0000936528-14-000035.txt : 20141028 0000936528-14-000035.hdr.sgml : 20141028 20141027201709 ACCESSION NUMBER: 0000936528-14-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20141022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141028 DATE AS OF CHANGE: 20141027 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: 141175512 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_oct272014.htm 8-K WAFD 8-K_Oct 27 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): October 22, 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 October 22, 2014, the Company announced by press release its earnings for the quarter ended September 30, 2014. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the September 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 5.05
Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics

(a)       On October 27, 2014, our Board of Directors updated our Code of Ethics for Directors and Employees and Senior Financial Officers to make the following changes: 1) add clarity and detail to the obligations of our directors and employees with respect to honest and ethical conduct; and 2) ensure that our Code of Ethics encompassed the core values of our Company which were updated in 2013. 

None of the changes constituted or affected a waiver of any provision of the Code of Ethics applicable to our principal executive officer, principal financial officer or principal accounting officer.   The Code of Ethics is publicly available on our website at www.washingtonfederal.com. 

Item 7.01
Regulation FD Disclosure

A copy of the September 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 October 22, 2014
99.2    Fact Sheet as of September 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: October 27, 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_sep2014earnings.htm EXHIBIT 99.1 Exhibit 99.1_Sep 2014 earnings release


Exhibit 99.1

Wednesday October 22, 2014
FOR IMMEDIATE RELEASE


Washington Federal Completes
Fiscal Year With Record Earnings


SEATTLE, WASHINGTON - Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced completion of its 97th fiscal year with record earnings of $157,364,000 or $1.55 per diluted share, compared to $151,505,000 or $1.45 per diluted share for the fiscal year ended September 30, 2013, a 6.9% increase in earnings per diluted share. Net income for the quarter ended September 30, 2014 amounted to $40,560,000 or $.41 per diluted share, compared to $42,907,000 or $.41 per diluted share for the same period one year ago.
Chairman, President & CEO Roy M. Whitehead commented, “It was another great year for the Company. Deposits increased by $1.6 billion, supported by the acquisition of seventy-four branches. Loan growth, deposit mix improvement, and strengthening asset quality were all positive trends during the year that we expect to continue. In addition, there are good opportunities to manage costs lower over time. The Company enters the new fiscal year with good momentum and a positive outlook regarding its future prospects.”
Net interest income was $406 million for the year, a $25 million or 6.7% increase from the prior year. Net interest income for the quarter was $103 million, a $6 million or 6.6% increase from the same quarter one year ago. Net interest income was higher for the quarter due to increased investment income and reduced interest expense on customer accounts.
Net interest margin was 3.05% for fiscal year 2014 which is a decline from 3.17% for the prior year. The primary reason was lower loan yields as a result of the low interest rate environment that were partially offset by the lower cost of customer accounts. Net interest margin

1



was 3.00% for the quarter ended September 30, 2014 compared to 3.05% for the prior quarter and 3.21% for the quarter ended September 30, 2013. Average earning assets increased $1.7 billion or 13.4% compared to the prior year due primarily to investing the cash acquired with the branch acquisitions.
The provision for loan losses was a reversal of $15.4 million for fiscal year 2014 compared to a $1.4 million provision for 2013. Net loan recoveries were $14.4 million in 2014, a significant improvement from the $17.8 million of net charge-offs in fiscal 2013. The provision for loan losses was a reversal of $3.5 million and $2.3 million for the quarters ended September 30, 2014 and 2013, respectively, as a result of the improving asset quality trend. For the most recent quarter, $6.7 million in loan recoveries more than offset $2.1 million in charge-offs. The Company maintains an allowance for loan losses plus a reserve for unfunded loan commitments that total $115 million or 1.33% of total gross loans as of September 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 132% from 89% during that same period.
Net loss on real estate acquired through foreclosure amounted to $2.7 million for fiscal year 2014 and $1.9 million for the prior year. Net gain on real estate acquired through foreclosure for the quarter was $711,000 compared to $5.3 million in the same quarter of the prior year. Net gain or loss on real estate acquired through foreclosure includes gains and losses on sales, ongoing maintenance expenses and any write-downs from reduced valuations at the time of foreclosure or during the marketing period of the properties.
The Company’s efficiency ratio of 46.76% for the year remains among the lowest in the industry. Total operating expenses increased by $40 million or 24.2% in 2014, driven by an increase in employees and branch locations provided by the acquisition of seventy-four branches from Bank of America located in Eastern Washington, Oregon, Idaho, New Mexico, Arizona and Nevada. Total other income increased by $9 million or 39.8% in 2014. The year produced a return on assets of 1.10% and a return on equity of 7.99%. Return on assets for the quarter was 1.10% while return on equity was 8.19%.

2



Non-performing assets amounted to $147 million or 1.00% of total assets at year-end, a $66 million or 31.0% decrease from fiscal year-end September 30, 2013. Specifically, non-performing loans decreased to $87 million as of September 30, 2014 from $131 million at September 30, 2013, a 33.4% decrease. Total loan delinquencies were 1.44% as of September 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 year to 1.63% from 2.21% at September 30, 2013. Real estate held for sale decreased to $55 million from $73 million at September 30, 2013, an $18 million or 24.5% decrease, and real estate held for investment decreased from $9 million to $5 million during the same period as the economic conditions for the sale of these properties has improved.
Total assets increased by $1.7 billion or 12.8% to $14.8 billion at September 30, 2014 from $13.1 billion at September 30, 2013, largely due to the acquisition of seventy-four branches during the year with $1.9 billion in deposits. Cash and cash equivalents increased by $578 million. During the fourth quarter, the Company had an average balance of $697 million in cash and cash equivalents invested overnight at a yield of approximately 0.25%.
Loans receivable grew by $620 million or 8.2% during fiscal year 2014. This included higher mortgage originations and improved market penetration by our commercial lending teams. Loan originations for fiscal year 2014 totaled $2.2 billion, which was a $206 million or 10.5% increase over the prior fiscal year. Loans receivable grew by $182 million or 2.3% during the fourth quarter. The Company views organic loan growth as the highest and best use of its capital. The weighted average interest rate on loans decreased to 4.75% as of September 30, 2014 from 5.01% as of the prior year-end. 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 will be accreted into income over the term of the loans.
Customer deposits increased by $1.6 billion during the year to $10.7 billion as of September 30, 2014 including the branch acquisitions. The mix of customer deposits continued to shift toward core transaction accounts. Transaction accounts increased by $1.9 billion or 55.1% during the year while time deposits decreased $323 million or 5.8% during the year. Over the last several years the Company has focused on growing transaction accounts to lessen sensitivity to rising interest rates. For the first time in our history, transaction accounts represent

3



the majority of our deposits. As of September 30, 2014, 51.2% of our deposits were in transaction accounts. This is an increase from 38.9% as of September 30, 2013.
On October 17, 2014, the Company paid a cash dividend of 14.67 cents per share to common stockholders of record on October 3, 2014. Beginning in 2015, the Board of Directors will consider regular dividend declarations in January, April, July, and October. Accordingly, an additional month will pass before the Board of Directors considers the next quarterly dividend. The 3.67 cent increase in this quarter’s dividend over the prior quarter is a one-time payment in anticipation of this change and represents an additional one month’s dividend income to compensate for the new schedule. This was the Company’s 127th consecutive quarterly cash dividend. During the fiscal year, the Company also repurchased 4.8 million shares of stock at a weighted average price of $21.59 per share and has authorization to repurchase an additional 5 million shares. During this same time period, the Company returned 95% of net income to shareholders in the form of cash dividends or share repurchases.
Washington Federal, a national bank with headquarters in Seattle, Washington, has 251 branches in eight western states.
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.

4





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




5



WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
 
September 30, 2014
 
September 30, 2013
 
(In thousands, except share data)
ASSETS
 
 
 
Cash and cash equivalents
$
781,843

 
$
203,563

Available-for-sale securities, at fair value
3,049,442

 
2,360,948

Held-to-maturity securities, at amortized cost
1,548,265

 
1,654,666

Loans receivable, net
8,148,322

 
7,528,030

Covered loans, net
176,476

 
295,947

Interest receivable
52,037

 
49,218

Premises and equipment, net
257,543

 
206,172

Real estate held for sale
55,072

 
72,925

Real estate held for investment
4,808

 
9,392

Covered real estate held for sale
24,082

 
30,980

FDIC indemnification asset
36,860

 
64,615

FHLB and FRB stock
158,839

 
173,009

Intangible assets, net
302,909

 
264,318

Federal and state income tax assets, net
16,515

 
44,000

Other assets
143,028

 
125,076

 
$
14,756,041

 
$
13,082,859

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Customer accounts
 
 
 
Transaction deposit accounts
$
5,490,687

 
$
3,540,842

Time deposit accounts
5,226,241

 
5,549,429

 
10,716,928

 
9,090,271

FHLB advances
1,930,000

 
1,930,000

Advance payments by borrowers for taxes and insurance
29,004

 
42,443

Accrued expenses and other liabilities
103,226

 
82,510

 
12,779,158

 
11,145,224

Stockholders’ equity
 
 
 
Common stock, $1.00 par value, 300,000,000 shares authorized;
133,322,909 and 132,572,475 shares issued; 98,404,705 and 102,484,671 shares outstanding
133,323

 
132,573

Paid-in capital
1,638,211

 
1,625,051

Accumulated other comprehensive income, net of taxes
20,708

 
6,378

Treasury stock, at cost; 34,918,204 and 30,087,804 shares
(525,108
)
 
(420,817
)
Retained earnings
709,749

 
594,450

 
1,976,883

 
1,937,635

 
$
14,756,041

 
$
13,082,859

CONSOLIDATED FINANCIAL HIGHLIGHTS
 
 
 
Common stockholders' equity per share
$
20.09

 
$
18.91

Tangible common stockholders' equity per share
17.01

 
16.33

Stockholders' equity to total assets
13.40
%
 
14.81
%
Tangible common stockholders' equity to tangible assets
11.58

 
13.05

 
 
 
 
 
 
 
 

6



Weighted average rates at period end
 
 
 
   Loans and mortgage-backed securities
4.17
%
 
4.34
%
   Combined loans, mortgage-backed securities and investments
3.63

 
3.92

   Customer accounts
0.51

 
0.69

   Borrowings
3.52

 
3.52

   Combined cost of customer accounts and borrowings
0.97

 
1.19

   Interest rate spread
2.66

 
2.73




7



WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
Quarter Ended September 30,
 
Year Ended September 30,
 
2014
 
2013
 
2014
 
2013
 
(In thousands, except per share data)
 
(In thousands, except per share data)
INTEREST INCOME
 
 
 
 
 
 
 
Loans & covered assets
$
109,200

 
$
112,261

 
$
430,850

 
$
454,915

Mortgage-backed securities
19,313

 
14,195

 
80,260

 
48,520

Investment securities and cash equivalents
6,564

 
3,846

 
22,587

 
12,856

 
135,077

 
130,302

 
533,697

 
516,291

INTEREST EXPENSE
 
 
 
 
 
 
 
Customer accounts
14,007

 
16,052

 
58,524

 
67,903

FHLB advances and other borrowings
17,676

 
17,291

 
69,553

 
68,256

 
31,683

 
33,343

 
128,077

 
136,159

Net interest income
103,394

 
96,959

 
405,620

 
380,132

Provision (reversal) for loan losses
(3,465
)
 
(2,250
)
 
(15,401
)
 
1,350

Net interest income after provision for loan losses
106,859

 
99,209

 
421,021

 
378,782

 
 
 
 
 
 
 
 
OTHER INCOME
10,097

 
5,871

 
30,659

 
21,933

 
 
 
 
 
 
 
 
OTHER EXPENSE
 
 
 
 
 
 
 
Compensation and benefits
27,822

 
22,084

 
109,730

 
90,815

Occupancy
8,589

 
6,152

 
30,452

 
23,597

FDIC insurance premiums
2,331

 
2,934

 
11,009

 
12,214

Product delivery
5,011

 
1,089

 
14,973

 
4,414

Information Technology
3,938

 
3,339

 
14,303

 
10,999

Other
6,847

 
7,569

 
23,542

 
22,201

 
54,538

 
43,167

 
204,009

 
164,240

Gain (loss) on real estate acquired through foreclosure, net
711

 
5,287

 
(2,743
)
 
(1,859
)
Income before income taxes
63,129

 
67,200

 
244,928

 
234,616

Income tax provision
22,569

 
24,293

 
87,564

 
83,111

NET INCOME
$
40,560

 
$
42,907

 
$
157,364

 
$
151,505

 
 
 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
Basic earnings
$
0.41

 
$
0.41

 
$
1.56

 
$
1.45

Diluted earnings
0.41

 
0.41

 
1.55

 
1.45

Cash dividends per share
0.15

 
0.10

 
0.46

 
0.36

Basic weighted average number of shares outstanding
99,320,940

 
103,396,117

 
101,154,030

 
104,684,812

Diluted weighted average number of shares outstanding, including dilutive stock options
99,696,612

 
103,773,181

 
101,590,351

 
104,837,470

 
 
 
 
 
 
 
 
PERFORMANCE RATIOS
 
 
 
 
 
 
 
Return on average assets
1.10
%
 
1.32
%
 
1.10
%
 
1.17
%
Return on average common equity
8.19

 
8.89

 
7.99

 
7.88

Net Interest Margin
3.00

 
3.21

 
3.05

 
3.17


8

 EX-99.2 3 exhibit992_sep2014factsheet.htm EXHIBIT 99.2 Exhibit 99.2_Sep 2014 Fact Sheet
Washington Federal, Inc.
Fact Sheet
September 30, 2014
($ in Thousands)

Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 3/14 QTR
 
 
 
 6/14 QTR
 
 
 
 9/14 QTR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Loss Reserve - Total
$
114,931

 
 
 
$
114,150

 
 
 
$
115,257

 
 
 
     General and Specific Allowance
114,931

 
 
 
$
114,150

 
 
 
$
112,347

 
 
 
     Commitments Reserve
—

 
 
 
—

 
 
 
2,910

 
 
 
    Allowance as a % of Gross Loans
1.40
%
 
 
 
1.35
%
 
 
 
1.33
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital Ratios (excludes holding co.)
 
 
 
 
 
 
 
 
 
 
 
 
     Tangible
1,653,499

 
11.74%
 
1,652,787

 
11.58%
 
1,658,704

 
11.46%
 
     Tier 1 Risk Based
1,653,499

 
23.99%
 
1,652,787

 
23.14%
 
1,658,704

 
22.85%
 
     Risk Based
1,740,488

 
25.25%
 
1,743,057

 
24.41%
 
1,750,179

 
24.11%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 3/14 QTR
 3/14 YTD
 
 6/14 QTR
 
 6/14 YTD
 
 9/14 QTR
 
 9/14 YTD
 
Loan Originations - Total
$
410,145

 
$910,746
 
$
596,623

 
$1,507,369
 
$
664,646

$
2,172,015
 
 
     Single-Family Residential
123,806

 
300,083
 
176,218

 
476,301
 
220,698

696,999
 
 
     Construction - Speculative
34,587

 
79,127
 
37,365

 
116,492
 
54,047

170,539
 
 
     Construction - Custom
73,008

 
159,659
 
83,040

 
242,699
 
116,374

359,073
 
 
     Land - Acquisition & Development
11,277

 
21,762
 
23,377

 
45,139
 
8,821

53,960
 
 
     Land - Consumer Lot Loans
1,981

 
4,203
 
3,024

 
7,227
 
5,214

12,441
 
 
     Multi-Family
52,836

 
111,663
 
77,546

 
189,209
 
50,143

239,352
 
 
     Commercial Real Estate
43,884

 
78,249
 
87,503

 
165,752
 
92,615

258,367
 
 
     Commercial & Industrial
57,356

 
134,825
 
93,820

 
228,645
 
104,226

332,871
 
 
     HELOC
10,890

 
20,567
 
14,323

 
34,890
 
12,164

47,054
 
 
     Consumer
520

 
608
 
407

 
1,015
 
344

1,359
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Loans (including acquisitions)
$
33,712

 
100,811

 
$
98,741

 
$199,552
 
$
11,675

 
$211,227
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Loan Fee and Discount Accretion
$
5,977

 
12,275

 
$
7,635

 
$19,910
 
$
7,938

 
$27,848
 

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

 
 3/14 QTR
 3/14 YTD
 
 6/14 QTR
 6/14 YTD
 
 9/14 QTR
 9/14 YTD
 
Repayments
 
 
 
 
 
 
 
 
 
Loans
$
391,068

$
877,211
 
 
$
454,107

$
1,331,318
 
 
$
495,997

 
$
1,827,315

 
MBS
73,041

141,802
 
 
92,610

234,412
 
 
118,006

 
352,418

 
 
 
 
 
 
 
 
 
 
 
 
 
MBS Premium Amortization
$
1,972

$
3,646
 
 
$
2,367

$
6,013
 
 
$
2,756

 
$
8,769

 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Servicing Fee Income
$
1,324

$
3,370
 
 
$
2,297

$
5,667
 
 
$
2,038

$
7,705
 
 
Other Fee Income
3,515

5,464
 
 
4,228

9,692
 
 
5,338

15,030
 
 
     Total Fee Income
$
4,839

8,834
 
 
$
6,525

15,359
 
 
$
7,376

22,735
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Efficiency
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses/Average Assets
1.43
%
1.40
%
 
1.47
%
1.41
%
 
1.47
%
1.43
%
 
Efficiency Ratio
48.50

45.49
 
 
47.86

46.31
 
 
48.05

46.76
 
 
Amortization of Intangibles
$
728

$
1,549
 
 
$
1,052

$
2,601
 
 
$
1,074

$
3,675
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EOP Numbers
 
 
 
 
 
 
 
 
 
 
 
Shares Issued and Outstanding
101,763,415

 
 
 
100,296,268

 
 
 
98,404,705

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share repurchase information
 
 
 
 
 
 
 
 
 
 
 
Remaining shares auth. for repurchase
8,424,634

 
8,424,634

 
6,924,634

 
6,924,634

 
5,042,434

 
5,042,434

 
Shares repurchased
593,300

 
1,448,200

 
1,500,000

 
2,948,200

 
1,882,200

 
4,830,400

 
Average share repurchase price
$
21.63

 
$
21.94

 
$
21.64

 
$
21.79

 
$
21.28

 
$
21.59

 
 
 
 
 
 
 
 
 
 
 
 
 
 

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

Tangible Common Book Value
 3/14 QTR
 
 
 
 6/14 QTR
 
 
 
 9/14 QTR
 
 
$ Amount
$
1,680,468

 
 
 
$
1,686,652

 
 
 
$
1,673,974

 
 
Per Share
16.51

 
 
 
16.82

 
 
 
17.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
# of Employees
1,846

 
 
 
1,948

 
 
 
1,909

 
 
Tax Rate - Going Forward
35.75
%
 
 
 
35.75
%
 
 
 
35.75
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
1,709,872

 
 
 
$
1,771,369

 
 
 
$
1,683,425

 
 
     Other
1,400,703

 
 
 
1,331,652

 
 
 
1,366,017

 
 
 
$
3,110,575

 
 
 
$
3,103,021

 
 
 
$
3,049,442

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
1,611,303

 
 
 
$
1,583,853

 
 
 
$
1,548,265

 
 
     Other
—

 
 
 
—

 
 
 
—

 
 
 
$
1,611,303

 
 
 
$
1,583,853

 
 
 
$
1,548,265

 
 
 
 
 
 
 
 
 
 
 
 
 
 

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

 
 AS OF 3/31/14
 
 AS OF 6/30/14
 
 AS OF 9/30/14
Gross Loan Portfolio by Category *
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,462,093

 
66.8%
 
$
5,479,111

 
64.9%
 
$
5,572,244

 
64.2%
     Construction - Speculative
135,001

 
1.7
 
126,926

 
1.5
 
140,060

 
1.6
     Construction - Custom
354,279

 
4.3
 
372,789

 
4.4
 
385,824

 
4.5
     Land - Acquisition & Development
77,049

 
0.9
 
91,058

 
1.1
 
80,359

 
0.9
     Land - Consumer Lot Loans
116,864

 
1.4
 
114,573

 
1.4
 
111,130

 
1.3
     Multi-Family
869,635

 
10.6
 
896,799

 
10.6
 
920,285

 
10.6
     Commercial Real Estate
634,457

 
7.8
 
693,421

 
8.2
 
752,957

 
8.7
     Commercial & Industrial
351,705

 
4.3
 
398,181

 
4.7
 
434,088

 
5.0
     HELOC
131,852

 
1.6
 
136,304

 
1.6
 
134,455

 
1.6
     Consumer
48,239

 
0.6
 
138,547

 
1.6
 
138,315

 
1.6
 
8,181,174

 
100.0%
 
8,447,709

 
100.0%
 
8,669,717

 
100.0%
     Less:
 
 
 
 
 
 
 
 
 
 
 
        ALL
114,931

 
 
 
114,150

 
 
 
112,347

 
 
        Loans in Process
264,946

 
 
 
303,084

 
 
 
346,172

 
 
        Discount on Acquired Loans
29,286

 
 
 
28,480

 
 
 
25,391

 
 
        Deferred Net Origination Fees
34,902

 
 
 
36,041

 
 
 
37,485

 
 
        Sub-Total
444,065

 
 
 
481,755

 
 
 
521,395

 
 
 
$
7,737,109

 
 
 
$
7,965,954

 
 
 
$
8,148,322

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Loan Portfolio by Category *
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,371,177

 
69.4%
 
$
5,392,794

 
67.7%
 
$
5,481,766

 
67.3%
     Construction - Speculative
81,604

 
1.1
 
78,359

 
1.0
 
79,687

 
1.0
     Construction - Custom
174,987

 
2.3
 
198,207

 
2.5
 
188,735

 
2.3
     Land - Acquisition & Development
63,572

 
0.8
 
67,359

 
0.8
 
64,367

 
0.8
     Land - Consumer Lot Loans
113,020

 
1.5
 
110,894

 
1.4
 
107,291

 
1.3
     Multi-Family
844,007

 
10.9
 
863,747

 
10.8
 
886,676

 
10.9
     Commercial Real Estate
592,594

 
7.7
 
619,228

 
7.8
 
664,336

 
8.2
     Commercial & Industrial
323,045

 
4.2
 
369,763

 
4.6
 
410,285

 
5.0
     HELOC
128,456

 
1.7
 
132,766

 
1.7
 
131,153

 
1.6
     Consumer
44,647

 
0.6
 
132,838

 
1.7
 
134,027

 
1.6
 
$
7,737,109

 
100.0%
 
$
7,965,954

 
100.0%
 
$
8,148,322

 
100.0%
* Excludes covered loans
 
 
 
 
 
 
 
 
 
 
 

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

 
 AS OF 3/31/14
 
 AS OF 6/30/14
 
 AS OF 9/30/14
Deposits by State
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
     WA
$
5,142,077

 
49.7
%
 
82

 
$
4,930,348

 
45.8
%
 
82

 
$
4,978,005

 
46.4
%
 
81

     ID
811,048

 
7.8

 
29

 
817,259

 
7.6

 
28

 
810,841

 
7.6

 
27

     OR
1,840,375

 
17.8

 
49

 
2,002,383

 
18.6

 
49

 
2,008,862

 
18.7

 
49

     UT
319,954

 
3.1

 
10

 
314,247

 
2.9

 
10

 
309,062

 
2.9

 
10

     NV
182,035

 
1.8

 
4

 
377,464

 
3.5

 
14

 
362,887

 
3.4

 
14

     TX
106,874

 
1.0

 
5

 
105,292

 
1.0

 
5

 
92,260

 
0.9

 
5

     AZ
1,030,346

 
10.0

 
23

 
1,316,324

 
12.2

 
36

 
1,275,153

 
11.9

 
36

     NM
912,182

 
8.8

 
29

 
902,363

 
8.4

 
29

 
879,858

 
8.2

 
29

     Total
$
10,344,891

 
100.0
%
 
231

 
$
10,765,680

 
100.0
%
 
253

 
$
10,716,928

 
100.0
%
 
251

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits by Type
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
Checking (noninterest)
$
691,577

 
6.7
%
 
 
 
$
818,273

 
7.6
%
 
 
 
$
883,601

 
8.2
%
 
 
NOW (interest)
1,265,041

 
12.2

 
 
 
1,378,379

 
12.8

 
 
 
1,447,569

 
13.5

 
 
Savings (passbook/stmt)
575,440

 
5.6

 
 
 
620,414

 
5.8

 
 
 
622,546

 
5.8

 
 
Money Market
2,342,263

 
22.6

 
 
 
2,498,714

 
23.2

 
 
 
2,536,971

 
23.7

 
 
CD's
5,470,570

 
52.9

 
 
 
5,449,900

 
50.6

 
 
 
5,226,241

 
48.8

 
 
Total
$
10,344,891

 
100.0
%
 
 
 
$
10,765,680

 
100.0
%
 
 
 
$
10,716,928

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits greater than $250,000 - EOP
$
1,677,326

 
 
 
 
 
$
1,776,322

 
 
 
 
 
$
1,887,216

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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

 
 AS OF 3/31/14
 
 AS OF 6/30/14
 
 AS OF 9/30/14
Non-Performing Assets
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Non-accrual loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
81,740

 
81.6%
 
$
78,317

 
83.1%
 
$
74,067

 
84.7%
     Construction - Speculative
2,132

 
2.1
 
1,966

 
2.1
 
1,477

 
1.7
     Construction - Custom
265

 
0.3
 
143

 
0.2
 
—

 
—
     Land - Acquisition & Development
2,113

 
2.1
 
2,295

 
2.4
 
811

 
0.9
     Land - Consumer Lot Loans
3,007

 
3.0
 
1,879

 
2.0
 
2,637

 
3.0
     Multi-Family
2,199

 
2.2
 
2,103

 
2.2
 
1,742

 
2.0
     Commercial Real Estate
7,101

 
7.1
 
5,442

 
5.8
 
5,106

 
5.8
     Commercial & Industrial
579

 
0.6
 
516

 
0.5
 
7

 
—
     HELOC
441

 
0.4
 
970

 
1.0
 
795

 
0.9
     Consumer
621

 
0.6
 
595

 
0.6
 
789

 
0.9
        Total non-accrual loans
100,198

 
100.0%
 
94,226

 
100.0%
 
87,431

 
100.0%
Total REO
60,995

 
 
 
57,352

 
 
 
55,072

 
 
Total REHI
13,596

 
 
 
10,779

 
 
 
4,808

 
 
Total non-performing assets
$
174,789

 
 
 
$
162,357

 
 
 
$
147,311

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing assets as a
 
 
 
 
 
 
 
 
 
 
 
     % of total assets
1.22
%
 
 
 
1.10
%
 
 
 
1.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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

 
3/14 QTR
 
6/14 QTR
 
9/14 QTR
 
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Restructured loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
348,918

 
86.1
 
$
333,814

 
86.1
 
$
323,732

 
86.4
     Construction - Speculative
9,416

 
2.3
 
8,554

 
2.2
 
7,360

 
2.0
     Construction - Custom
1,196

 
0.3
 
1,196

 
0.3
 
—

 
—
     Land - Acquisition & Development
5,164

 
1.3
 
5,092

 
1.3
 
4,737

 
1.3
     Land - Consumer Lot Loans
13,270

 
3.3
 
12,922

 
3.3
 
13,002

 
3.5
     Multi-Family
7,727

 
1.9
 
5,266

 
1.4
 
5,243

 
1.4
     Commercial Real Estate
18,107

 
4.5
 
19,292

 
5.0
 
19,140

 
5.1
     Commercial & Industrial
31

 
—
 
23

 
—
 
—

 
—
     HELOC
1,198

 
0.3
 
1,198

 
0.3
 
1,486

 
0.4
     Consumer
197

 
—
 
236

 
0.1
 
43

 
—
        Total restructured loans (2)
$
405,224

 
100.0%
 
$
387,593

 
100.0%
 
$
374,743

 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
(2) Restructured loans were as follows:
 
 
 
 
 
 
 
 
 
 
 
     Performing
$
381,849

 
94.2%
 
$
361,918

 
93.4%
 
$
350,653

 
93.6%
     Non-performing*
23,375

 
5.8
 
25,675

 
6.6
 
24,090

 
6.4
     * Included in "Total non-accrual loans" above
$
405,224

 
100.0%
 
$
387,593

 
100.0%
 
$
374,743

 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 

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

 
3/14 QTR
 
6/14 QTR
 
9/14 QTR
 
AMOUNT
 
CO %**
 
AMOUNT
 
CO %**
 
AMOUNT
 
CO %**
Net Charge-offs by Category
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
356

 
0.03
 %
 
$
(2,186
)
 
(0.16)%
 
$
(833
)
 
(0.06)%
     Construction - Speculative
488

 
1.45

 
(2
)
 
(0.01)
 
11

 
0.03
     Construction - Custom
—

 
—

 
—

 
—
 
—

 
—
     Land - Acquisition & Development
(214
)
 
(1.11
)
 
(85
)
 
(0.37)
 
(2,248
)
 
(11.19)
     Land - Consumer Lot Loans
231

 
0.79

 
86

 
0.30
 
99

 
0.36
     Multi-Family
—

 
—

 
—

 
—
 
—

 
—
     Commercial Real Estate
73

 
0.05

 
8

 
—
 
(9
)
 
—
     Commercial & Industrial
(2,408
)
 
(2.74
)
 
33

 
0.03
 
(1,670
)
 
(1.54)
     HELOC
—

 
—

 
18

 
0.05
 
30

 
0.09
     Consumer
(49
)
 
(0.41
)
 
(91
)
 
(0.26)
 
13

 
0.04
        Total net charge-offs
$
(1,523
)
 
(0.07
)%
 
$
(2,219
)
 
(0.11)%
 
$
(4,607
)
 
(0.21)%
     ** Annualized Net Charge-offs divided by Gross Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOP 03-3
 
 
 
 
 
 
 
 
 
 
 
Accretable Yield
$
107,199

 
 
 
$
104,239

 
 
 
$
97,221

 
 
Non-Accretable Yield
183,645

 
 
 
179,694

 
 
 
179,343

 
 
Total Contractual Payments
$
290,844

 
 
 
$
283,933

 
 
 
$
276,564

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Risk
 
 
 
 
 
 
 
 
 
 
 
One Year GAP
 
 
(13.9
)%
 
 
 
(10.6
)%
 
 
 
(11.3
)%
NPV post 200 bps shock*
 
 
15.22
 %
 
 
 
16.32
 %
 
 
 
15.68
 %
Change in NII after 200 bps shock*
 
 
(2.1
)%
 
 
 
(0.5
)%
 
 
 
(1.5
)%
* Assumes no balance sheet management
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CD's Repricing
Amount
 
Rate
 
Amount
 
Rate
 
Amount
 
Rate
Within 3 months
$
986,727

 
0.51
 %
 
$
1,286,768

 
0.60
 %
 
$
898,995

 
0.58
 %
From 4 to 6 months
1,233,943

 
0.62

 
856,397

 
0.60
 %
 
1,180,349

 
0.65
 %
From 7 to 9 months
520,909

 
0.82

 
669,532

 
0.88
 %
 
544,350

 
0.79
 %
From 10 to 12 months
637,091

 
0.92

 
514,198

 
0.81
 %
 
484,519

 
0.64
 %

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

Historical CPR Rates ***
 
 
 
 
 
 
 
 
 
WAFD
 
WAFD
 
 
 
 
 
 
 
 
Average for Quarter Ended:
SFR Mortgages
 
GSE MBS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
9/30/2014
14.6

 
13.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*** 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
September 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 $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
28,886

 
193

 
$
5,569,794

 
99

 
52

 
295

 
446

 
1.54
%
 
$
90,538

 
1.63
%
     Construction - Speculative
 
476

 
183

 
87,035

 
—

 
—

 
—

 
—

 
—
%
 
—

 
—
%
     Construction - Custom
 
811

 
237

 
192,098

 
4

 
—

 
—

 
4

 
0.49
%
 
836

 
0.44
%
     Land - Acquisition & Development
 
129

 
547

 
70,552

 
1

 
—

 
—

 
1

 
0.78
%
 
155

 
0.22
%
     Land - Consumer Lot Loans
 
1,320

 
84

 
111,091

 
13

 
5

 
21

 
39

 
2.95
%
 
4,388

 
3.95
%
     Multi-Family
 
989

 
905

 
895,195

 
1

 
1

 
3

 
5

 
0.51
%
 
824

 
0.09
%
     Commercial Real Estate
 
896

 
771

 
690,881

 
3

 
3

 
9

 
15

 
1.67
%
 
18,811

 
2.72
%
     Commercial & Industrial
 
1,049

 
414

 
434,032

 
4

 
3

 
2

 
9

 
0.86
%
 
1,485

 
0.34
%
     HELOC
 
2,043

 
66

 
134,456

 
5

 
3

 
8

 
16

 
0.78
%
 
1,497

 
1.11
%
     Consumer
 
6,970

 
20

 
138,411

 
131

 
59

 
64

 
254

 
3.64
%
 
1,731

 
1.25
%
 
 
43,569

 
191

 
$
8,323,545

 
261

 
126

 
402

 
789

 
1.81
%
 
$
120,265

 
1.44
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
%

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

 
Quarters Ended
 
March 31, 2014
 
June 30, 2014
 
September 30, 2014
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and covered loans
$
7,899,864

 
$
106,334

 
5.46
%
 
$
8,040,818

 
$
108,089

 
5.39
%
 
$
8,208,948

 
$
109,200

 
5.28
%
Mortgage-backed securities
3,305,428

 
21,071

 
2.59

 
3,341,969

 
20,507

 
2.46

 
3,306,826

 
19,313

 
2.32

Cash & Investments
1,915,724

 
4,540

 
0.96

 
2,011,154

 
6,003

 
1.20

 
2,088,492

 
6,196

 
1.18

FHLB & FRB Stock
170,945

 
406

 
0.96

 
166,522

 
412

 
0.99

 
162,282

 
368

 
0.90

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-earning assets
13,291,961

 
132,351

 
4.04
%
 
13,560,464

 
135,011

 
3.99
%
 
13,766,548

 
135,077

 
3.89
%
Other assets
1,101,299

 
 
 
 
 
988,917

 
 
 
 
 
1,032,575

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
14,393,260

 
 
 
 
 
$
14,549,381

 
 
 
 
 
$
14,799,123

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer accounts
$
10,355,866

 
14,780

 
0.58
%
 
10,608,318

 
14,239

 
0.54
%
 
10,801,665

 
14,007

 
0.51
%
FHLB advances
1,930,000

 
16,935

 
3.56

 
1,930,000

 
17,493

 
3.64

 
1,930,000

 
17,676

 
3.63

Other borrowings
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-bearing liabilities
12,285,866

 
31,715

 
1.05
%
 
12,538,318

 
31,732

 
1.02
%
 
12,731,665

 
31,683

 
0.99
%
Other liabilities
126,711

 
 
 
 
 
26,278

 
 
 
 
 
86,969

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
12,412,577

 
 
 
 
 
12,564,596

 
 
 
 
 
12,818,634

 
 
 
 
Stockholders’ equity
1,980,683

 
 
 
 
 
1,984,785

 
 
 
 
 
1,980,489

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
14,393,260

 
 
 
 
 
$
14,549,381

 
 
 
 
 
$
14,799,123

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
100,636

 
 
 
 
 
$
103,279

 
 
 
 
 
$
103,394

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin (1)
 
 
 
 
3.03
%
 
 
 
 
 
3.05
%
 
 
 
 
 
3.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1
)
Annualized net interest income divided by average interest-earning assets
 
 
 
 
 
 
 
 
 
 


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