314

 
6,908,314

 
6,188,030

 
6,188,030

Shares repurchased
625,200

 
2,175,200

 
—

 
2,175,200

 
720,284

 
2,895,484

Average share repurchase price
$
16.00

 
$
13.93

 
$
—

 
$
13.93

 
$
16.11

 
$
14.48

 
 
 
 
 
 
 
 
 
 
 
 

2 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
($ in Thousands)

Tangible Common Book Value
 3/12 QTR
 
 
 
6/12 QTR
 
 
 
9/12 QTR
 
 
$ Amount
$
1,650,807

 
 
 
$
1,676,850

 
 
 
$
1,643,676

 
 
Per Share
15.45

 
 
 
15.69

 
 
 
15.48

 
 
 
 
 
 
 
 
 
 
 
 
 
 
# of Employees
1,248

 
 
 
1,237

 
 
 
1,260

 
 
Tax Rate - Going Forward
36.00
%
 
 
 
36.00
%
 
 
 
36.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 3/12 QTR
 
 
 
6/12 QTR
 
 
 
9/12 QTR
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
3,372,397

 
 
 
$
3,184,758

 
 
 
$
1,169,976

 
 
     Other
315,228

 
 
 
441,357

 
 
 
611,729

 
 
 
$
3,687,625

 
 
 
$
3,626,115

 
 
 
$
1,781,705

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
37,912

 
 
 
$
34,433

 
 
 
$
1,190,692

 
 
     Other
795

 
 
 
795

 
 
 
795

 
 
 
$
38,707

 
 
 
$
35,228

 
 
 
$
1,191,487

 
 
 
 
 
 
 
 
 
 
 
 
 
 

3 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
($ in Thousands)

 
 AS OF 3/31/12
 
 AS OF 6/30/12
 
 AS OF 9/30/12
Gross Loan Portfolio by Category *
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,973,633

 
74.4
%
 
$
5,905,148

 
74.1
%
 
$
5,777,677

 
73.5
%
     Construction - Speculative
128,857

 
1.6
%
 
132,630

 
1.7
%
 
131,526

 
1.7
%
     Construction - Custom
235,566

 
2.9
%
 
210,488

 
2.6
%
 
211,690

 
2.7
%
     Land - Acquisition & Development
156,458

 
1.9
%
 
139,603

 
1.7
%
 
128,379

 
1.6
%
     Land - Consumer Lot Loans
149,966

 
1.9
%
 
145,129

 
1.8
%
 
141,844

 
1.8
%
     Multi-Family
687,696

 
8.6
%
 
693,837

 
8.7
%
 
710,741

 
9.0
%
     Commercial Real Estate
394,489

 
4.9
%
 
401,594

 
5.0
%
 
406,365

 
5.2
%
     Commercial & Industrial
102,685

 
1.3
%
 
153,677

 
1.9
%
 
166,114

 
2.1
%
     HELOC
130,583

 
1.6
%
 
128,596

 
1.6
%
 
126,943

 
1.6
%
     Consumer
71,205

 
0.9
%
 
68,317

 
0.9
%
 
65,057

 
0.8
%
 
$
8,031,138

 
100
%
 
$
7,979,019

 
100
%
 
$
7,866,336

 
100
%
     Less:
 
 
 
 
 
 
 
 
 
 
 
        ALL
143,819

 
 
 
137,951

 
 
 
133,147

 
 
        Loans in Process
133,379

 
 
 
155,051

 
 
 
213,286

 
 
        Discount on Acquired Loans
43,687

 
 
 
35,200

 
 
 
43,687

 
 
        Deferred Net Origination Fees
34,236

 
 
 
34,612

 
 
 
34,421

 
 
 
355,121

 
 
 
362,814

 
 
 
414,338

 
 
 
$
7,676,017

 
 
 
$
7,616,205

 
 
 
$
7,451,998

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 AS OF 3/31/12
 
 AS OF 6/30/12
 
 AS OF 9/30/12
Net Loan Portfolio by Category *
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,862,053

 
76.5
%
 
$
5,795,922

 
76.0
%
 
$
5,667,567

 
76.2
%
     Construction - Speculative
86,255

 
1.1
%
 
82,829

 
1.1
%
 
77,532

 
1.0
%
     Construction - Custom
144,017

 
1.9
%
 
122,708

 
1.6
%
 
106,608

 
1.4
%
     Land - Acquisition & Development
128,660

 
1.7
%
 
112,914

 
1.5
%
 
105,617

 
1.4
%
     Land - Consumer Lot Loans
141,614

 
1.8
%
 
137,069

 
1.8
%
 
136,213

 
1.8
%
     Multi-Family
670,790

 
8.7
%
 
668,240

 
8.8
%
 
668,946

 
9.0
%
     Commercial Real Estate
355,912

 
4.6
%
 
364,163

 
4.8
%
 
349,397

 
4.7
%
     Commercial & Industrial
95,274

 
1.2
%
 
144,523

 
1.9
%
 
156,748

 
2.1
%
     HELOC
123,457

 
1.6
%
 
122,609

 
1.6
%
 
121,191

 
1.6
%
     Consumer
67,985

 
0.9
%
 
65,228

 
0.9
%
 
62,179

 
0.8
%
 
$
7,676,017

 
100
%
 
$
7,616,205

 
100
%
 
$
7,451,998

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
* Excludes covered loans
 
 
 
 
 
 
 
 
 
 
 

4 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
($ in Thousands)

 
 AS OF 3/31/12
 
 AS OF 6/30/12
 
 AS OF 9/30/12
Deposits by State
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
     WA
$
4,257,205

 
48.3
%
 
64

 
$
4,247,080

 
48.8
%
 
64

 
$
4,225,874

 
49.3
%
 
65

     ID
586,625

 
6.7
%
 
16

 
577,486

 
6.7
%
 
16

 
568,933

 
6.6
%
 
16

     OR
1,352,292

 
15.4
%
 
28

 
1,344,466

 
15.5
%
 
28

 
1,330,480

 
15.5
%
 
28

     UT
338,766

 
3.9
%
 
10

 
337,981

 
3.9
%
 
10

 
336,398

 
3.9
%
 
10

     NV
203,674

 
2.3
%
 
4

 
208,007

 
2.4
%
 
4

 
201,730

 
2.4
%
 
4

     TX
126,557

 
1.4
%
 
6

 
104,084

 
1.2
%
 
4

 
101,603

 
1.2
%
 
4

     AZ
1,256,135

 
14.3
%
 
22

 
1,214,099

 
14.0
%
 
23

 
1,176,644

 
13.7
%
 
23

     NM
677,186

 
7.7
%
 
16

 
649,978

 
7.5
%
 
16

 
634,956

 
7.4
%
 
16

     Total
$
8,798,440

 
100
%
 
166

 
$
8,683,181

 
100
%
 
165

 
$
8,576,618

 
100
%
 
166

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3/12 QTR
 
 
 
6/12 QTR
 
 
 
9/12 QTR
 
 
Deposits by Type
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
Checking (noninterest)
$
267,031

 
3.0
%
 
 
 
$
272,819

 
3.1
%
 
 
 
$
272,242

 
3.2
%
 
 
NOW (interest)
594,878

 
6.8

 
 
 
595,208

 
6.9

 
 
 
622,397

 
7.3

 
 
Savings (passbook/stmt)
291,958

 
3.3

 
 
 
300,182

 
3.5

 
 
 
314,634

 
3.7

 
 
Money Market
1,710,756

 
19.4

 
 
 
1,700,233

 
19.6

 
 
 
1,737,180

 
20.3

 
 
CD's
5,933,817

 
67.5

 
 
 
5,814,739

 
66.9

 
 
 
5,630,165

 
65.5

 
 
Total
$
8,798,440

 
100
%
 
 
 
$
8,683,181

 
100
%
 
 
 
$
8,576,618

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits greater than $250,000 - EOP
$
992,794

 
 
 
 
 
$
1,010,371

 
 
 
 
 
$
1,036,388

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brokered Deposits
$
—

 
 
 
 
 
$
—

 
 
 
 
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
($ in Thousands)

 
 3/12 QTR
 
6/12 QTR
 
9/12 QTR
Non-Performing Assets
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Non-accrual loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
116,284

 
70.0
%
 
129,295

 
75.6
%
 
131,193

 
75.7
%
     Construction - Speculative
8,190

 
4.9

 
12,424

 
7.3

 
10,634

 
6.1

     Construction - Custom
539

 
0.3

 
539

 
0.3

 
539

 
0.3

     Land - Acquisition & Development
25,036

 
15.1

 
12,514

 
7.3

 
13,477

 
7.8

     Land - Consumer Lot Loans
5,641

 
3.4

 
5,844

 
3.4

 
5,149

 
3.0

     Multi-Family
4,530

 
2.7

 
3,405

 
2.0

 
4,185

 
2.4

     Commercial Real Estate
4,997

 
3.0

 
6,285

 
3.7

 
7,653

 
4.4

     Commercial & Industrial
1

 
—

 
—

 
—

 
16

 
—

     HELOC
591

 
0.4

 
388

 
0.2

 
198

 
0.1

     Consumer
344

 
0.2

 
339

 
0.2

 
383

 
0.2

        Total non-accrual loans
166,153

 
100
%
 
171,033

 
100
%
 
173,427

 
100
%
Total REO
99,826

 
 
 
88,231

 
 
 
80,800

 
 
Total REHI
20,269

 
 
 
19,226

 
 
 
18,678

 
 
Total non-performing assets
$
286,248

 
 
 
$
278,490

 
 
 
$
272,905

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing assets as a
 
 
 
 
 
 
 
 
 
 
 
     % of total assets
2.11
%
 
 
 
2.07
%
 
 
 
2.19
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
($ in Thousands)

 
 3/12 QTR
 
6/12 QTR
 
9/12 QTR
 
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Restructured loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
352,622

 
82.6
%
 
$
360,150

 
83.2
%
 
$
361,640

 
83.4
%
     Construction - Speculative
20,485

 
4.8

 
15,875

 
3.7

 
15,907

 
3.7

     Construction - Custom
—

 
—

 
1,196

 
0.3

 
1,196

 
0.3

     Land - Acquisition & Development
20,443

 
4.8

 
17,075

 
3.9

 
14,985

 
3.5

     Land - Consumer Lot Loans
14,389

 
3.4

 
14,107

 
3.3

 
13,782

 
3.2

     Multi-Family
16,955

 
4.0

 
17,007

 
3.9

 
17,507

 
4.0

     Commercial Real Estate
1,714

 
0.4

 
7,049

 
1.6

 
7,377

 
1.7

     Commercial & Industrial
4

 
—

 
2

 
—

 
—

 
—

     HELOC
177

 
—

 
290

 
0.1

 
884

 
0.2

     Consumer
—

 
—

 
—

 
—

 
—

 
—

        Total restructured loans (2)
$
426,789

 
100
%
 
$
432,751

 
100
%
 
$
433,278

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
(2) Restructured loans were as follows:
 
 
 
 
 
 
 
 
 
 
 
     Performing
$
387,010

 
90.7
%
 
$
399,299

 
92.3
%
 
$
403,238

 
93.1
%
     Non-accrual *
39,779

 
9.3

 
33,452

 
7.7

 
30,040

 
6.9

     * Included in "Total non-accrual loans" above
$
426,789

 
100
%
 
$
432,751

 
100
%
 
$
433,278

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 

7 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
($ in Thousands)

 
 3/12 QTR
 
6/12 QTR
 
9/12 QTR
 
 AMOUNT
 
CO %**
 
 AMOUNT
 
CO %**
 
 AMOUNT
 
CO %**
Net Charge-offs by Category
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
14,246

 
0.95
%
 
$
11,896

 
0.81
 %
 
$
8,153

 
0.56
 %
     Construction - Speculative
980

 
3.04

 
2,203

 
6.64

 
583

 
1.77

     Construction - Custom
—

 
—

 
—

 
—

 
—

 
—

     Land - Acquisition & Development
11,738

 
30.01

 
986

 
2.83

 
783

 
2.44

     Land - Consumer Lot Loans
687

 
1.83

 
670

 
1.85

 
642

 
1.81

     Multi-Family
98

 
0.06

 
(279
)
 
(0.16
)
 
(9
)
 
(0.01
)
     Commercial Real Estate
146

 
0.15

 
58

 
0.06

 
385

 
0.38

     Commercial & Industrial
59

 
0.23

 
(2
)
 
(0.01
)
 
17

 
0.04

     HELOC
76

 
0.23

 
141

 
0.44

 
—

 
—

     Consumer
691

 
3.88

 
563

 
3.30

 
382

 
2.35

        Total net charge-offs
$
28,721

 
1.43
%
 
$
16,236

 
0.81
 %
 
$
10,936

 
0.56
 %
     ** Annualized Net Charge-offs divided by Gross Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3/12 QTR
 
 
 
6/12 QTR
 
 
 
9/12 QTR
 
 
SOP 03-3
 
 
 
 
 
 
 
 
 
 
 
Accretable Yield
$
46,485

 
 
 
$
40,258

 
 
 
$
67,807

 
 
Non-Accretable Yield
219,636

 
 
 
219,636

 
 
 
184,946

 
 
Total Contractual Payments
$
266,121

 
 
 
$
259,894

 
 
 
$
252,753

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Risk
 
 
 
 
 
 
 
 
 
 
 
One Year GAP
(14.5
)%
 
 
 
(8.8
)%
 
 
 
(10.1
)%
 
 
NPV post 200 bps shock*
13.04
 %
 
 
 
12.78
 %
 
 
 
15.00
 %
 
 
Change in NII after 200 bps shock*
(3.40
)%
 
 
 
(1.40
)%
 
 
 
(2.10
)%
 
 
* Assumes no balance sheet management
 
 
 
 
 
 
 
 
 
 
 
 
 3/12 QTR
 
6/12 QTR
 
9/12 QTR
CD's Repricing
Amount
 
Rate
 
Amount
 
Rate
 
Amount
 
Rate
Within 3 months
$
1,209,647

 
0.86
%
 
$
1,009,301

 
0.94
 %
 
$
1,519,848

 
1.03
 %
From 4 to 6 months
981,387

 
0.96

 
1,496,971

 
1.05

 
879,355

 
1.24

From 7 to 9 months
1,074,104

 
1.33

 
626,115

 
1.63

 
529,578

 
0.85

From 10 to 12 months
628,188

 
1.63

 
536,825

 
0.85

 
613,190

 
0.90


8 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
($ in Thousands)

Historical CPR Rates ***
 
 
 
 
 
 
 
 
 
WAFD
 
WAFD
 
 
 
 
 
 
 
 
Average for Quarter Ended
SFR Mortgages
 
GSE MBS
 
 
 
 
 
 
 
 
3/31/2011
20.9
%
 
17.1
%
 
 
 
 
 
 
 
 
6/30/2011
13.3

 
12.1

 
 
 
 
 
 
 
 
9/30/2011
17.1

 
17.5

 
 
 
 
 
 
 
 
12/31/2011
22.0

 
32.6

 
 
 
 
 
 
 
 
3/31/2012
19.5

 
27.5

 
 
 
 
 
 
 
 
6/30/2012
20.9

 
30.7

 
 
 
 
 
 
 
 
9/30/2012
22.9

 
30.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*** 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 not required to follow GSE servicing rules/regulations.
 
 
 
 
 
 


9 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
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 $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
31,232

 
185

 
$
5,776,344

 
188

 
75

 
470

 
733

 
2.35
%
 
$
157,741

 
2.73
%
     Construction - Speculative
 
550

 
165

 
90,738

 
1

 
1

 
11

 
13

 
2.36

 
3,064

 
3.38

     Construction - Custom
 
486

 
222

 
107,882

 
3

 
—

 
1

 
4

 
0.82

 
667

 
0.62

     Land - Acquisition & Development
 
201

 
611

 
122,894

 
2

 
1

 
18

 
21

 
10.45

 
12,871

 
10.47

     Land - Consumer Lot Loans
 
1,560

 
91

 
141,772

 
21

 
3

 
38

 
62

 
3.97

 
7,212

 
5.09

     Multi-Family
 
1,063

 
637

 
677,518

 
2

 
1

 
5

 
8

 
0.75

 
4,654

 
0.69

     Commercial Real Estate
 
895

 
424

 
379,395

 
4

 
4

 
10

 
18

 
2.01

 
7,834

 
2.06

     Commercial & Industrial
 
488

 
340

 
166,094

 
1

 
—

 
3

 
4

 
0.82

 
24

 
0.01

     HELOC
 
1,990

 
64

 
126,942

 
5

 
1

 
3

 
9

 
0.45

 
420

 
0.33

     Consumer
 
9,565

 
7

 
63,471

 
172

 
64

 
58

 
294

 
3.07

 
1,969

 
3.10

 
 
48,030

 
 
 
7,653,050

 
399

 
150

 
617

 
1,166

 
2.43
%
 
196,456

 
2.57
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
31,789

 
186

 
$
5,902,632

 
162

 
84

 
508

 
754

 
2.37
%
 
$
165,664

 
2.81
%
     Construction - Speculative
 
546

 
174

 
94,930

 
5

 
7

 
15

 
27

 
4.95

 
7,796

 
8.21

     Construction - Custom
 
506

 
245

 
123,965

 
1

 
1

 
1

 
3

 
0.59

 
583

 
0.47

     Land - Acquisition & Development
 
211

 
606

 
127,953

 
2

 
—

 
12

 
14

 
6.64

 
13,390

 
10.46

     Land - Consumer Lot Loans
 
1,581

 
92

 
145,037

 
11

 
6

 
40

 
57

 
3.61

 
8,492

 
5.86

     Multi-Family
 
1,095

 
617

 
675,334

 
2

 
3

 
4

 
9

 
0.82

 
4,475

 
0.66

     Commercial Real Estate
 
927

 
329

 
305,046

 
3

 
2

 
6

 
11

 
1.19

 
4,378

 
1.44

     Commercial & Industrial
 
517

 
287

 
148,565

 
2

 
—

 
—

 
2

 
0.39

 
19

 
0.01

     HELOC
 
1,976

 
57

 
113,559

 
1

 
2

 
4

 
7

 
0.35

 
735

 
0.65

     Consumer
 
10,124

 
7

 
68,202

 
160

 
68

 
56

 
284

 
2.81

 
1,981

 
2.90

 
 
49,272

 
 
 
7,705,223

 
349

 
173

 
646

 
1,168

 
2.37
%
 
207,513

 
2.69
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
32,195

 
185

 
$
5,969,973

 
223

 
143

 
526

 
892

 
2.77
%
 
$
185,142

 
3.10
%
     Construction - Speculative
 
527

 
195

 
102,655

 
1

 
3

 
18

 
22

 
4.17

 
5,198

 
5.06

     Construction - Custom
 
580

 
251

 
145,406

 
—

 
1

 
1

 
2

 
0.34

 
561

 
0.39

     Land - Acquisition & Development
 
221

 
662

 
146,228

 
—

 
3

 
18

 
21

 
9.50

 
21,128

 
14.45

     Land - Consumer Lot Loans
 
1,611

 
93

 
149,966

 
10

 
10

 
36

 
56

 
3.48

 
7,811

 
5.21

     Multi-Family
 
1,120

 
605

 
677,730

 
—

 
2

 
5

 
7

 
0.63

 
5,213

 
0.77

     Commercial Real Estate
 
939

 
311

 
292,143

 
16

 
4

 
6

 
26

 
2.77

 
5,365

 
1.84

     Commercial & Industrial
 
536

 
177

 
94,901

 
3

 
1

 
2

 
6

 
1.12

 
6

 
0.01

     HELOC
 
1,998

 
57

 
113,368

 
5

 
2

 
7

 
14

 
0.70

 
711

 
0.63

     Consumer
 
10,784

 
7

 
71,080

 
181

 
69

 
62

 
312

 
2.89

 
2,087

 
2.94

 
 
50,511

 
 
 
7,763,450

 
439

 
238

 
681

 
1,358

 
2.69
%
 
233,222

 
3.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

10 of 11
Washington Federal, Inc.
Fact Sheet
September 30, 2012
Average Balance Sheet
($ in Thousands)

 
Quarters Ended
 
March 31, 2012
 
June 30, 2012
 
September 30, 2012
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and covered loans
$
8,081,677

 
$
123,771

 
6.05
%
 
$
7,928,565

 
$
118,115

 
5.88
%
 
$
7,827,490

 
$
115,467

 
5.84
%
Mortgage-backed securities
3,541,962

 
28,682

 
3.26

 
3,279,476

 
25,101

 
3.08

 
2,619,887

 
16,062

 
2.44

Cash & Investments
932,074

 
2,151

 
0.91

 
1,280,386

 
2,167

 
0.67

 
1,393,834

 
2,849

 
0.81

FHLB stock
152,698

 
—

 
—

 
151,715

 
1

 
—

 
151,475

 
1

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-earning assets
12,708,411

 
154,604

 
4.89
%
 
12,640,142

 
145,384

 
4.63
%
 
11,992,686

 
134,379

 
4.46
%
Other assets
898,176

 
 
 
 
 
869,980

 
 
 
 
 
972,263

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
13,606,587

 
 
 
 
 
$
13,510,122

 
 
 
 
 
$
12,964,949

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer accounts
8,821,377

 
22,016

 
1.00
%
 
8,760,578

 
20,902

 
0.96
%
 
8,623,237

 
20,072

 
0.93
%
FHLB advances
1,960,358

 
20,516

 
4.21

 
1,958,896

 
20,500

 
4.21

 
1,915,960

 
18,864

 
3.92

Other borrowings
800,000

 
7,447

 
3.74

 
800,000

 
7,447

 
3.74

 
373,913

 
3,273

 
3.48

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-bearing liabilities
11,581,735

 
49,979

 
1.74
%
 
11,519,474

 
48,849

 
1.71
%
 
10,913,110

 
42,209

 
1.54
%
Other liabilities
101,738

 
 
 
 
 
70,846

 
 
 
 
 
139,253

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
11,683,473

 
 
 
 
 
11,590,320

 
 
 
 
 
11,052,363

 
 
 
 
Stockholders’ equity
1,913,837

 
 
 
 
 
1,919,802

 
 
 
 
 
1,912,586

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
13,597,310

 
 
 
 
 
$
13,510,122

 
 
 
 
 
$
12,964,949

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
104,625

 
 
 
 
 
$
96,535

 
 
 
 
 
$
92,170

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin (1)
 
 
 
 
3.29
%
 
 
 
 
 
3.05
%
 
 
 
 
 
3.07
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Annualized net interest income divided by average interest-earning assets.
 
 
 
 
 
 
 
 
 
 


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