0000936528-14-000031.txt : 20140721 0000936528-14-000031.hdr.sgml : 20140721 20140718184158 ACCESSION NUMBER: 0000936528-14-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140715 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140721 DATE AS OF CHANGE: 20140718 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: 14983383 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_jul1520141.htm 8-K WAFD 8-K_Jul 15 2014 (1)


 
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): July 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 July 15, 2014, the Company announced by press release its earnings for the quarter ended June 30, 2014. A copy of the press release as amended is attached to this filing as Exhibit 99.1. A copy of the June 30, 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 June 30, 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
(c) Not applicable
(d) The following exhibits are being furnished herewith:

99.1    Press release dated July 15, 2014
99.2    Fact Sheet as of June 30, 2014
    



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: July 18, 2014
 
 
 
WASHINGTON FEDERAL, INC.
 
 
 
 
 
 
 
 
By:
 
/s/ DIANE L. KELLEHER
 
 
 
 
 
 
Diane L. Kelleher
 
 
 
 
 
 
Senior Vice President
and Chief Financial Officer

3
 EX-99.1 2 exhibit991_jun2014earnings.htm EXHIBIT 99.1 Exhibit 99.1_Jun 2014 earnings release


Exhibit 99.1

Tuesday July 15, 2014
FOR IMMEDIATE RELEASE


Washington Federal Announces
Quarterly Earnings per Share Increase of 4%


SEATTLE, WASHINGTON - Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced earnings of $37,910,000 or $.37 cents per diluted share for the quarter ended June 30, 2014, compared to $37,338,000 or $.36 cents per diluted share for the quarter ended June 30, 2013, an increase of 4.3%.
Chairman, President & CEO Roy M. Whitehead commented, “It was a good quarter for the company, particularly given the pressure of added costs related to the recent acquisitions of seventy four branches. Loan growth, deposit mix improvement, and strengthening asset quality were all positive trends during the quarter that we expect to continue. In addition, there are good opportunities to manage costs lower over time.

We were also pleased to approve a 10% increase in the cash dividend during the quarter and to return a substantial amount of excess capital to shareholders through the repurchase of 1.5 million shares. Additional retained earnings are not necessary to maintain our very solid capital position; therefore, it’s likely that we will continue to actively repurchase stock.

During the next few quarters, the Company’s efforts will be targeted to growing the customer base organically, completing major technology initiatives, the assimilation of recent acquisitions, and improving operational quality and efficiency.”

Net interest income for the quarter was $103 million, a $9 million or 9.0% increase from the quarter ended June 30, 2013. Net interest income was higher due to increased investment

1



income and reduced interest expense on customer accounts. Net interest margin was 3.05% for the quarter ended June 30, 2014 which is similar to 3.03% for the prior quarter and a decline from 3.15% for the quarter ended June 30, 2013. This decline was due to increased cash and investment balances held at lower yields. Loan yields were also lower as a result of the low rate environment, which was partially offset by the lower cost of customer accounts. Average earning assets increased $1.5 billion or 12.7% compared to the same quarter of the prior year due primarily to branch acquisitions.
The provision for loan losses was a reversal of $3 million and zero for the quarters ended June 30, 2014 and 2013, respectively, as a result of the improving asset quality trend. There were $5.6 million in loan recoveries that more than offset $3.4 million in charge-offs for the quarter. The Company maintains an allowance for loan losses that totals $114 million or 1.35% of total gross loans as of June 30, 2014. This is a decrease due to improved credit quality as compared to $117 million or 1.46% of total gross loans as of September 30, 2013. The allowance as a percent of non-performing loans improved to 121% from 89% during that same period.
Net loss on real estate acquired through foreclosure amounted to $2 million during the quarter, as compared to a small gain for the quarter ended June 30, 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 adjustments from lower valuations.
The Company’s efficiency ratio was 47.9% for the quarter and remains among the best in the industry. Total operating expenses increased by $12 million or 28.1% for the quarter as compared to the same quarter of the prior year, driven by an increase in employees and 74 branch locations this fiscal year and the related costs to service the acquired transaction accounts. Deposit related service fees increased by $3 million from the same quarter of the prior year to $4 million for the quarter ended June 30, 2014 largely as a result of the branch acquisitions. The quarter produced a return on average assets of 1.04% and a return on average equity of 7.64%. The fiscal year to date return on average assets was 1.10% and the return on average equity was 7.91%.

2



Loans receivable grew by $229 million during the quarter or 3.0% to $8.0 billion as of June 30, 2014. The fiscal year to date increase is $438 million or 5.8%. Loan originations for the quarter totaled $597 million, a $91 million or 18.0% increase over the same quarter of the prior year. For the fiscal year, loan originations were $1.5 billion which is the highest for the first nine months of the year since 2008. The Company views organic loan growth as the highest and best use of its capital. The weighted average interest rate on loans as of June 30, 2014 was 4.81%, which is a decrease from 5.13% for the same quarter 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 $162 million or 1.10% of total assets at quarter-end, a $51 million or 24.0% decrease from September 30, 2013. Non-performing loans decreased from $131 million at September 30, 2013 to $94 million as of June 30, 2014, a 28.2% decrease. Net loan charge-offs decreased from $5 million in the quarter ended June 30, 2013 to a net recovery of $2 million in the most recent quarter. Total loan delinquencies were 1.41% of non-covered loans as of June 30, 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 1.77% from 2.21% at September 30, 2013.
Total assets increased by $1.7 billion or 13% to $14.8 billion at June 30, 2014 from the prior year end at September 30, 2013. Available for sale investments increased $742 million or 31.4% from the prior year end as investments were made with a portion of the deposits from the branch acquisitions. During the quarter, the Company had an average balance of cash and cash equivalents of $613 million invested overnight at a yield of approximately 0.25%.
During the quarter, Washington Federal completed the acquisition of 23 branches from Bank of America in Arizona and Nevada. The acquired deposits totaled $539 million and loans were $5 million. During the first quarter, Washington Federal completed the acquisition of 51 branches from Bank of America in New Mexico and the Pacific Northwest. In total, these acquisitions introduced 488 employees, $1.9 billion in deposits and $13 million in loans. The combined premium on these transactions was 2.00% and totaled $37 million. As of June 30,

3



2014, the acquired deposit balances since the acquisition dates was a decline of $59 million or 3.2% which is within management’s expectations.
Transaction accounts have increased by $1.8 billion or 50% from September 30, 2013 and now represent 49% of total deposits. Over the last several years, the Company has focused on growing transaction account balances which tend to be less sensitive to interest rates.
On July 18, 2014, the Company will pay a cash dividend of $.11 per share to common stockholders of record on July 3, 2014. This will be the Company’s 126th consecutive quarterly cash dividend. During the quarter, the Company repurchased 1,500,000 shares of stock at a weighted average price of $21.64. For the fiscal year, the Company has repurchased 2,948,200 shares of stock at a weighted average price of $21.79 and has board authorization to repurchase an additional 7.0 million shares. The ratio of tangible common equity to tangible assets was 11.64% as of June 30, 2014.
Washington Federal, a national bank with headquarters in Seattle, Washington, has 253 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

4



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




5



WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
 
June 30, 2014
 
September 30, 2013
 
(In thousands, except share data)
ASSETS
 
 
 
Cash and cash equivalents
$
861,304

 
$
203,563

Available-for-sale securities, at fair value
3,103,021

 
2,360,948

Held-to-maturity securities, at amortized cost
1,583,853

 
1,654,666

Loans receivable, net
7,965,954

 
7,528,030

Covered loans, net
207,207

 
295,947

Interest receivable
51,392

 
49,218

Premises and equipment, net
246,800

 
206,172

Real estate held for sale
57,352

 
72,925

Real estate held for investment
10,780

 
9,392

Covered real estate held for sale
26,339

 
30,980

FDIC indemnification asset
44,065

 
64,615

FHLB and FRB stock
162,904

 
173,009

Intangible assets, net
303,983

 
264,318

Federal and state income tax assets, net
25,258

 
44,000

Other assets
139,743

 
125,076

 
$
14,789,955

 
$
13,082,859

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Customer accounts
 
 
 
Transaction deposit accounts
$
5,315,781

 
$
3,540,842

Time deposit accounts
5,449,899

 
5,549,429

 
10,765,680

 
9,090,271

FHLB advances
1,930,000

 
1,930,000

Advance payments by borrowers for taxes and insurance
28,513

 
42,443

Accrued expenses and other liabilities
75,127

 
82,510

 
12,799,320

 
11,145,224

Stockholders’ equity
 
 
 
Common stock, $1.00 par value, 300,000,000 shares authorized;
133,322,272 and 132,572,475 shares issued; 100,296,268 and 102,484,671 shares outstanding
133,332

 
132,573

Paid-in capital
1,638,070

 
1,625,051

Accumulated other comprehensive income, net of taxes
24,421

 
6,378

Treasury stock, at cost; 33,036,004 and 30,087,804 shares
(485,048
)
 
(420,817
)
Retained earnings
679,860

 
594,450

 
1,990,635

 
1,937,635

 
$
14,789,955

 
$
13,082,859

CONSOLIDATED FINANCIAL HIGHLIGHTS
 
 
 
Common stockholders' equity per share
$
19.85

 
$
18.91

Tangible common stockholders' equity per share
16.82

 
16.33

Stockholders' equity to total assets
13.46
%
 
14.81
%
Tangible common stockholders' equity to tangible assets
11.64

 
13.05

 
 
 
 
 
 
 
 

6



Weighted average rates at period end
 
 
 
   Loans and mortgage-backed securities
4.18
%
 
4.34
%
   Combined loans, mortgage-backed securities and investments
3.63

 
3.92

   Customer accounts
0.53

 
0.69

   Borrowings
3.52

 
3.52

   Combined cost of customer accounts and borrowings
0.98

 
1.19

   Interest rate spread
2.65

 
2.73




7



WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
Quarter Ended June 30,
 
Nine Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
 
(In thousands, except per share data)
 
(In thousands, except per share data)
INTEREST INCOME
 
 
 
 
 
 
 
Loans & covered assets
$
108,089

 
$
112,932

 
$
321,650

 
$
342,654

Mortgage-backed securities
20,507

 
11,951

 
60,947

 
34,325

Investment securities and cash equivalents
6,415

 
3,293

 
16,023

 
9,010

 
135,011

 
128,176

 
398,620

 
385,989

INTEREST EXPENSE
 
 
 
 
 
 
 
Customer accounts
14,238

 
16,385

 
44,517

 
51,851

FHLB advances and other borrowings
17,494

 
17,075

 
51,877

 
50,966

 
31,732

 
33,460

 
96,394

 
102,817

Net interest income
103,279

 
94,716

 
302,226

 
283,172

Provision for loan losses
(3,000
)
 
—

 
(11,936
)
 
3,600

Net interest income after provision for loan losses
106,279

 
94,716

 
314,162

 
279,572

 
 
 
 
 
 
 
 
OTHER INCOME
8,072

 
5,059

 
20,562

 
16,062

 
 
 
 
 
 
 
 
OTHER EXPENSE
 
 
 
 
 
 
 
Compensation and benefits
28,946

 
24,582

 
81,908

 
68,731

Occupancy
6,060

 
4,530

 
17,668

 
13,801

FDIC insurance premiums
2,978

 
2,831

 
8,679

 
9,280

Information Technology
3,505

 
2,371

 
10,365

 
7,661

Amortization of intangible assets
1,052

 
660

 
2,601

 
1,386

Other
10,752

 
6,636

 
28,250

 
20,214

 
53,293

 
41,610

 
149,471

 
121,073

Gain (loss) on real estate acquired through foreclosure, net
(2,056
)
 
176

 
(3,454
)
 
(7,145
)
Income before income taxes
59,002

 
58,341

 
181,799

 
167,416

Income tax provision
21,092

 
21,003

 
64,996

 
58,818

NET INCOME
$
37,910

 
$
37,338

 
$
116,803

 
$
108,598

 
 
 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
Basic earnings
$
0.38

 
$
0.36

 
$
1.15

 
$
1.03

Diluted earnings
0.37

 
0.36

 
1.14

 
1.03

Cash dividends per share
0.11

 
0.09

 
0.31

 
0.26

Basic weighted average number of shares outstanding
100,979,219

 
104,143,915

 
101,777,112

 
105,119,097

Diluted weighted average number of shares outstanding, including dilutive stock options
101,393,936

 
104,192,444

 
102,234,350

 
105,167,959

 
 
 
 
 
 
 
 
PERFORMANCE RATIOS
 
 
 
 
 
 
 
Return on average assets
1.04
%
 
1.15
%
 
1.10
%
 
1.12
%
Return on average common equity
7.64

 
7.73

 
7.91

 
7.55

Net Interest Margin
3.05

 
3.15

 
3.06

 
3.15


8

 EX-99.2 3 exhibit992_jun2014factsheet.htm EXHIBIT 99.2 Exhibit 99.2_Jun 2014 Fact Sheet
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)

Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 12/13 QTR
 
 
 
 3/14 QTR
 
 
 
 6/14 QTR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Loss Reserve - Total
$
118,158

 
 
 
$
114,931

 
 
 
$
114,150

 
 
 
     General
116,552

 
 
 
114,096

 
 
 
$
114,090

 
 
 
     Specific
1,606

 
 
 
835

 
 
 
60

 
 
 
    Allowance as a % of Gross Loans
1.46
%
 
 
 
1.40
%
 
 
 
1.35
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital Ratios (excludes holding co.)
 
 
 
 
 
 
 
 
 
 
 
 
     Tangible
1,615,112

 
12.01%
 
1,653,499

 
11.74%
 
1,652,787

 
11.58%
 
     Tier 1 Risk Based
1,615,112

 
23.80%
 
1,653,499

 
23.99%
 
1,652,787

 
23.14%
 
     Risk Based
1,700,453

 
25.06%
 
1,740,488

 
25.25%
 
1,743,057

 
24.41%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 12/13 QTR
 12/13 YTD
 
 3/14 QTR
 3/14 YTD
 
 6/14 QTR
 
 6/14 YTD
 
Loan Originations - Total
$
500,601

 
$
500,601

 
$
410,145

 
$910,746
 
$
596,623

 
$1,507,369
 
     Single-Family Residential
176,277

 
176,277

 
123,806

 
300,083
 
176,218

 
476,301
 
     Construction - Speculative
44,540

 
44,540

 
34,587

 
79,127
 
37,365

 
116,492
 
     Construction - Custom
86,651

 
86,651

 
73,008

 
159,659
 
83,040

 
242,699
 
     Land - Acquisition & Development
10,485

 
10,485

 
11,277

 
21,762
 
23,377

 
45,139
 
     Land - Consumer Lot Loans
2,222

 
2,222

 
1,981

 
4,203
 
3,024

 
7,227
 
     Multi-Family
58,827

 
58,827

 
52,836

 
111,663
 
77,546

 
189,209
 
     Commercial Real Estate
34,365

 
34,365

 
43,884

 
78,249
 
87,503

 
165,752
 
     Commercial & Industrial
77,469

 
77,469

 
57,356

 
134,825
 
93,820

 
228,645
 
     HELOC
9,677

 
9,677

 
10,890

 
20,567
 
14,323

 
34,890
 
     Consumer
88

 
88

 
520

 
608
 
407

 
1,015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Loans (including acquisitions)
$
67,099

 
$
67,099

 
$
33,712

 
100,811

 
$
98,741

 
$199,552
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Loan Fee and Discount Accretion
$
6,298

 
$
6,298

 
$
5,977

 
12,275

 
$
7,635

 
$19,910
 

1
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)

 
 12/13 QTR
 12/13 YTD
 
 3/14 QTR
 3/14 YTD
 
 6/14 QTR
 6/14 YTD
 
Repayments
 
 
 
 
 
 
 
 
 
Loans
$
486,143

 
$
486,143

 
$
391,068

$
877,211
 
 
$
454,107

 
$1,331,318
 
MBS
68,761

 
68,761

 
73,041

141,802
 
 
92,610

 
234,412

 
 
 
 
 
 
 
 
 
 
 
 
MBS Premium Amortization
$
1,674

 
$
1,674

 
$
1,972

$
3,646
 
 
$
2,367

 
$
6,013

 
 
 
 
 
 
 
 
 
 
 
 
Loan Servicing Fee Income
$
2,046

 
$
2,046

 
$
1,324

$
3,370
 
 
$
2,297

$
5,667
 
 
Other Fee Income
1,949

 
1,949

 
3,515

5,464
 
 
4,228

9,692
 
 
     Total Fee Income
$
3,995

 
$
3,995

 
$
4,839

8,834
 
 
$
6,525

15,359
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Efficiency
 
 
 
 
 
 
 
 
 
 
Operating Expenses/Average Assets
1.36
%
 
1.36
%
 
1.43
%
1.40
%
 
1.47
%
1.41
%
 
Efficiency Ratio
42.38

 
42.38

 
48.50

45.49
 
 
47.86

46.31
 
 
Amortization of Intangibles
$
821

 
$
821

 
$
728

$
1,549
 
 
$
1,052

$
2,601
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EOP Numbers
 
 
 
 
 
 
 
 
 
 
Shares Issued and Outstanding
102,329,576

 
 
 
101,763,415

 
 
 
100,296,268

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share repurchase information
 
 
 
 
 
 
 
 
 
 
Remaining shares auth. for repurchase
9,017,934

 
9,017,934

 
8,424,634

 
8,424,634

 
6,924,634

 
6,924,634

 
Shares repurchased
854,900

 
854,900

 
593,300

 
1,448,200

 
1,500,000

 
2,948,200

 
Average share repurchase price
$
22.16

 
$
22.16

 
$
21.63

 
$
21.94

 
$
21.64

 
$
21.79

 
 
 
 
 
 
 
 
 
 
 
 
 
 

2
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)

Tangible Common Book Value
 12/13 QTR
 
 
 
 3/14 QTR
 
 
 
 6/14 QTR
 
 
$ Amount
$
1,653,965

 
 
 
$
1,680,468

 
 
 
$
1,686,652

 
 
Per Share
16.16

 
 
 
16.51

 
 
 
16.82

 
 
 
 
 
 
 
 
 
 
 
 
 
 
# of Employees
1,848

 
 
 
1,846

 
 
 
1,948

 
 
Tax Rate - Going Forward
35.75
%
 
 
 
35.75
%
 
 
 
35.75
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
1,633,643

 
 
 
$
1,709,872

 
 
 
$
1,771,369

 
 
     Other
1,204,860

 
 
 
1,400,703

 
 
 
1,331,652

 
 
 
$
2,838,503

 
 
 
$
3,110,575

 
 
 
$
3,103,021

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
1,630,936

 
 
 
$
1,611,303

 
 
 
$
1,583,853

 
 
     Other
—

 
 
 
—

 
 
 
—

 
 
 
$
1,630,936

 
 
 
$
1,611,303

 
 
 
$
1,583,853

 
 
 
 
 
 
 
 
 
 
 
 
 
 

3
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)

 
 AS OF 12/31/13
 
 AS OF 3/31/14
 
 AS OF 6/30/14
Gross Loan Portfolio by Category *
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,436,083

 
67.1%
 
$
5,462,093

 
66.8%
 
$
5,479,111

 
64.9%
     Construction - Speculative
135,868

 
1.7
 
135,001

 
1.7
 
126,926

 
1.5
     Construction - Custom
333,954

 
4.1
 
354,279

 
4.3
 
372,789

 
4.4
     Land - Acquisition & Development
75,506

 
0.9
 
77,049

 
0.9
 
91,058

 
1.1
     Land - Consumer Lot Loans
122,467

 
1.5
 
116,864

 
1.4
 
114,573

 
1.4
     Multi-Family
846,115

 
10.4
 
869,635

 
10.6
 
896,799

 
10.6
     Commercial Real Estate
622,240

 
7.7
 
634,457

 
7.8
 
693,421

 
8.2
     Commercial & Industrial
354,166

 
4.4
 
351,705

 
4.3
 
398,181

 
4.7
     HELOC
131,949

 
1.6
 
131,852

 
1.6
 
136,304

 
1.6
     Consumer
51,961

 
0.6
 
48,239

 
0.6
 
138,547

 
1.6
 
8,110,309

 
100.0%
 
8,181,174

 
100.0%
 
8,447,709

 
100.0%
     Less:
 
 
 
 
 
 
 
 
 
 
 
        ALL
118,158

 
 
 
114,931

 
 
 
114,150

 
 
        Loans in Process
273,263

 
 
 
264,946

 
 
 
303,084

 
 
        Discount on Acquired Loans
31,485

 
 
 
29,286

 
 
 
28,480

 
 
        Deferred Net Origination Fees
35,845

 
 
 
34,902

 
 
 
36,041

 
 
        Sub-Total
458,751

 
 
 
444,065

 
 
 
481,755

 
 
 
$
7,651,558

 
 
 
$
7,737,109

 
 
 
$
7,965,954

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Loan Portfolio by Category *
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,342,080

 
69.8%
 
$
5,371,177

 
69.4%
 
$
5,392,794

 
67.7%
     Construction - Speculative
78,769

 
1.0
 
81,604

 
1.1
 
78,359

 
1.0
     Construction - Custom
158,376

 
2.1
 
174,987

 
2.3
 
198,207

 
2.5
     Land - Acquisition & Development
61,539

 
0.8
 
63,572

 
0.8
 
67,359

 
0.8
     Land - Consumer Lot Loans
118,134

 
1.5
 
113,020

 
1.5
 
110,894

 
1.4
     Multi-Family
796,776

 
10.4
 
844,007

 
10.9
 
863,747

 
10.8
     Commercial Real Estate
591,022

 
7.7
 
592,594

 
7.7
 
619,228

 
7.8
     Commercial & Industrial
328,538

 
4.3
 
323,045

 
4.2
 
369,763

 
4.6
     HELOC
128,427

 
1.7
 
128,456

 
1.7
 
132,766

 
1.7
     Consumer
47,897

 
0.6
 
44,647

 
0.6
 
132,838

 
1.7
 
$
7,651,558

 
100.0%
 
$
7,737,109

 
100.0%
 
$
7,965,954

 
100.0%
* Excludes covered loans
 
 
 
 
 
 
 
 
 
 
 

4
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)

 
 AS OF 12/31/13
 
 AS OF 3/31/14
 
 AS OF 6/30/14
Deposits by State
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
     WA
$
5,126,066

 
49.3
%
 
82

 
$
5,142,077

 
49.7
%
 
82

 
$
4,930,348

 
45.8
%
 
82

     ID
816,400

 
7.8

 
31

 
811,048

 
7.8

 
29

 
817,259

 
7.6

 
28

     OR
1,870,196

 
18.0

 
50

 
1,840,375

 
17.8

 
49

 
2,002,383

 
18.6

 
49

     UT
326,829

 
3.1

 
10

 
319,954

 
3.1

 
10

 
314,247

 
2.9

 
10

     NV
187,681

 
1.8

 
4

 
182,035

 
1.8

 
4

 
377,464

 
3.5

 
14

     TX
109,258

 
1.1

 
5

 
106,874

 
1.0

 
5

 
105,292

 
1.0

 
5

     AZ
1,067,681

 
10.3

 
23

 
1,030,346

 
10.0

 
23

 
1,316,324

 
12.2

 
36

     NM
898,615

 
8.6

 
30

 
912,182

 
8.8

 
29

 
902,363

 
8.4

 
29

     Total
$
10,402,726

 
100.0
%
 
235

 
$
10,344,891

 
100.0
%
 
231

 
$
10,765,680

 
100.0
%
 
253

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits by Type
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
Checking (noninterest)
$
674,824

 
6.5
%
 
 
 
$
691,577

 
6.7
%
 
 
 
$
818,273

 
7.6
%
 
 
NOW (interest)
1,227,548

 
11.8

 
 
 
1,265,041

 
12.2

 
 
 
1,378,379

 
12.8

 
 
Savings (passbook/stmt)
542,573

 
5.2

 
 
 
575,440

 
5.6

 
 
 
620,414

 
5.8

 
 
Money Market
2,268,979

 
21.8

 
 
 
2,342,263

 
22.6

 
 
 
2,498,714

 
23.2

 
 
CD's
5,688,802

 
54.7

 
 
 
5,470,570

 
52.9

 
 
 
5,449,900

 
50.6

 
 
Total
$
10,402,726

 
100.0
%
 
 
 
$
10,344,891

 
100.0
%
 
 
 
$
10,765,680

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits greater than $250,000 - EOP
$
1,578,895

 
 
 
 
 
$
1,677,326

 
 
 
 
 
$
1,776,322

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)

 
 AS OF 12/31/13
 
 AS OF 3/31/14
 
 AS OF 6/30/14
Non-Performing Assets
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Non-accrual loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
89,075

 
77.6%
 
$
81,740

 
81.6%
 
$
78,317

 
83.1%
     Construction - Speculative
3,053

 
2.7
 
2,132

 
2.1
 
1,966

 
2.1
     Construction - Custom
—

 
—
 
265

 
0.3
 
143

 
0.2
     Land - Acquisition & Development
2,813

 
2.5
 
2,113

 
2.1
 
2,295

 
2.4
     Land - Consumer Lot Loans
3,548

 
3.1
 
3,007

 
3.0
 
1,879

 
2.0
     Multi-Family
2,494

 
2.2
 
2,199

 
2.2
 
2,103

 
2.2
     Commercial Real Estate
11,613

 
10.1
 
7,101

 
7.1
 
5,442

 
5.8
     Commercial & Industrial
655

 
0.6
 
579

 
0.6
 
516

 
0.5
     HELOC
471

 
0.4
 
441

 
0.4
 
970

 
1.0
     Consumer
995

 
0.9
 
621

 
0.6
 
595

 
0.6
        Total non-accrual loans
114,717

 
100.0%
 
100,198

 
100.0%
 
94,226

 
100.0%
Total REO
71,537

 
 
 
60,995

 
 
 
57,352

 
 
Total REHI
11,656

 
 
 
13,596

 
 
 
10,779

 
 
Total non-performing assets
$
197,910

 
 
 
$
174,789

 
 
 
$
162,357

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing assets as a
 
 
 
 
 
 
 
 
 
 
 
     % of total assets
1.37
%
 
 
 
1.22
%
 
 
 
1.10
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)

 
12/13 QTR
 
3/14 QTR
 
6/14 QTR
 
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Restructured loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
355,449

 
85.7
 
$
348,918

 
86.1
 
$
333,814

 
86.1
     Construction - Speculative
9,705

 
2.3
 
9,416

 
2.3
 
8,554

 
2.2
     Construction - Custom
1,196

 
0.3
 
1,196

 
0.3
 
1,196

 
0.3
     Land - Acquisition & Development
6,037

 
1.5
 
5,164

 
1.3
 
5,092

 
1.3
     Land - Consumer Lot Loans
13,411

 
3.2
 
13,270

 
3.3
 
12,922

 
3.3
     Multi-Family
8,701

 
2.1
 
7,727

 
1.9
 
5,266

 
1.4
     Commercial Real Estate
18,749

 
4.5
 
18,107

 
4.5
 
19,292

 
5.0
     Commercial & Industrial
44

 
—
 
31

 
—
 
23

 
—
     HELOC
1,198

 
0.3
 
1,198

 
0.3
 
1,198

 
0.3
     Consumer
71

 
—
 
197

 
—
 
236

 
0.1
        Total restructured loans (2)
$
414,561

 
100.0%
 
$
405,224

 
100.0%
 
$
387,593

 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
(2) Restructured loans were as follows:
 
 
 
 
 
 
 
 
 
 
 
     Performing
$
390,841

 
94.3%
 
$
381,849

 
94.2%
 
$
361,918

 
93.4%
     Non-accrual *
23,720

 
5.7
 
23,375

 
5.8
 
25,675

 
6.6
     * Included in "Total non-accrual loans" above
$
414,561

 
100.0%
 
$
405,224

 
100.0%
 
$
387,593

 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 

7
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)

 
12/13 QTR
 
3/14 QTR
 
6/14 QTR
 
AMOUNT
 
CO %**
 
AMOUNT
 
CO %**
 
AMOUNT
 
CO %**
Net Charge-offs by Category
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
(6,493
)
 
(0.48
)%
 
$
356

 
0.03
 %
 
$
(2,186
)
 
(0.16)%
     Construction - Speculative
355

 
1.05

 
488

 
1.45

 
(2
)
 
(0.01)
     Construction - Custom
—

 
—

 
—

 
—

 
—

 
—
     Land - Acquisition & Development
17

 
0.09

 
(214
)
 
(1.11
)
 
(85
)
 
(0.37)
     Land - Consumer Lot Loans
220

 
0.72

 
231

 
0.79

 
86

 
0.30
     Multi-Family
—

 
—

 
—

 
—

 
—

 
—
     Commercial Real Estate
—

 
—

 
73

 
0.05

 
8

 
—
     Commercial & Industrial
(173
)
 
(0.20
)
 
(2,408
)
 
(2.74
)
 
33

 
0.03
     HELOC
—

 
—

 
—

 
—

 
18

 
0.05
     Consumer
56

 
0.43

 
(49
)
 
(0.41
)
 
(91
)
 
(0.26)
        Total net charge-offs
$
(6,017
)
 
(0.30
)%
 
$
(1,523
)
 
(0.07
)%
 
$
(2,219
)
 
(0.11)%
     ** Annualized Net Charge-offs divided by Gross Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOP 03-3
 
 
 
 
 
 
 
 
 
 
 
Accretable Yield
$
104,808

 
 
 
$
107,199

 
 
 
$
104,239

 
 
Non-Accretable Yield
194,794

 
 
 
183,645

 
 
 
179,694

 
 
Total Contractual Payments
$
299,602

 
 
 
$
290,844

 
 
 
$
283,933

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Risk
 
 
 
 
 
 
 
 
 
 
 
One Year GAP
 
 
(12.2
)%
 
 
 
(13.9
)%
 
 
 
(10.6
)%
NPV post 200 bps shock*
 
 
15.48
 %
 
 
 
15.22
 %
 
 
 
16.32
 %
Change in NII after 200 bps shock*
 
 
(5.8
)%
 
 
 
(2.1
)%
 
 
 
(0.5
)%
* Assumes no balance sheet management
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CD's Repricing
Amount
 
Rate
 
Amount
 
Rate
 
Amount
 
Rate
Within 3 months
$
1,341,855

 
0.68
 %
 
$
986,727

 
0.51
 %
 
$
1,286,768

 
0.60
 %
From 4 to 6 months
958,932

 
0.52

 
1,233,943

 
0.62

 
856,397

 
0.60
 %
From 7 to 9 months
782,531

 
0.79

 
520,909

 
0.82

 
669,532

 
0.88
 %
From 10 to 12 months
507,249

 
0.84

 
637,091

 
0.92

 
514,198

 
0.81
 %

8
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)

Historical CPR Rates ***
 
 
 
 
 
 
 
 
 
WAFD
 
WAFD
 
 
 
 
 
 
 
 
Average for Quarter Ended:
SFR Mortgages
 
GSE MBS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
6/30/2014
13.8

 
10.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*** 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
Washington Federal, Inc.
Fact Sheet
June 30, 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 $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
28,799

 
190

 
$
5,476,709

 
121

 
77

 
292

 
490

 
1.70
%
 
$
97,150

 
1.77
%
     Construction - Speculative
 
437

 
195

 
85,412

 
1

 
—

 
2

 
3

 
0.69
%
 
777

 
0.91
%
     Construction - Custom
 
797

 
253

 
201,475

 
1

 
—

 
1

 
2

 
0.25
%
 
187

 
0.09
%
     Land - Acquisition & Development
 
125

 
600

 
74,979

 
1

 
—

 
4

 
5

 
4.00
%
 
2,464

 
3.29
%
     Land - Consumer Lot Loans
 
1,365

 
84

 
114,511

 
10

 
1

 
17

 
28

 
2.05
%
 
3,269

 
2.85
%
     Multi-Family
 
993

 
878

 
872,026

 
5

 
1

 
3

 
9

 
0.91
%
 
3,450

 
0.40
%
     Commercial Real Estate
 
918

 
704

 
646,396

 
1

 
—

 
9

 
10

 
1.09
%
 
3,056

 
0.47
%
     Commercial & Industrial
 
1,082

 
368

 
398,171

 
6

 
—

 
3

 
9

 
0.83
%
 
743

 
0.19
%
     HELOC
 
2,003

 
68

 
136,304

 
4

 
3

 
8

 
15

 
0.75
%
 
1,754

 
1.29
%
     Consumer
 
7,552

 
18

 
138,641

 
148

 
69

 
75

 
292

 
3.87
%
 
2,160

 
1.56
%
 
 
44,071

 
185

 
$
8,144,625

 
298

 
151

 
414

 
863

 
1.96
%
 
$
115,008

 
1.41
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
0.40
%
 
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

 
2.00
%
 
$
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
%

10
Washington Federal, Inc.
Fact Sheet
June 30, 2014
Average Balance Sheet
($ in Thousands)

 
Quarters Ended
 
December 31, 2013
 
March 31, 2014
 
June 30, 2014
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and covered loans
$
7,826,159

 
$
107,227

 
5.44
%
 
$
7,899,864

 
$
106,334

 
5.46
%
 
$
8,040,818

 
$
108,089

 
5.39
%
Mortgage-backed securities
3,129,915

 
19,368

 
2.46

 
3,305,428

 
21,071

 
2.59

 
3,341,969

 
20,507

 
2.46

Cash & Investments
1,474,296

 
4,261

 
1.15

 
1,915,724

 
4,540

 
0.96

 
2,011,154

 
6,003

 
1.20

FHLB & FRB Stock
172,607

 
402

 
0.92

 
170,945

 
406

 
0.96

 
166,522

 
412

 
0.99

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-earning assets
12,602,977

 
131,258

 
4.13
%
 
13,291,961

 
132,351

 
4.04
%
 
13,560,464

 
135,011

 
3.99
%
Other assets
946,963

 
 
 
 
 
1,101,299

 
 
 
 
 
988,917

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
13,549,940

 
 
 
 
 
$
14,393,260

 
 
 
 
 
$
14,549,381

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer accounts
$
9,538,339

 
15,499

 
0.64
%
 
$
10,355,866

 
14,780

 
0.58
%
 
10,608,318

 
14,239

 
0.54
%
FHLB advances
2,030,000

 
17,447

 
3.41

 
1,930,000

 
16,935

 
3.56

 
1,930,000

 
17,493

 
3.64

Other borrowings
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-bearing liabilities
11,568,339

 
32,946

 
1.13
%
 
12,285,866

 
31,715

 
1.05
%
 
12,538,318

 
31,732

 
1.02
%
Other liabilities
28,618

 
 
 
 
 
126,711

 
 
 
 
 
26,278

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
11,596,957

 
 
 
 
 
12,412,577

 
 
 
 
 
12,564,596

 
 
 
 
Stockholders’ equity
1,952,983

 
 
 
 
 
1,980,683

 
 
 
 
 
1,984,785

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
13,549,940

 
 
 
 
 
$
14,393,260

 
 
 
 
 
$
14,549,381

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
98,312

 
 
 
 
 
$
100,636

 
 
 
 
 
$
103,279

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin (1)
 
 
 
 
3.12
%
 
 
 
 
 
3.03
%
 
 
 
 
 
3.05
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Annualized net interest income divided by average interest-earning assets
 
 
 
 
 
 
 
 
 
 


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