WAFD 8-K_Apr 15 2014

0000936528-14-000024.txt : 20140418 0000936528-14-000024.hdr.sgml : 20140418 20140417201851 ACCESSION NUMBER: 0000936528-14-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140415 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140418 DATE AS OF CHANGE: 20140417 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: 14771252 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_apr152014.htm 8-K WAFD 8-K_Apr 15 2014

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 8-K

____________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 15, 2014

____________________________________

Washington Federal, Inc.

(Exact name of registrant as specified in its charter)

____________________________________




Washington	001-34654	91-1661606
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

425 Pike Street, Seattle, Washington 98101

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code (206) 624-7930

Not Applicable

(Former name or former address, if changed since last report)

____________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):



o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02	Results of Operations and Financial Condition

On April 15, 2014, the Company announced by press release its earnings for the quarter ended March 31, 2014. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the March 31, 2014 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 March 31, 2014 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

(d) The following exhibits are being furnished herewith:

99.1 Press release dated April 15, 2014

99.2 Fact Sheet as of March 31, 2014

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.




Date: April 17, 2014	WASHINGTON FEDERAL, INC.

	By:	/s/ DIANE L. KELLEHER
		Diane L. Kelleher
		Senior Vice President and Chief Financial Officer

EX-99.1 2 exhibit991_mar2014earnings.htm EXHIBIT 99.1 Exhibit 99.1_Mar 2014 earnings release

Exhibit 99.1

Tuesday April 15, 2014

FOR IMMEDIATE RELEASE

Washington Federal Announces

Quarterly Earnings per Share Increase of 12%

SEATTLE, WASHINGTON - Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced earnings of $38,657,000 or $.38 cents per diluted share for the quarter ended March 31, 2014, compared to $35,978,000 or $.34 cents per diluted share for the quarter ended March 31, 2013, an increase of 11.8%.

Chairman, President & CEO Roy M. Whitehead commented, “Loan growth, fewer problem assets, improved deposit mix and increased fee income were important measures of progress this quarter. We are quite encouraged by evidence of increasing loan demand, although we expect expenses to remain elevated for a few quarters due to investments in growth. Costs related to acquired branches will be managed lower over time as we complete consolidations and refine operations. Likewise, investments to bring our technology backbone to state-of-the-art require spending today for future efficiencies. Management strongly believes that the opportunities to rationalize growth-related expenses, invest recently acquired cash, and serve 230,000 new clients make our franchise more valuable."

Net interest income for the quarter was $101 million, an $8 million or 8.2% increase from the quarter ended March 31, 2013. Net interest income is higher due to increased investment income and reduced interest expense on customer accounts, a function of both the improved deposit mix and the continued low rate environment. Net interest margin was 3.03% for the quarter ended March 31, 2014, down from 3.12% for the prior quarter and 3.10% for the quarter ended March 31, 2013. The margin declined primarily as a result of increased cash and investment balances invested at lower yields. Average earning assets increased $1.3 billion or 10.6% compared to the same quarter of the prior year.

The provision for loan losses was a reversal of $4 million and zero for the quarters ended March 31, 2014 and 2013, respectively, as a result of the improvement in asset quality. The Company maintains an allowance for loan losses that totals $115 million or 1.40% of total gross loans. This compares to $117 million or 1.46% of total gross loans as of September 30, 2013.

Net gain on real estate acquired through foreclosure amounted to $1 million during the quarter, as compared to a net loss of $2 million for the quarter ended December 31, 2013 and a net loss of $4 million for the quarter ended March 31, 2013. The Company expects the amount of gain or loss on real estate acquired to continue to fluctuate in future quarters based primarily on the timing of sales and the amount, if any, of gains or losses related to those sales. Net gain or loss on real estate acquired through foreclosure includes gains and losses on sales, ongoing maintenance expenses and any additional write-downs from lower valuations.

The Company’s efficiency ratio was 48.5% for the quarter and remains among the best in the industry. Total operating expenses increased by $11 million or 26.5% for the quarter as compared to the same quarter of the prior year, driven by an increase in employees and branch locations provided by the branch acquisitions during the prior quarter and the related costs to service the acquired transaction accounts. Minimum balance fees on the acquired deposit accounts were waived for three months after the closing of the transaction, and charges resumed with the February billing cycle. Deposit related service fees increased by $1.6 million from the prior quarter to $3.5 million for the quarter ended March 31, 2014. The quarter produced a return on average assets of 1.07% and a return on average equity of 7.85%.

Total assets increased by $1.3 billion or 10% to $14.4 billion at March 31, 2014 from $13.1 billion at September 30, 2013 due primarily to branch acquisitions.

Available for sale investments increased $750 million or 32% from the prior year end as a result of investments made with a portion of the proceeds from the acquisitions. During the quarter, the Company had an average balance of cash and cash equivalents of $684 million invested overnight at a yield of approximately 0.25%.

Loans receivable grew by $86 million during the quarter or 1.1% to $7.7 billion as of March 31, 2014. The fiscal year increase is $209 million or 2.8%. Loan originations for the quarter totaled $435 million, a $78 million or 22% increase over the same quarter of the prior

year. The Company views organic loan growth as the highest and best use of its capital. The weighted average interest rate on loans as of March 31, 2014 was 4.86%, which is a decrease from 5.26% as of the prior year. Actual yield earned on loans will be greater than the weighted average rate due to net deferred loan fees and discounts on acquired loans, which are accreted into income over the term of the loans.

Total non-performing assets, including real estate owned as a result of foreclosure, amounted to $175 million or 1.22% of total assets at quarter-end, a $39 million or 18.2% decrease from September 30, 2013. Non-performing loans decreased from $131 million at September 30, 2013 to $100 million as of March 31, 2014, a 24.0% decrease. Net loan charge-offs decreased from $4 million in the quarter ended March 31, 2013 to a net recovery of $2 million in the most recent quarter. Total loan delinquencies were 1.57% as of March 31, 2014, a decrease from 1.97% at September 30, 2013. Delinquencies on single family mortgage loans, the largest component of the loan portfolio, declined during the fiscal year to 1.89% from 2.21% at September 30, 2013.

During the prior quarter, Washington Federal completed the acquisition of 51 branches from Bank of America in New Mexico and the Pacific Northwest. The acquired deposits totaled $1.3 billion and loans were $8.3 million. The Company has grown the deposits acquired since the closing dates. As previously announced, the Company expects to acquire an additional 23 branches from Bank of America, representing an estimated $610 million of deposits and $4 million of loans during the quarter ended June 30, 2014.

Transaction accounts have increased by $1.3 billion or 38% from September 30, 2013 and now represent 47% of total deposits. Over the last several years, the Company has focused on growing transaction accounts to lessen sensitivity to rising interest rates.

On April 18, 2014, the Company will pay a cash dividend of $.10 per share to common stockholders of record on April 4, 2014. This will be the Company’s 125th consecutive quarterly cash dividend. During the quarter, the Company has repurchased 593,300 shares of stock at a weighted average price of $21.63. For the fiscal year 2014, the Company has repurchased 1,448,200 shares of stock at a weighted average price of $21.94 and has further authorization to

repurchase an additional 8.0 million shares. The ratio of tangible common equity to tangible assets was 11.95% as of March 31, 2014.

Washington Federal, a national bank with headquarters in Seattle, Washington, has 231 branches in eight western states. The bank gathers deposits from the general public and invests these funds in loans of various types, including first lien mortgage loans, home equity loans, construction loans, land acquisition and development loans, multi-family dwelling loans, other income producing property loans, and business loans. It also invests funds in government and agency obligations and certain other investments.

To find out more about Washington Federal, please visit our website. Washington Federal 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 2013 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 should not be read as a guarantee of future performance. By their nature, forward-looking statements involve inherent risk and uncertainties, which change over time; and actual performance could differ materially from those anticipated by any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.

# # #

Contact:

Washington Federal, Inc.

425 Pike Street, Seattle, WA 98101

Cathy Cooper, SVP Marketing Communications

206-777-8246

cathy.cooper@wafd.com

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)



	March 31, 2014			September 30, 2013
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	608,236		$	203,563
Available-for-sale securities, at fair value	3,110,575			2,360,948
Held-to-maturity securities, at amortized cost	1,611,303			1,654,666
Loans receivable, net	7,737,109			7,528,030
Covered loans, net	229,605			295,947
Interest receivable	51,284			49,218
Premises and equipment, net	228,663			206,172
Real estate held for sale	60,995			72,925
Real estate held for investment	13,596			9,392
Covered real estate held for sale	23,005			30,980
FDIC indemnification asset	53,289			64,615
FHLB and FRB stock	167,174			173,009
Intangible assets, net	300,215			264,318
Federal and state income tax assets, net	36,568			44,000
Other assets	132,982			125,076
	$	14,364,599		$	13,082,859
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Customer accounts
Transaction deposit accounts	$	4,874,321		$	3,540,842
Time deposit accounts	5,470,570			5,549,429
	10,344,891			9,090,271
FHLB advances	1,930,000			1,930,000
Advance payments by borrowers for taxes and insurance	17,251			42,443
Accrued expenses and other liabilities	91,774			82,510
	12,383,916			11,145,224
Stockholders’ equity
Common stock, $1.00 par value, 300,000,000 shares authorized; 133,299,419 and 132,572,475 shares issued; 101,763,415 and 102,484,671 shares outstanding	133,300			132,573
Paid-in capital	1,636,515			1,625,051
Accumulated other comprehensive income, net of taxes	10,490			6,378
Treasury stock, at cost; 31,536,004 and 30,087,804 shares	(452,593		)	(420,817		)
Retained earnings	652,971			594,450
	1,980,683			1,937,635
	$	14,364,599		$	13,082,859
CONSOLIDATED FINANCIAL HIGHLIGHTS
Common stockholders' equity per share	$	19.46		$	18.91
Tangible common stockholders' equity per share	16.51			16.33
Stockholders' equity to total assets	13.79		%	14.81		%
Tangible common stockholders' equity to tangible assets	11.95			13.05
Weighted average rates at period end



Loans and mortgage-backed securities	4.22	%	4.34	%
Combined loans, mortgage-backed securities and investments	3.70		3.92
Customer accounts	0.56		0.69
Borrowings	3.52		3.52
Combined cost of customer accounts and borrowings	1.03		1.19
Interest rate spread	2.67		2.73

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)



	Quarter Ended March 31,						Six Months Ended March 31,
	2014			2013			2014			2013
	(In thousands, except per share data)						(In thousands, except per share data)
INTEREST INCOME
Loans & covered assets	$	106,334		$	112,879		$	213,561		$	229,722
Mortgage-backed securities	21,072			10,642			40,440			22,374
Investment securities and cash equivalents	4,945			2,984			9,608			5,717
	132,351			126,505			263,609			257,813
INTEREST EXPENSE
Customer accounts	14,780			16,695			30,279			35,466
FHLB advances and other borrowings	16,935			16,787			34,383			33,890
	31,715			33,482			64,662			69,356
Net interest income	100,636			93,023			198,947			188,457
Provision for loan losses	(4,336		)	—			(8,936		)	3,600
Net interest income after provision for loan losses	104,972			93,023			207,883			184,857

OTHER INCOME	6,702			6,046			12,490			11,003

OTHER EXPENSE
Compensation and benefits	27,836			23,077			52,962			44,149
Occupancy	5,990			4,825			11,607			9,272
FDIC insurance premiums	2,767			3,107			5,701			6,450
Information Technology	3,931			2,852			6,860			5,290
Amortization of intangible assets	728			371			1,549			726
Other	10,807			6,932			17,500			13,575
	52,059			41,164			96,179			79,462
Gain (loss) on real estate acquired through foreclosure, net	553			(4,003		)	(1,398		)	(7,322		)
Income before income taxes	60,168			53,902			122,796			109,076
Income tax provision	21,511			17,924			43,903			37,816
NET INCOME	$	38,657		$	35,978		$	78,893		$	71,260

PER SHARE DATA
Basic earnings	$	0.38		$	0.34		$	0.77		$	0.67
Diluted earnings	0.38			0.34			0.77			0.67
Cash dividends per share	0.10			0.09			0.20			0.17
Basic weighted average number of shares outstanding	102,013,857			105,206,491			102,173,829			105,606,688
Diluted weighted average number of shares outstanding, including dilutive stock options	102,488,844			105,258,240			102,652,984			105,655,770

PERFORMANCE RATIOS
Return on average assets	1.07		%	1.10		%	1.13		%	1.10		%
Return on average common equity	7.85			7.49			8.05			7.45

EX-99.2 3 exhibit992_mar2014factsheet.htm EXHIBIT 99.2 Exhibit 99.2_Mar 2014 Fact Sheet

Washington Federal, Inc.

Fact Sheet

March 31, 2014

($ in Thousands)



Exhibit 99.2
	9/13 QTR						12/13 QTR						3/14 QTR

Loan Loss Reserve - Total	$	116,741					$	118,158					$	114,931
General	113,268						116,552						114,096
Specific	3,473						1,606						835
Allowance as a % of Gross Loans	1.46		%				1.46		%				1.40		%

Regulatory Capital Ratios (excludes holding co.)
Tangible	1,609,914					12.59%	1,615,112				12.01%		1,653,499					11.74%
Tier 1 Risk Based	1,609,914					24.38%	1,615,112				23.80%		1,653,499					23.99%
Risk Based	1,693,227					25.64%	1,700,453				25.06%		1,740,488					25.25%

	9/13 QTR			9/13 YTD			12/13 QTR			12/13 YTD			3/14 QTR			3/14 YTD
Loan Originations - Total	$	706,703		$	1,966,035		$	500,601			$	500,601	$	435,145		$	935,746
Single-Family Residential	219,779			707,310			176,277				176,277		123,806			300,083
Construction - Speculative	56,990			173,446			44,540				44,540		34,587			79,127
Construction - Custom	180,270			304,156			86,651				86,651		73,008			159,659
Land - Acquisition & Development	9,158			22,590			10,485				10,485		11,277			21,762
Land - Consumer Lot Loans	3,481			14,324			2,222				2,222		1,981			4,203
Multi-Family	128,632			309,636			58,827				58,827		52,836			111,663
Commercial Real Estate	48,495			163,577			34,365				34,365		68,884			103,249
Commercial & Industrial	46,711			225,809			77,469				77,469		57,356			134,825
HELOC	13,187			44,872			9,677				9,677		10,890			20,567
Consumer	—			315			88				88		520			608

Purchased Loans (including acquisitions)	$	83,632		$	538,462		$	67,099			$	67,099	$	33,712				100,811
Net Loan Fee and Discount Accretion	$	8,813		$	26,443		$	6,298			$	6,298	$	5,977				12,275

Washington Federal, Inc.

Fact Sheet

March 31, 2014

($ in Thousands)



	9/13 QTR			9/13 YTD			12/13 QTR			12/13 YTD				3/14 QTR			3/14 YTD
Repayments
Loans	$	574,330		$	2,353,061		$	486,143			$	486,143		$	416,068		$	902.211
MBS	117,339			510,500			68,761				68,761			73,041			$	141.802

MBS Premium Amortization	$	3,778		$	16,921		$	1,674			$	1,674		$	1,972		$	3,646

Loan Servicing Fee Income	$	2,598		$	8,585		$	2,046			$	2,046		$	1,324		$	3,370
Other Fee Income	998			5,363			1,949				1,949			3,515			5,464
Total Fee Income	$	3,596		$	13,949		$	3,995			$	3,995		$	4,839		8,834

Efficiency
Operating Expenses/Average Assets	1.32		%	1.27		%	1.36		%		1.36		%	1.43		%	1.40				%
Efficiency Ratio	41.98			40.85			42.38				42.38			48.50			45.49
Amortization of Intangibles	$	400		$	1,786		$	821			$	821		$	728		$	1,549

EOP Numbers
Shares Issued and Outstanding	102,484,796						102,329,576							101,763,415

Share repurchase information
Remaining shares auth. for repurchase	9,872,834			9,872,834			9,017,934				9,017,934			8,424,634					8,424,634
Shares repurchased	1,120,400			6,315,196			854,900				854,900			593,300					1,448,200
Average share repurchase price	$	20.71		$	17.46		$	22.16			$	22.16		$	21.63				$	21.94

Washington Federal, Inc.

Fact Sheet

March 31, 2014

($ in Thousands)



Tangible Common Book Value	9/13 QTR			12/13 QTR			3/14 QTR
$ Amount	$	1,673,317		$	1,653,965		$	1,680,468
Per Share	16.33			16.16			16.51

# of Employees	1,457			1,848			1,846
Tax Rate - Going Forward	36.15		%	35.75		%	35.75		%

Investments
Available-for-sale:
Agency MBS	$	1,251,176		$	1,633,643		$	1,709,872
Other	1,109,772			1,204,860			1,400,703
	$	2,360,948		$	2,838,503		$	3,110,575
Held-to-maturity:
Agency MBS	$	1,654,666		$	1,630,936		$	1,611,303
Other	—			—			—
	$	1,654,666		$	1,630,936		$	1,611,303

Washington Federal, Inc.

Fact Sheet

March 31, 2014

($ in Thousands)



	AS OF 9/30/13			AS OF 12/31/13			AS OF 3/31/14
Gross Loan Portfolio by Category *	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,373,950	67.2%	$	5,436,083	67.1%	$	5,462,093	66.8%
Construction - Speculative	130,778		1.6	135,868		1.7	135,001		1.7
Construction - Custom	302,722		3.8	333,954		4.1	354,279		4.3
Land - Acquisition & Development	81,660		1.0	75,506		0.9	77,049		0.9
Land - Consumer Lot Loans	124,984		1.6	122,467		1.5	116,864		1.4
Multi-Family	835,598		10.5	846,115		10.4	869,635		10.6
Commercial Real Estate	625,293		7.8	622,240		7.7	634,457		7.8
Commercial & Industrial	326,450		4.1	354,166		4.4	351,705		4.3
HELOC	133,631		1.7	131,949		1.6	131,852		1.6
Consumer	55,479		0.7	51,961		0.6	48,239		0.6
	7,990,545		100.0%	8,110,309		100.0%	8,181,174		100.0%
Less:
ALL	116,741			118,158			114,931
Loans in Process	275,577			273,263			264,946
Discount on Acquired Loans	34,143			31,485			29,286
Deferred Net Origination Fees	36,054			35,845			34,902
Sub-Total	462,515			458,751			444,065
	$	7,528,030		$	7,651,558		$	7,737,109


Net Loan Portfolio by Category *	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,281,131	70.2%	$	5,342,080	69.8%	$	5,371,177	69.4%
Construction - Speculative	73,424		1.0	78,769		1.0	81,604		1.1
Construction - Custom	127,846		1.7	158,376		2.1	174,987		2.3
Land - Acquisition & Development	65,534		0.9	61,539		0.8	63,572		0.8
Land - Consumer Lot Loans	120,345		1.6	118,134		1.5	113,020		1.5
Multi-Family	786,508		10.4	796,776		10.4	844,007		10.9
Commercial Real Estate	592,216		7.9	591,022		7.7	592,594		7.7
Commercial & Industrial	300,207		4.0	328,538		4.3	323,045		4.2
HELOC	129,929		1.7	128,427		1.7	128,456		1.7
Consumer	50,889		0.7	47,897		0.6	44,647		0.6
	$	7,528,030	100.0%	$	7,651,558	100.0%	$	7,737,109	100.0%
* Excludes covered loans

Washington Federal, Inc.

Fact Sheet

March 31, 2014

($ in Thousands)



	AS OF 9/30/13					AS OF 12/31/13					AS OF 3/31/14
Deposits by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
WA	$	4,230,693	46.6	%	63	$	5,126,066	49.3	%	82	$	5,142,077	49.7	%	82
ID	545,781		6.0		16	816,400		7.8		31	811,048		7.8		29
OR	1,993,863		21.9		44	1,870,196		18.0		50	1,840,375		17.8		49
UT	330,044		3.6		10	326,829		3.1		10	319,954		3.1		10
NV	191,182		2.1		4	187,681		1.8		4	182,035		1.8		4
TX	101,458		1.1		4	109,258		1.1		5	106,874		1.0		5
AZ	1,086,447		12.0		23	1,067,681		10.3		23	1,030,346		10.0		23
NM	610,803		6.7		18	898,615		8.6		30	912,182		8.8		29
Total	$	9,090,271	100.0	%	182	$	10,402,726	100.0	%	235	$	10,344,891	100.0	%	231


Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Checking (noninterest)	$	447,368	4.9	%		$	674,824	6.5	%		$	691,577	6.7	%
NOW (interest)	800,516		8.8			1,227,548		11.8			1,265,041		12.2
Savings (passbook/stmt)	404,938		4.5			542,573		5.2			575,440		5.6
Money Market	1,888,020		20.8			2,268,979		21.8			2,342,263		22.6
CD's	5,549,429		61.0			5,688,802		54.7			5,470,570		52.9
Total	$	9,090,271	100.0	%		$	10,402,726	100.0	%		$	10,344,891	100.0	%

Deposits greater than $250,000 - EOP	$	1,336,054				$	1,578,895				$	1,677,326

Washington Federal, Inc.

Fact Sheet

March 31, 2014

($ in Thousands)




Non-Performing Assets	AMOUNT			%	AMOUNT			%	AMOUNT			%
Non-accrual loans:
Single-Family Residential	$	100,460		76.5%	$	89,075		77.6%	$	81,740		77.6%
Construction - Speculative	4,560			3.5	3,053			2.7	2,132			2.7
Construction - Custom	—			—	—			—	265			—
Land - Acquisition & Development	2,903			2.2	2,813			2.5	2,113			2.5
Land - Consumer Lot Loans	3,337			2.5	3,548			3.1	3,007			3.1
Multi-Family	6,573			5.0	2,494			2.2	2,199			2.2
Commercial Real Estate	11,736			8.9	11,613			10.1	7,101			10.1
Commercial & Industrial	477			0.4	655			0.6	579			0.6
HELOC	263			0.2	471			0.4	441			0.4
Consumer	990			0.8	995			0.9	621			0.9
Total non-accrual loans	131,299			100.0%	114,717			100.0%	100,198			100.0%
Total REO	72,925				71,537				60,995
Total REHI	9,392				11,656				13,596
Total non-performing assets	$	213,616			$	197,910			$	174,789

Total non-performing assets as a
% of total assets	1.63		%		1.37		%		1.22		%

Washington Federal, Inc.

Fact Sheet

March 31, 2014

($ in Thousands)



	9/13 QTR			12/13 QTR			3/14 QTR
	AMOUNT		%	AMOUNT		%	AMOUNT		%
Restructured loans:
Single-Family Residential	$	356,576	85.8	$	355,449	85.7	$	348,918	86.1
Construction - Speculative	10,733		2.6	9,705		2.3	9,416		2.3
Construction - Custom	1,196		0.3	1,196		0.3	1,196		0.3
Land - Acquisition & Development	7,211		1.7	6,037		1.5	5,164		1.3
Land - Consumer Lot Loans	12,706		3.1	13,411		3.2	13,270		3.3
Multi-Family	7,557		1.8	8,701		2.1	7,727		1.9
Commercial Real Estate	18,539		4.5	18,749		4.5	18,107		4.5
Commercial & Industrial	56		—	44		—	31		—
HELOC	1,088		0.3	1,198		0.3	1,198		0.3
Consumer	33		—	71		—	197		—
Total restructured loans (2)	$	415,696	100.0%	$	414,561	100.0%	$	405,224	100.0%

(2) Restructured loans were as follows:
Performing	$	391,415	94.2%	$	390,841	94.3%	$	381,849	94.2%
Non-accrual *	24,281		5.8	23,720		5.7	23,375		5.8
* Included in "Total non-accrual loans" above	$	415,696	100.0%	$	414,561	100.0%	$	405,224	100.0%

Washington Federal, Inc.

Fact Sheet

March 31, 2014

($ in Thousands)



	9/13 QTR					12/13 QTR					3/14 QTR
	AMOUNT			CO %**		AMOUNT			CO %**		AMOUNT			CO %**
Net Charge-offs by Category
Single-Family Residential	$	(482	)	(0.04	)%	$	(6,493	)	(0.48	)%	$	356		0.03	%
Construction - Speculative	135			0.41		355			1.05		488			1.45
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	(2,345		)	(11.49	)	17			0.09		(214		)	(1.11	)
Land - Consumer Lot Loans	222			0.71		220			0.72		231			0.79
Multi-Family	—			—		—			—		—			—
Commercial Real Estate	389			0.25		—			—		73			0.05
Commercial & Industrial	1,008			1.24		(173		)	(0.20	)	(2,408		)	(2.74	)
HELOC	69			0.21		—			—		—			—
Consumer	117			0.84		56			0.43		(49		)	(0.41	)
Total net charge-offs	$	(887	)	(0.04	)%	$	(6,017	)	(0.30	)%	$	(1,523	)	(0.07	)%
** Annualized Net Charge-offs divided by Gross Balance

SOP 03-3
Accretable Yield	$	115,513				$	104,808				$	107,199
Non-Accretable Yield	194,794					194,794					183,645
Total Contractual Payments	$	310,307				$	299,602				$	290,844

Interest Rate Risk
One Year GAP				(12.9	)%				(12.2	)%				(13.9	)%
NPV post 200 bps shock*				17.42	%				15.48	%				15.22	%
Change in NII after 200 bps shock*				(1.6	)%				(5.8	)%				(2.1	)%
* Assumes no balance sheet management

CD's Repricing	Amount			Rate		Amount			Rate		Amount			Rate
Within 3 months	$	1,106,415		0.71	%	$	1,341,855		0.68	%	$	986,727		0.51	%
From 4 to 6 months	1,290,152			0.71		958,932			0.52		1,233,943			0.62
From 7 to 9 months	567,405			0.70		782,531			0.79		520,909			0.82
From 10 to 12 months	638,684			0.81		507,249			0.84		637,091			0.92

Washington Federal, Inc.

Fact Sheet

March 31, 2014

($ in Thousands)



Historical CPR Rates ***
	WAFD		WAFD
Average for Quarter Ended	SFR Mortgages		GSE MBS
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
12/31/2012	25.0		18.2
3/31/2013	24.0		21.7
6/30/2013	26.8		17.4
9/30/2013	21.4		15.9
12/31/2013	13.5		8.7
3/31/2014	10.1		8.5

*** 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.

Washington Federal, Inc.

Fact Sheet

March 31, 2014

Delinquency Summary (excludes covered loans)

($ in Thousands)



			AMOUNT OF LOANS		# OF LOANS				% based				% based
TYPE OF LOANS	#LOANS	AVG Size	NET OF LIP & CHG-OFFs		30	60	90	Total	on #		$ Delinquent		on $

March 31, 2014
Single-Family Residential	28,879	189	$	5,459,457	157	56	309	522	1.81	%	$	102,946	1.89	%
Construction - Speculative	469	190	88,954		1	—	2	3	0.64	%	830		0.93	%
Construction - Custom	780	228	178,099		4	—	1	5	0.64	%	1,475		0.83	%
Land - Acquisition & Development	134	524	70,207		—	2	4	6	4.48	%	2,464		3.51	%
Land - Consumer Lot Loans	1,397	84	116,807		6	3	21	30	2.15	%	3,671		3.14	%
Multi-Family	998	854	852,246		1	—	3	4	0.4	%	1,282		0.15	%
Commercial Real Estate	1,142	542	618,580		8	3	12	23	2.01	%	6,396		1.03	%
Commercial & Industrial	975	361	351,692		3	3	3	9	0.92	%	2,015		0.57	%
HELOC	2,050	64	131,853		10	1	4	15	0.73	%	1,512		1.15	%
Consumer	8,466	6	48,334		141	55	71	267	3.15	%	1,676		3.47	%
	45,290	175	$	7,916,229	331	123	430	884	1.95	%	$	124,267	1.57	%

December 31, 2013
Single-Family Residential	28,952	188	$	5,433,051	185	56	339	580	2	%	$	114,498	2.11	%
Construction - Speculative	476	184	87,485		1	2	6	9	1.89	%	1,087		1.24	%
Construction - Custom	721	215	154,776		2	—	—	2	0.28	%	166		0.11	%
Land - Acquisition & Development	130	534	69,458		1	1	4	6	4.62	%	2,600		3.74	%
Land - Consumer Lot Loans	1,440	85	122,285		9	3	25	37	2.57	%	4,857		3.97	%
Multi-Family	1,011	808	816,408		3	—	4	7	0.69	%	2,722		0.33	%
Commercial Real Estate	1,173	525	615,534		6	1	21	28	2.39	%	9,578		1.56	%
Commercial & Industrial	993	357	354,139		9	1	3	13	1.31	%	3,000		0.85	%
HELOC	2,046	64	131,949		8	2	7	17	0.83	%	1,260		0.95	%
Consumer	8,850	6	51,961		154	52	80	286	3.23	%	2,276		4.38	%
	45,792	171	$	7,837,046	378	118	489	985	2.15	%	$	142,044	1.81	%

September 30, 2013
Single-Family Residential	28,984	185	$	5,371,001	132	67	369	568	1.96	%	$	118,912	2.21	%
Construction - Speculative	481	171	82,422		—	—	11	11	2.29	%	2,375		2.88	%
Construction - Custom	645	202	130,095		3	—	—	3	0.47	%	417		0.32	%
Land - Acquisition & Development	139	543	75,449		—	1	6	7	5.04	%	2,173		2.88	%
Land - Consumer Lot Loans	1,462	85	124,786		8	4	20	32	2.19	%	4,723		3.78	%
Multi-Family	1,036	767	794,478		—	—	5	5	0.48	%	4,771		0.60	%
Commercial Real Estate	1,164	534	621,194		10	5	25	40	3.44	%	14,375		2.31	%
Commercial & Industrial	855	382	326,433		3	1	4	8	0.94	%	682		0.21	%
HELOC	2,023	66	133,631		4	3	5	12	0.59	%	985		0.74	%
Consumer	8,049	7	55,479		145	67	76	288	3.58	%	2,220		4.00	%
	44,838	172	$	7,714,968	305	148	521	974	2.17	%	$	151,633	1.97	%

Washington Federal, Inc.

Fact Sheet

March 31, 2014

Average Balance Sheet

($ in Thousands)



		Quarters Ended
		September 30, 2013						December 31, 2013						March 31, 2014
		Average				Average		Average				Average		Average				Average
		Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans and covered loans		$	7,724,685	$	112,260	5.77	%	$	7,826,159	$	107,227	5.44	%	$	7,899,864	$	106,334	5.46	%
Mortgage-backed securities		2,773,736		14,195		2.03		3,129,915		19,368		2.46		3,305,428		21,071		2.59
Cash & Investments		1,436,060		3,471		0.96		1,474,296		4,261		1.15		1,915,724		4,540		0.96
FHLB & FRB Stock		166,149		375		0.90		172,607		402		0.92		170,945		406		0.96

Total interest-earning assets		12,100,630		130,301		4.27	%	12,602,977		131,258		4.13	%	13,291,961		132,351		4.04	%
Other assets		949,874						946,963						1,101,299

Total assets		$	13,050,504					$	13,549,940					$	14,393,260

Liabilities and Equity
Customer accounts		$	9,060,426	16,052		0.70	%	$	9,538,339	15,499		0.64	%	$	10,355,866	14,780		0.58	%
FHLB advances		1,930,000		17,291		3.54		2,030,000		17,447		3.41	%	1,930,000		16,935		3.56	%
Other borrowings		—		—		—		—		—		—		—		—		—

Total interest-bearing liabilities		10,990,426		33,343		1.20	%	11,568,339		32,946		1.13	%	12,285,866		31,715		1.05	%
Other liabilities		128,667						28,618						126,711

Total liabilities		11,119,093						11,596,957						12,412,577
Stockholders’ equity		1,931,411						1,952,983						1,980,683

Total liabilities and equity		$	13,050,504					$	13,549,940					$	14,393,260

Net interest income				$	96,958					$	98,312					$	100,636

Net interest margin (1)						3.21	%					3.12	%					3.03	%

(1	)	Annualized net interest income divided by average interest-earning assets.

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