0000936528-15-000014.txt : 20150420 0000936528-15-000014.hdr.sgml : 20150420 20150420145055 ACCESSION NUMBER: 0000936528-15-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20150415 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150420 DATE AS OF CHANGE: 20150420 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: 15780456 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_apr172015.htm 8-K WAFD 8-K_Apr 20 2015


 
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, 2015
 ____________________________________
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, 2015, the Company announced by press release its earnings for the quarter ended March 31, 2015. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the March 31, 2015 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, 2015 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 April 15, 2015
99.2    Fact Sheet as of March 31, 2015
    



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: April 20, 2015
 
 
 
WASHINGTON FEDERAL, INC.
 
 
 
 
 
 
 
 
By:
 
/s/ DIANE L. KELLEHER
 
 
 
 
 
 
Diane L. Kelleher
 
 
 
 
 
 
Senior Vice President
and Chief Financial Officer

3
 EX-99.1 2 exhibit991_mar2015earnings.htm EXHIBIT 99.1 Exhibit 99.1_Mar 2015 earnings release


Exhibit 99.1

Wednesday April 15, 2015
FOR IMMEDIATE RELEASE

Washington Federal Announces a 10.5% Increase in
Quarterly Earnings Per Share


SEATTLE, WASHINGTON - Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced earnings of $40,361,000 or $0.42 per diluted share for the quarter ended March 31, 2015, compared to $38,657,000 or $0.38 per diluted share for the quarter ended March 31, 2014, an increase of 10.5%. The quarter produced a return on average assets of 1.11% and a return on average equity of 8.29%.
Chairman, President & CEO Roy M. Whitehead commented, “It was a good, solid quarter for the Company, with virtually every key measure of performance showing improvement. That enabled us to reward shareholders with more aggressive share repurchases and an 18% increase in the cash dividend during the quarter. Due to improved business conditions in our largest markets, we expect the Company to continue to do well”.
Loans receivable grew by $167 million, or 2.0%, during the quarter to $8.4 billion as of March 31, 2015. The fiscal year to date increase was $273 million or 3.3%. Loan originations for the quarter totaled $691 million, a $281 million or 69% increase over the same quarter of the prior year. Commercial loan originations made up 69% of loan originations for the current quarter. The weighted average interest rate on loans as of March 31, 2015 was 4.61%, which is a decrease from 4.69% as of December 31, 2014. 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.
Customer deposits also increased during the quarter, by $114 million to $10.7 billion and have held steady since the fiscal year-end on September 30, 2014. The mix of customer deposits has continued to shift. Transaction accounts increased by $244 million or 4.5% during the quarter

1



and now represent 53% of total deposits, compared to 51% as of September 30, 2014. Over the last several years, the Company has focused on growing transaction accounts to lessen sensitivity to rising interest rates.
Due primarily to growth in loans receivable, total assets increased by $116 million this quarter to $14.6 billion. Since the prior fiscal year-end, total assets have decreased by $145 million or 1.0%, from $14.8 billion at September 30, 2014, primarily driven by a reduction in cash and investments. Available for sale investments have decreased $293 million or 9.6%, and held to maturity investments decreased $68 million or 4.4% from the prior year end. During the quarter, the Company had an average balance of cash equivalents of $481 million invested overnight at a yield of approximately 0.25%. Cash and cash equivalents increased to $675 million as of March 31, 2015.
Net interest income for the quarter was $103.9 million, a $3.2 million or 3.2% increase from the quarter ended March 31, 2014. Net interest income was higher as the mix of carrying assets shifted toward higher yielding loans compared to investments. Reduced interest expense on customer funds was due to more transaction accounts and the continued downward repricing of time deposits. Borrowing costs were $0.8 million or 4.5% lower for the quarter due to prepayment of an FHLB advance last quarter. Net interest margin was 3.10% for the quarter ended March 31, 2015, up from 3.01% for the prior quarter and 3.03% for the quarter ended March 31, 2014. Average earning assets increased $95 million or 0.7% compared to the same quarter of the prior year.
Total non-performing assets, including real estate owned as a result of foreclosure, declined by $11 million during the quarter to $153 million or 1.05% of total assets. This includes the addition of $1 million in non-performing loans and $9 million in real estate owned that were acquired from Horizon Bank in 2010, for which a loss share agreement with the FDIC expired after March 31, 2015. Excluding the one-time reclassification of covered assets, total non-performing assets decreased by 2.8%, from $147 million at September 30, 2014 to $143 million as of March 31, 2015. Total loan delinquencies were 1.20% as of March 31, 2015, a decrease from 1.44% at September 30, 2014 due to credit quality improvements and the inclusion of the covered loans noted above. Delinquencies on single family mortgage loans, the largest

2



component of the loan portfolio, declined during the fiscal year to 1.42% from 1.63% at September 30, 2014.
The provision for loan losses was a reversal of $3.9 million and $4.3 million for the quarters ended March 31, 2015 and 2014, respectively, as a result of the continued improvement in asset quality. Net loan recoveries increased to $3.1 million in the most recent quarter from $1.5 million in the quarter ended March 31, 2014. The Company maintains an allowance for loan losses plus a reserve for unfunded commitments that total $110 million or 1.22% of total gross loans. This compares to $111 million or 1.26% of total gross loans as of December 31, 2014.
Net gain on real estate acquired through foreclosure amounted to $1.5 million during the quarter, as compared to a net gain of $0.3 million for the prior quarter and $0.6 million for the quarter ended March 31, 2014. 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 valuation adjustments.
The Company’s efficiency ratio was 49.97% for the quarter as compared to 48.50% in the same quarter of the prior year. Total operating expenses increased by $5.3 million or 10.1% for the quarter ended March 31, 2014, largely driven by an increase in employees and branch locations provided by the branch acquisitions of the prior fiscal year and the related costs to service the acquired transaction accounts. Deposit related service fee income increased by $2.0 million as compared to the same quarter of the prior year.
On February 16, 2015, the Company paid a cash dividend of $.13 per share to common stockholders of record on February 2, 2015. This was the Company’s 128th quarterly cash dividend. During the quarter, the Company repurchased 2.5 million shares of stock at a weighted average price of $21.21. For the fiscal year 2015, the Company has repurchased 3.6 million shares of stock at a weighted average price of $21.39 and has further authorization to repurchase an additional 1.4 million shares. The Company has returned 162% of earnings to shareholders for the quarter and 132% for the six months ended March 31, 2015 through the combination of

3



cash dividends and share repurchases. The ratio of tangible common equity to tangible assets was 11.65% as of March 31, 2015.
Washington Federal, a national bank with headquarters in Seattle, Washington, has 247 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 2014 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.
# # #







4



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)
 
March 31, 2015
 
September 30, 2014
 
(In thousands, except share data)
ASSETS
 
 
 
Cash and cash equivalents
$
675,064

 
$
781,843

Available-for-sale securities, at fair value
2,756,906

 
3,049,442

Held-to-maturity securities, at amortized cost
1,479,781

 
1,548,265

Loans receivable, net
8,420,988

 
8,148,322

Covered loans, net
138,005

 
176,476

Interest receivable
40,359

 
52,037

Premises and equipment, net
264,063

 
257,543

Real estate held for sale
60,822

 
55,072

Real estate held for investment
4,068

 
4,808

Covered real estate held for sale
15,668

 
24,082

FDIC indemnification asset
23,115

 
36,860

FHLB and FRB stock
150,918

 
158,839

Bank owned life insurance
100,961

 
—

Intangible assets, net
300,903

 
302,909

Federal and state income tax assets, net
7,908

 
16,515

Other assets
171,490

 
143,028

 
$
14,611,019

 
$
14,756,041

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Customer accounts
 
 
 
Transaction deposit accounts
$
5,707,797

 
$
5,490,687

Time deposit accounts
4,984,828

 
5,226,241

 
10,692,625

 
10,716,928

FHLB advances
1,830,000

 
1,930,000

Advance payments by borrowers for taxes and insurance
18,008

 
29,004

Accrued expenses and other liabilities
102,246

 
106,826

 
12,642,879

 
12,782,758

Stockholders’ equity
 
 
 
Common stock, $1.00 par value, 300,000,000 shares authorized;
133,622,663 and 132,322,909 shares issued; 95,088,294 and 98,404,705 shares outstanding
133,623

 
133,323

Paid-in capital
1,640,984

 
1,638,211

Accumulated other comprehensive income, net of taxes
23,485

 
20,708

Treasury stock, at cost; 38,534,369 and 34,918,204 shares
(602,463
)
 
(525,108
)
Retained earnings
772,511

 
709,149

 
1,968,140

 
1,976,283

 
$
14,611,019

 
$
14,759,041

CONSOLIDATED FINANCIAL HIGHLIGHTS
 
 
 
Common stockholders' equity per share
$
20.70

 
$
20.09

Tangible common stockholders' equity per share
17.53

 
17.01

Stockholders' equity to total assets
13.47
%
 
13.40
%
Tangible common stockholders' equity to tangible assets
11.65

 
11.58

 
 
 
 

6



 
 
 
 
Weighted average rates at period end
 
 
 
   Loans and mortgage-backed securities
4.10
%
 
4.17
%
   Combined loans, mortgage-backed securities and investments
3.63

 
3.63

   Customer accounts
0.48

 
0.51

   Borrowings
3.49

 
3.52

   Combined cost of customer accounts and borrowings
0.92

 
0.97

   Interest rate spread
2.71

 
2.66




7



WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
Quarter Ended March 31,
 
Six Months Ended March 31,
 
2015
 
2014
 
2015
 
2014
 
(In thousands, except per share data)
 
(In thousands, except per share data)
INTEREST INCOME
 
 
 
 
 
 
 
Loans & covered assets
$
109,274

 
$
106,334

 
$
217,567

 
$
213,561

Mortgage-backed securities
18,143

 
21,072

 
37,318

 
40,440

Investment securities and cash equivalents
5,213

 
4,945

 
11,029

 
9,608

 
132,630

 
132,351

 
265,914

 
263,609

INTEREST EXPENSE
 
 
 
 
 
 
 
Customer accounts
12,574

 
14,780

 
26,018

 
30,279

FHLB advances and other borrowings
16,176

 
16,935

 
33,832

 
34,382

 
28,750

 
31,715

 
59,850

 
64,661

Net interest income
103,880

 
100,636

 
206,064

 
198,948

Provision (reversal) for loan losses
(3,949
)
 
(4,336
)
 
(9,449
)
 
(8,936
)
Net interest income after provision for loan losses
107,829

 
104,972

 
215,513

 
207,884

 
 
 
 
 
 
 
 
OTHER INCOME
 
 
 
 
 
 
 
Loan fee income
2,048

 
1,324

 
4,112

 
3,370

Deposit fee income
5,405

 
3,381

 
11,383

 
5,085

Other Income (Loss)
3,388

 
1,997

 
726

 
4,035

 
10,841

 
6,702

 
16,221

 
12,490

OTHER EXPENSE
 
 
 
 
 
 
 
Compensation and benefits
30,469

 
27,836

 
59,629

 
52,962

Occupancy
8,239

 
7,346

 
16,374

 
14,396

FDIC insurance premiums
2,380

 
2,767

 
3,055

 
5,701

Product delivery
5,420

 
4,066

 
11,047

 
5,384

Information Technology
3,882

 
3,931

 
7,912

 
6,860

Other
6,934

 
6,113

 
12,909

 
10,876

 
57,324

 
52,059

 
110,926

 
96,179

Gain (loss) on real estate acquired through foreclosure, net
1,473

 
553

 
1,788

 
(1,398
)
Income before income taxes
62,819

 
60,168

 
122,596

 
122,797

Income tax provision
22,458

 
21,511

 
43,828

 
43,904

NET INCOME
$
40,361

 
$
38,657

 
$
78,768

 
$
78,893

 
 
 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
Basic earnings
$
0.42

 
$
0.38

 
$
0.81

 
$
0.77

Diluted earnings
0.42

 
0.38

 
0.81

 
0.77

Cash dividends per share
0.13

 
0.10

 
0.28

 
0.20

Basic weighted average number of shares outstanding
96,373,366

 
102,013,857

 
97,270,403

 
102,173,829

Diluted weighted average number of shares outstanding, including dilutive stock options
96,725,234

 
102,488,844

 
97,635,201

 
102,652,984


8



 
 
 
 
 
 
 
 
PERFORMANCE RATIOS
 
 
 
 
 
 
 
Return on average assets
1.11
%
 
1.07
%
 
1.08
%
 
1.13
%
Return on average common equity
8.29

 
7.85

 
8.06

 
8.05

Net Interest Margin
3.10

 
3.03

 
3.05

 
3.07


9

 EX-99.2 3 exhibit992_mar2015factsheet.htm EXHIBIT 99.2 Exhibit 99.2_Mar 2015 Fact Sheet
Washington Federal, Inc.
Fact Sheet
March 31, 2015
($ in Thousands)

Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 9/14 QTR
 
 
 
 12/14 QTR
 
 
 
3/15 QTR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Loss Reserve - Total
$
115,257

 
 
 
$
110,598

 
 
 
$
110,221

 
 
 
     General and Specific Allowance
$
112,347

 
 
 
$
108,700

 
 
 
$
108,323

 
 
 
     Commitments Reserve
2,910

 
 
 
1,898

 
 
 
1,898

 
 
 
    Allowance as a % of Gross Loans
1.33
%
 
 
 
1.26
%
 
 
 
1.22
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital Ratios (excludes holding co.)
 
 
 
 
 
 
 
 
 
 
 
 
     Tangible
1,658,704

 
11.46%
 
1,622,086

 
11.33%
 
1,641,824

 
11.52%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 9/14 QTR
 
 9/14 YTD
 
 12/14 QTR
 
 12/14 YTD
 
 3/15 QTR
 
3/15 YTD
 
Loan Originations - Total
$
664,646

$
2,172,015
 
 
$
578,988

$
578,988
 
 
$
691,472

$
1,270,460
 

     Single-Family Residential
220,698

696,999
 
 
167,299

167,299
 
 
130,636

297,935
 
 
     Construction - Speculative
54,047

170,539
 
 
50,158

50,158
 
 
49,051

99,209
 
 
     Construction - Custom
116,374

359,073
 
 
88,398

88,398
 
 
67,410

155,808
 
 
     Land - Acquisition & Development
8,821

53,960
 
 
16,567

16,567
 
 
29,573

46,140
 
 
     Land - Consumer Lot Loans
5,214

12,441
 
 
2,604

2,604
 
 
2,132

4,736
 
 
     Multi-Family
50,143

239,352
 
 
62,281

62,281
 
 
73,918

136,199
 
 
     Commercial Real Estate
92,615

258,367
 
 
59,840

59,840
 
 
202,498

262,338
 
 
     Commercial & Industrial
104,226

332,871
 
 
114,787

114,787
 
 
119,812

234,599
 
 
     HELOC
12,164

47,054
 
 
16,270

16,270
 
 
16,077

32,347
 
 
     Consumer
344

1,359
 
 
784

784
 
 
365

1,149
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Loans (including acquisitions)
$
11,675

 
$211,227
 
$
46,831

 
$46,831
 
$
100,001

 
$146,832
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Loan Fee and Discount Accretion
$
7,938

 
$27,848
 
$
7,721

 
$7,721
 
$
7,071

 
$14,792
 

1
Washington Federal, Inc.
Fact Sheet
March 31, 2015
($ in Thousands)

 
 9/14 QTR
 9/14 YTD
 
 12/14 QTR
 12/14 YTD
 
 3/15 QTR
 
3/15 YTD
 
Repayments
 
 
 
 
 
 
 
 
 
Loans
$
495,997

 
$
1,827,315

 
$
516,926


$
516,926

 
$
596,801

 
$
1,113,727

 
MBS
118,006

 
352,418

 
101,494


101,494

 
114,836

 
$
216,330

 
 
 
 
 
 
 
 
 
 
 
MBS Premium Amortization
$
2,756

 
$
8,769

 
$
2,397


$
2,397

 
$
2,704

 
$
5,101

 
 
 
 
 
 
 
 
 
 
 
Efficiency
 
 
 
 
 
 
 
 
 
Operating Expenses/Average Assets
1.47
%
1.43
%
 
1.46
%
 
1.46

 
1.58
%
 
1.52
%
 
Efficiency Ratio
48.05

46.76
 
 
49.83

 
49.83

 
49.97

 
49.90

 
Amortization of Intangibles
$
1,074

$
3,675
 
 
$
1,024


$
1,024

 
$
982

 
$
2,006

 
 
 
 
 
 
 
 
 
 
 
 
 
 
EOP Numbers
 
 
 
 
 
 
 
 
 
Shares Issued and Outstanding
98,404,705

 
 
 
97,556,077

 
 
 
95,088,294

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share repurchase information
 
 
 
 
 
 
 
 
 
Remaining shares auth. for repurchase
5,042,434

 
5,042,434

 
3,926,287

 
3,926,287

 
1,426,269

 
1,426,269

 
Shares repurchased
1,882,200

 
4,830,400

 
1,116,147

 
1,116,147

 
2,500,018

 
3,616,165

 
Average share repurchase price
$
21.28

 
$
21.59

 
$
21.79

 
$
21.79

 
$
21.21

 
$
21.39

 
 
 
 
 
 
 
 
 
 
 
 
 
 

2
Washington Federal, Inc.
Fact Sheet
March 31, 2015
($ in Thousands)

Tangible Common Book Value
 9/14 QTR
 
 
 
 12/14 QTR
 
 
 
3/15 QTR
 
 
$ Amount
$
1,673,974

 
 
 
$
1,679,454

 
 
 
$
1,667,237

 
 
Per Share
17.01

 
 
 
17.22

 
 
 
17.53

 
 
 
 
 
 
 
 
 
 
 
 
 
 
# of Employees
1,909

 
 
 
1,862

 
 
 
1,865

 
 
Tax Rate - Going Forward
35.75
%
 
 
 
35.75
%
 
 
 
35.75
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
1,683,425

 
 
 
$
1,588,647

 
 
 
$
1,567,607

 
 
     Other
1,366,017

 
 
 
1,306,409

 
 
 
1,189,299

 
 
 
$
3,049,442

 
 
 
$
2,895,056

 
 
 
$
2,756,906

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
     Agency MBS
$
1,548,265

 
 
 
$
1,516,219

 
 
 
$
1,479,781

 
 
     Other
—

 
 
 
—

 
 
 
—

 
 
 
$
1,548,265

 
 
 
$
1,516,219

 
 
 
$
1,479,781

 
 
 
 
 
 
 
 
 
 
 
 
 
 

3
Washington Federal, Inc.
Fact Sheet
March 31, 2015
($ in Thousands)

 
 AS OF 9/30/14
 
 AS OF 12/31/14
 
 AS OF 3/31/15
Gross Loan Portfolio by Category (a)
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,572,244

 
64.3%
 
$
5,619,697

 
63.9%
 
$
5,546,402

 
61.5%
     Construction - Speculative
140,060

 
1.6
 
152,450

 
1.7
 
163,657

 
1.8
     Construction - Custom
385,824

 
4.5
 
377,561

 
4.3
 
370,693

 
4.1
     Land - Acquisition & Development
80,359

 
0.9
 
86,405

 
1.0
 
107,181

 
1.2
     Land - Consumer Lot Loans
111,130

 
1.3
 
106,987

 
1.2
 
104,558

 
1.2
     Multi-Family
920,285

 
10.6
 
980,706

 
11.2
 
1,012,915

 
11.2
     Commercial Real Estate
752,957

 
8.7
 
749,855

 
8.5
 
885,177

 
9.8
     Commercial & Industrial
434,088

 
5.0
 
453,417

 
5.2
 
466,208

 
5.2
     HELOC
134,455

 
1.6
 
134,998

 
1.5
 
136,439

 
1.5
     Consumer
138,315

 
1.6
 
131,352

 
1.5
 
221,525

 
2.5
 
8,669,717

 
100.0%
 
8,793,428

 
100.0%
 
9,014,755

 
100.0%
     Less:
 
 
 
 
 
 
 
 
 
 
 
        ALL
112,347

 
 
 
108,700

 
 
 
108,323

 
 
        Loans in Process
346,172

 
 
 
370,655

 
 
 
426,836

 
 
        Discount on Acquired Loans
25,391

 
 
 
22,535

 
 
 
20,845

 
 
        Deferred Net Origination Fees
37,485

 
 
 
37,621

 
 
 
37,763

 
 
        Sub-Total
521,395

 
 
 
539,511

 
 
 
593,767

 
 
 
$
8,148,322

 
 
 
$
8,253,917

 
 
 
$
8,420,988

 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Net Loan Portfolio by Category (a)
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,481,766

 
67.3%
 
$
5,534,420

 
67.1%
 
$
5,464,292

 
64.9%
     Construction - Speculative
79,687

 
1.0
 
89,843

 
1.1
 
99,261

 
1.2
     Construction - Custom
188,735

 
2.3
 
189,248

 
2.3
 
199,257

 
2.4
     Land - Acquisition & Development
64,367

 
0.8
 
65,507

 
0.8
 
84,922

 
1.0
     Land - Consumer Lot Loans
107,291

 
1.3
 
103,148

 
1.2
 
100,789

 
1.2
     Multi-Family
886,676

 
10.9
 
900,292

 
10.9
 
934,864

 
11.1
     Commercial Real Estate
664,336

 
8.2
 
689,672

 
8.4
 
748,850

 
8.9
     Commercial & Industrial
410,285

 
5.0
 
421,613

 
5.1
 
438,047

 
5.2
     HELOC
131,153

 
1.6
 
132,188

 
1.6
 
133,662

 
1.6
     Consumer
134,027

 
1.6
 
127,986

 
1.6
 
217,044

 
2.6
 
$
8,148,322

 
100.0%
 
$
8,253,917

 
100.0%
 
$
8,420,988

 
100.0%
(a) Excludes covered loans
 
 
 
 
 
 
 
 
 
 
 

4
Washington Federal, Inc.
Fact Sheet
March 31, 2015
($ in Thousands)

 
 AS OF 9/30/14
 
 AS OF 12/31/14
 
 AS OF 3/31/15
Deposits by State
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
     WA
$
4,978,005

 
46.4
%
 
81

 
$
4,910,659

 
46.4
%
 
81

 
$
5,028,312

 
47.0
%
 
82

     ID
810,841

 
7.6

 
27

 
796,119

 
7.5

 
26

 
797,117

 
7.5

 
26

     OR
2,008,862

 
18.7

 
49

 
1,987,015

 
18.8

 
49

 
1,991,272

 
18.6

 
49

     UT
309,062

 
2.9

 
10

 
303,516

 
2.9

 
10

 
299,222

 
2.8

 
10

     NV
362,887

 
3.4

 
14

 
357,952

 
3.4

 
11

 
349,807

 
3.3

 
11

     TX
92,260

 
0.9

 
5

 
87,937

 
0.8

 
5

 
89,890

 
0.8

 
5

     AZ
1,275,153

 
11.9

 
36

 
1,260,182

 
11.9

 
36

 
1,244,294

 
11.6

 
35

     NM
879,858

 
8.2

 
29

 
875,473

 
8.3

 
29

 
892,711

 
8.3

 
29

     Total
$
10,716,928

 
100.0
%
 
251

 
$
10,578,853

 
100.0
%
 
247

 
$
10,692,625

 
100.0
%
 
247

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits by Type
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
Checking (noninterest)
$
883,601

 
8.2
%
 
 
 
$
870,981

 
8.2
%
 
 
 
$
922,589

 
8.6
%
 
 
NOW (interest)
1,447,569

 
13.5

 
 
 
1,436,922

 
13.6

 
 
 
1,574,294

 
14.7

 
 
Savings (passbook/stmt)
622,546

 
5.8

 
 
 
640,731

 
6.1

 
 
 
663,863

 
6.2

 
 
Money Market
2,536,971

 
23.7

 
 
 
2,515,564

 
23.8

 
 
 
2,547,050

 
23.8

 
 
CD's
5,226,241

 
48.8

 
 
 
5,114,655

 
48.3

 
 
 
4,984,829

 
46.6

 
 
Total
$
10,716,928

 
100.0
%
 
 
 
$
10,578,853

 
100.0
%
 
 
 
$
10,692,625

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits greater than $250,000 - EOP
$
1,887,216

 
 
 
 
 
$
1,838,690

 
 
 
 
 
$
1,998,536

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5
Washington Federal, Inc.
Fact Sheet
March 31, 2015
($ in Thousands)

 
 AS OF 9/30/14
 
 AS OF12/31/14
 
 AS OF 3/31/15
Non-Performing Assets
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Non-accrual loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
74,067

 
84.7%
 
$
74,415

 
75.7%
 
$
60,781

 
79.0%
     Construction - Speculative
1,477

 
1.7
 
1,329

 
1.4
 
1,152

 
1.5
     Construction - Custom
—

 
—
 
—

 
—
 
—

 
—
     Land - Acquisition & Development
811

 
0.9
 
—

 
—
 
—

 
—
     Land - Consumer Lot Loans
2,637

 
3.0
 
2,260

 
2.3
 
2,458

 
3.2
     Multi-Family
1,742

 
2.0
 
1,019

 
1.0
 
—

 
—
     Commercial Real Estate
5,106

 
5.8
 
15,970

 
16.2
 
5,735

 
7.5
     Commercial & Industrial
7

 
—
 
673

 
0.7
 
5,018

 
6.5
     HELOC
795

 
0.9
 
1,454

 
1.5
 
1,175

 
1.5
     Consumer
789

 
0.9
 
1,233

 
1.3
 
576

 
0.7
        Total non-accrual loans
87,431

 
100.0%
 
98,353

 
100.0%
 
76,895

 
100.0%
Total REO
55,072

 
 
 
61,970

 
 
 
69,756

 
 
Total REHI
4,808

 
 
 
3,994

 
 
 
6,551

 
 
Total non-performing assets
$
147,311

 
 
 
$
164,317

 
 
 
$
153,202

 
(b)
(b) Includes $10 million from former Horizon Bank
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing assets as a
 
 
 
 
 
 
 
 
 
 
 
     % of total assets
1.00
%
 
 
 
1.13
%
 
 
 
1.05
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6
Washington Federal, Inc.
Fact Sheet
March 31, 2015
($ in Thousands)

 
9/14 QTR
 
12/14 QTR
 
3/15 QTR
 
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Restructured loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
323,732

 
86.4
 
$
304,784

 
86.6
 
$
290,950

 
85.6
     Construction - Speculative
7,360

 
2.0
 
6,651

 
1.9
 
6,408

 
1.9
     Construction - Custom
—

 
—
 
—

 
—
 
—

 
—
     Land - Acquisition & Development
4,737

 
1.3
 
4,238

 
1.2
 
4,179

 
1.2
     Land - Consumer Lot Loans
13,002

 
3.5
 
12,528

 
3.6
 
12,501

 
3.7
     Multi-Family
5,243

 
1.4
 
4,141

 
1.2
 
3,862

 
1.1
     Commercial Real Estate
19,140

 
5.1
 
18,028

 
5.1
 
20,673

 
6.1
     Commercial & Industrial
—

 
—
 
—

 
—
 
—

 
—
     HELOC
1,486

 
0.4
 
1,486

 
0.4
 
1,394

 
0.4
     Consumer
43

 
—
 
126

 
—
 
122

 
—
        Total restructured loans
$
374,743

 
100.0%
 
$
351,982

 
100.0%
 
$
340,089

 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
Restructured loans were as follows:
 
 
 
 
 
 
 
 
 
 
 
     Performing
$
350,653

 
93.6%
 
$
333,854

 
94.8%
 
$
327,386

 
96.3%
     Non-performing (c)
24,090

 
6.4
 
18,128

 
5.2
 
12,703

 
3.7
     Total restructured loans
$
374,743

 
100.0%
 
$
351,982

 
100.0%
 
$
340,089

 
100.0%
     (c) Included in "Total non-accrual loans" above
 
 
 
 
 
 
 
 
 
 
 

7
Washington Federal, Inc.
Fact Sheet
March 31, 2015
($ in Thousands)

 
9/14 QTR
 
12/14 QTR
 
3/15 QTR
 
AMOUNT
 
CO % (d)
 
AMOUNT
 
CO % (d)
 
AMOUNT
 
CO % (d)
Net Charge-offs by Category
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
(833
)
 
(0.06)%
 
$
(859
)
 
(0.06)%
 
$
(2,713
)
 
(0.20)%
     Construction - Speculative
11

 
0.03
 
388

 
1.02
 
(75
)
 
(0.18)
     Construction - Custom
—

 
—
 
—

 
—
 
—

 
—
     Land - Acquisition & Development
(2,248
)
 
(11.19)
 
37

 
0.17
 
(204
)
 
(0.76)
     Land - Consumer Lot Loans
99

 
0.36
 
35

 
0.13
 
17

 
0.07
     Multi-Family
—

 
—
 
(220
)
 
(0.09)
 
—

 
—
     Commercial Real Estate
(9
)
 
—
 
(1
)
 
—
 
(453
)
 
(0.20)
     Commercial & Industrial
(1,670
)
 
(1.54)
 
(34
)
 
(0.03)
 
338

 
0.29
     HELOC
30

 
0.09
 
—

 
—
 
—

 
—
     Consumer
13

 
0.04
 
(187
)
 
(0.57)
 
(33
)
 
(0.06)
        Total net charge-offs
$
(4,607
)
 
(0.21)%
 
$
(841
)
 
(0.04)%
 
$
(3,123
)
 
(0.14)%
     (d) Annualized Net Charge-offs divided by Gross Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOP 03-3
 
 
 
 
 
 
 
 
 
 
 
Accretable Yield
$
97,221

 
 
 
$
89,743

 
 
 
$
91,290

 
 
Non-Accretable Yield
179,343

 
 
 
179,343

 
 
 
167,603

 
 
Total Contractual Payments
$
276,564

 
 
 
$
269,086

 
 
 
$
258,893

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Risk
 
 
 
 
 
 
 
 
 
 
 
One Year GAP
 
 
(11.3
)%
 
 
 
(11.0
)%
 
 
 
(10.3
)%
NPV post 200 bps shock (e)
 
 
15.68
 %
 
 
 
16.56
 %
 
 
 
16.5
 %
Change in NII after 200 bps shock (e)
 
 
(1.5
)%
 
 
 
(1.4
)%
 
 
 
(1.1
)%
(e) Assumes no balance sheet management
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CD's Repricing
Amount
 
Rate
 
Amount
 
Rate
 
Amount
 
Rate
Within 3 months
$
898,995

 
0.58
 %
 
$
1,207,396

 
0.63
 %
 
$
612,836

 
0.60
 %
From 4 to 6 months
1,180,349

 
0.65
 %
 
856,224

 
0.61
 %
 
883,166

 
0.50
 %
From 7 to 9 months
544,350

 
0.79
 %
 
500,584

 
0.63
 %
 
708,921

 
0.58
 %
From 10 to 12 months
484,519

 
0.64
 %
 
539,262

 
0.68
 %
 
745,590

 
0.47
 %

8
Washington Federal, Inc.
Fact Sheet
March 31, 2015
($ in Thousands)

Historical CPR Rates (f)
 
 
 
 
 
 
 
 
 
WAFD
 
WAFD
 
 
 
 
 
 
 
 
Average for Quarter Ended:
SFR Mortgages
 
GSE MBS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
%
 
 
 
 
 
 
 
 
12/31/2014
15.9
%
 
12.1
%
 
 
 
 
 
 
 
 
3/31/2015
16.4
%
 
13.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(f) 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
March 31, 2015
Average Balance Sheet
($ in Thousands)

 
Quarters Ended
 
September 30, 2014
 
December 31, 2014
 
March 31, 2015
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and covered loans
$
8,208,948

 
$
109,200

 
5.28
%
 
$
8,367,285

 
$
108,293

 
5.13
%
 
$
8,487,458

 
$
109,275

 
5.22
%
Mortgage-backed securities
3,306,826

 
19,313

 
2.32

 
3,191,365

 
19,175

 
2.38

 
3,070,002

 
18,144

 
2.40

Cash & Investments
2,088,492

 
6,196

 
1.18

 
1,876,824

 
5,415

 
1.14

 
1,688,076

 
4,813

 
1.16

FHLB & FRB Stock
162,282

 
368

 
0.90

 
158,194

 
401

 
1.01

 
154,342

 
399

 
1.05

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-earning assets
13,766,548

 
135,077

 
3.89
%
 
13,593,668

 
133,284

 
3.89
%
 
13,399,878

 
132,630

 
4.01
%
Other assets
1,032,575

 
 
 
 
 
1,062,770

 
 
 
 
 
1,150,996

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
14,799,123

 
 
 
 
 
$
14,656,438

 
 
 
 
 
$
14,550,874

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer accounts
10,801,665

 
14,007

 
0.51
%
 
10,680,974

 
13,445

 
0.5
%
 
10,659,570

 
12,574

 
0.48
%
FHLB advances
1,930,000

 
17,676

 
3.63

 
1,920,217

 
17,656

 
3.65

 
1,830,000

 
16,176

 
3.58

Other borrowings
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-bearing liabilities
12,731,665

 
31,683

 
0.99
%
 
12,601,191

 
31,101

 
0.98
%
 
12,489,570

 
28,750

 
0.93
%
Other liabilities
86,969

 
 
 
 
 
95,026

 
 
 
 
 
114,628

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
12,818,634

 
 
 
 
 
12,696,217

 
 
 
 
 
12,604,198

 
 
 
 
Stockholders’ equity
1,980,489

 
 
 
 
 
1,960,221

 
 
 
 
 
1,946,676

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
14,799,123

 
 
 
 
 
$
14,656,438

 
 
 
 
 
$
14,550,874

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
103,394

 
 
 
 
 
$
102,183

 
 
 
 
 
$
103,881

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin
 
 
 
 
3.00
%
 
 
 
 
 
3.01
%
 
 
 
 
 
3.10
%
 
 
 
 
 
 
 
 
 
 
 
 
(Annualized net interest income divided by average interest-earning assets)
 
 
 
 
 
 
 
 
 
 
 


10
Washington Federal, Inc.
Fact Sheet
March 31, 2015
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, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
28,365

 
195

 
$
5,543,851

 
92

 
41

 
243

 
376

 
1.33
%
 
$
78,895

 
1.42
%
     Construction - Speculative
 
577

 
183

 
105,568

 
23

 
—

 
2

 
25

 
4.33
%
 
2,525

 
2.39
%
     Construction - Custom
 
766

 
263

 
201,777

 
2

 
2

 
—

 
4

 
0.52
%
 
1,169

 
0.58
%
     Land - Acquisition & Development
 
144

 
654

 
94,179

 
—

 
—

 
2

 
2

 
1.39
%
 
868

 
0.92
%
     Land - Consumer Lot Loans
 
1,271

 
82

 
104,477

 
6

 
4

 
20

 
30

 
2.36
%
 
3,621

 
3.47
%
     Multi-Family
 
994

 
951

 
944,937

 
1

 
—

 
3

 
4

 
0.40
%
 
947

 
0.10
%
     Commercial Real Estate
 
983

 
830

 
815,978

 
3

 
4

 
9

 
16

 
1.63
%
 
10,670

 
1.31
%
     Commercial & Industrial
 
1,140

 
416

 
474,090

 
1

 
—

 
4

 
5

 
0.44
%
 
2,994

 
0.63
%
     HELOC
 
2,084

 
65

 
136,439

 
7

 
3

 
9

 
19

 
0.91
%
 
1,393

 
1.02
%
     Consumer
 
5,921

 
37

 
221,525

 
111

 
33

 
42

 
186

 
3.14
%
 
1,064

 
0.48
%
 
 
42,245

 
205

 
$
8,642,822

 
246

 
87

 
334

 
667

 
1.58
%
 
$
104,145

 
1.20
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
28,741

 
195

 
$
5,617,403

 
104

 
43

 
283

 
430

 
1.50
%
 
$
87,341

 
1.55
%
     Construction - Speculative
 
524

 
182

 
95,367

 
1

 
—

 
—

 
1

 
0.19
%
 
168

 
0.18
%
     Construction - Custom
 
799

 
240

 
191,787

 
3

 
1

 
—

 
4

 
0.50
%
 
117

 
0.06
%
     Land - Acquisition & Development
 
130

 
560

 
72,752

 
1

 
—

 
—

 
1

 
0.77
%
 
2,339

 
3.22
%
     Land - Consumer Lot Loans
 
1,295

 
83

 
106,939

 
11

 
3

 
25

 
39

 
3.01
%
 
4,614

 
4.31
%
     Multi-Family
 
980

 
928

 
909,249

 
—

 
—

 
4

 
4

 
0.41
%
 
763

 
0.08
%
     Commercial Real Estate
 
886

 
804

 
712,154

 
6

 
2

 
9

 
17

 
1.92
%
 
22,703

 
3.19
%
     Commercial & Industrial
 
1,091

 
413

 
450,675

 
4

 
—

 
4

 
8

 
0.73
%
 
1,537

 
0.34
%
     HELOC
 
2,071

 
65

 
135,093

 
4

 
2

 
10

 
16

 
0.77
%
 
1,642

 
1.22
%
     Consumer
 
6,464

 
20

 
131,352

 
132

 
46

 
65

 
243

 
3.76
%
 
2,252

 
1.71
%
 
 
42,981

 
196

 
$
8,422,772

 
266

 
97

 
400

 
763

 
1.78
%
 
$
123,476

 
1.47
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
%

11
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