0000936528-16-000046.txt : 20160119 0000936528-16-000046.hdr.sgml : 20160118 20160119173046 ACCESSION NUMBER: 0000936528-16-000046 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20160119 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160119 DATE AS OF CHANGE: 20160119 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: 161349179 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 dec312015wafdearningsrelea.htm 8-K 8-K


 
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): January 19, 2016
 ____________________________________
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 January 19, 2016, the Company announced by press release its earnings for the quarter ended December 31, 2015. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the December 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 December 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 January 19, 2016
99.2    Fact Sheet as of December 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: January 19, 2016
 
 
 
WASHINGTON FEDERAL, INC.
 
 
 
 
 
 
 
 
By:
 
/s/ BRENT J. BEARDALL
 
 
 
 
 
 
Brent J. Beardall
 
 
 
 
 
 
Executive Vice President
and Interim Chief Financial Officer

3
 EX-99.1 2 exhibit991_dec2015earnings.htm EXHIBIT 99.1 Exhibit


                    

Tuesday January 19, 2016
FOR IMMEDIATE RELEASE


Washington Federal 1st Quarter 2016 Earnings


SEATTLE, WASHINGTON – Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced quarterly earnings of $35,098,000 or $0.38 per diluted share, compared to $38,407,000 or $0.39 per diluted share for the quarter ended December 31, 2014, a $0.01 or 2.6% decrease in earnings per diluted share. Investors were advised in the fiscal year-end release to expect elevated expenses this quarter related to a major technology upgrade planned for November 2015. That conversion was successfully completed during the quarter and added approximately $6.6 million in pre-tax expenses. Excluding these non-recurring costs, quarterly earnings were $39,370,000 or $0.42 per diluted share for the quarter ended December 31, 2015, a $0.03 or 7.7% increase in earnings per diluted share over the same period one year ago.
Chairman, President & CEO Roy M. Whitehead commented, “Given the scope and intensity of the technology conversion, we couldn’t be more pleased with the quarter. Loan growth was strong, additional progress occurred in changing our deposit mix to favor transaction accounts, and asset quality measures continued to improve. Although the vast majority of the conversion spend is behind us, we expect expenses to be slightly higher than normal next quarter also, as we invest to fully deploy the new system”.
Total assets increased by $117 million to $14.7 billion at December 31, 2015 from $14.6 billion at September 30, 2015. Cash and cash equivalents increased by $22 million or 7.7% as a result of a $98 million increase in short-term borrowings and a decrease in investments. Specifically, available-for-sale securities decreased $76 million or 3.2% and held-to-maturity securities decreased $45 million or 2.7%.

1



Net loans receivable grew by $232 million or 2.5% during the first quarter. Loan originations totaled $963 million for 1st quarter, a $384 million or 66% increase over the $579 million originated in the same quarter one year ago. Partially offsetting the strong loan origination volume was an increase in loan repayments of 41% to $726 million for the 1st quarter 2016, compared to $517 million for the 1st quarter 2015. Commercial loans represented 74.7% of all loan originations during the quarter with consumer loans accounting for the remaining 25.3%. Consumer loan originations were negatively impacted by the implementation of onerous new loan disclosures and procedures required by additional regulation. The Company views organic loan growth as the highest and best use of its capital and prefers over-weighting commercial loans in this low rate environment because of their shorter duration. The weighted average interest rate on loans decreased to 4.37% at December 31, 2015 from 4.45% at September 30, 2015 due to loan growth at lower rates. Actual yield earned on loans is 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.
Asset quality continued to improve as the ratio of non-performing assets to total assets decreased to 0.67% as of December 31, 2015, compared to 0.88% as of September 30, 2015. The 0.67% is the lowest level experienced by the Company since March 2008. The decrease in non-performing assets was driven by a $19 million or 31% decrease in real estate held for sale. Delinquencies on loans increased to 0.97% at December 31, 2015 from 0.84% at September 30, 2015, as a result of including loans that were previously excluded due to FDIC loss share coverage. The last of the commercial loss share agreements with the FDIC expired during the quarter. Excluding such covered loans, delinquencies were 0.87% at December 31, 2015. The Company realized net-recoveries on loans (as opposed to charge-offs) of $1.1 million for the quarter. The allowance for loan losses and reserve for unfunded commitments totals $111 million as of December 31, 2015 and is 1.10% of gross loans outstanding. As of September 30, 2015, the allowance for loan losses and reserve for unfunded commitments was 1.13% of gross loans. The 3 basis point decrease reflects the continued improvements in economic conditions and the credit quality of the loan portfolio, partially offset by the growth in the loan portfolio.
Customer deposits increased by $19 million or 0.2% during the quarter to $10.7 billion as of December 31, 2015. The mix of customer deposits continued to shift toward core transaction

2



accounts. Transaction accounts increased by $103 million or 1.8% during the quarter while time deposits decreased $84 million or 1.7% during the quarter. Over the last several years the Company has focused on growing transaction accounts to lessen sensitivity to rising interest rates. As of December 31, 2015, 55.6% of the Company’s deposits were in transaction accounts.
On November 20, 2015, the Company paid a cash dividend of 13 cents per share to common stockholders of record on November 6, 2015. This was the Company’s 131st consecutive quarterly cash dividend. During the quarter, the Company repurchased 0.4 million shares of stock at a weighted average price of $23.49 per share and has authorization to repurchase an additional 3.8 million shares. The pace of share repurchases slowed this quarter as the stock price increased. The Company varies the pace of share repurchases depending on several factors, including share price, lending opportunities and capital levels. Tangible common stockholders’ equity per share increased $0.17 or 0.9% to $17.99 and the ratio of tangible common equity to tangible assets remained strong at 11.62%.
Net interest income was $107 million for the quarter, an increase of $5 million or 4.6% from the prior year. Net interest income increased for the quarter due to increasing loan balances generating higher interest income on loans and reduced funding costs. As a result, net interest margin was 3.18% for the 1st quarter fiscal 2016 as compared to 3.01% for same quarter in the prior year.
The provision for loan losses was nil for the first fiscal quarter compared to a reversal of $5.5 million for the 1st quarter 2015. The lack of provision was a result of continued improvement in credit quality as mentioned earlier, including net recoveries of $1.1 million in the quarter, offset partially by the growth in the loan portfolio.
Total other income increased by $5 million or 97.7% in the 1st quarter 2016 to $11 million. The 1st quarter of 2015 included a $5 million loss related to a prepayment charge on debt and asset impairment charge.
Total operating expenses increased by $11 million or 20.4% in 1st quarter 2016, driven primarily by 1) $6.6 million in non-recurring expenses related to the system conversion that occurred during the quarter, 2) $1.9 million increase in FDIC insurance as the quarter one year

3



ago benefited from a one-time adjustment from the FDIC, and 3) $1.4 million increase in compensation expenses. The Company’s efficiency ratio of 54.9% is higher than the 49.8% for the same period one year ago due primarily to the non-recurring expenses mentioned above.
Net gain on real estate acquired through foreclosure was $1.4 million for 1st quarter 2016 compared to a net gain of $0.3 million for the same quarter last year. Net gain or loss on real estate acquired through foreclosure includes gains and losses on sales, ongoing maintenance expenses and any additional net valuation adjustments.
For the quarter ended December 31, 2015, the Company expensed state and federal income taxes of $19 million, which equates to a 35.50% effective tax rate.
The quarter produced a return on assets of 0.96% and a return on equity of 7.14%.
Washington Federal, a national bank with headquarters in Seattle, Washington, has 247 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.

Important Cautionary Statements
The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s 2015 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

4



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
Amanda Maier, Marketing Communications
206-626-8178
amanda.maier@wafd.com

5


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

 
December 31, 2015
 
September 30, 2015
 
(In thousands, except share data)
ASSETS
 
 
 
Cash and cash equivalents
$
305,959

 
$
284,049

Available-for-sale securities, at fair value
2,304,788

 
2,380,563

Held-to-maturity securities, at amortized cost
1,598,370

 
1,643,216

Loans receivable, net
9,402,730

 
9,170,634

Interest receivable
38,259

 
40,429

Premises and equipment, net
288,796

 
276,247

Real estate held for sale
42,098

 
61,098

FHLB and FRB stock
111,107

 
107,198

Bank owned life insurance
103,281

 
102,496

Intangible assets, net
298,719

 
299,358

Federal and state income tax assets, net
716

 
14,513

Other assets
190,076

 
188,523

 
$
14,684,899

 
$
14,568,324

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Customer accounts
 
 
 
Transaction deposit accounts
$
5,924,084

 
$
5,820,878

Time deposit accounts
4,727,035

 
4,810,825

 
10,651,119

 
10,631,703

FHLB advances
1,928,000

 
1,830,000

Advance payments by borrowers for taxes and insurance
21,747

 
50,224

Accrued expenses and other liabilities
113,793

 
100,718

 
12,714,659

 
12,612,645

Stockholders’ equity
 
 
 
Common stock, $1.00 par value, 300,000,000 shares authorized; 134,100,924 and 133,695,803 shares issued; 92,918,434 and 92,936,395 shares outstanding
134,101

 
133,696

Paid-in capital
1,649,529

 
1,643,712

Accumulated other comprehensive income, net of taxes
(4,432
)
 
353

Treasury stock, at cost; 41,182,490 and 40,759,408 shares
(661,774
)
 
(651,836
)
Retained earnings
852,816

 
829,754

 
1,970,240

 
1,955,679

 
$
14,684,899

 
$
14,568,324

CONSOLIDATED FINANCIAL HIGHLIGHTS
 
 
 
Common stockholders' equity per share
$
21.20

 
$
21.04

Tangible common stockholders' equity per share
17.99

 
17.82

Stockholders' equity to total assets
13.42
%
 
13.42
%
Tangible common stockholders' equity to tangible assets
11.62
%
 
11.61
%
 
 
 
 
Weighted average rates at period end
 
 
 
   Loans and mortgage-backed securities
3.90
%
 
3.94
%
   Combined loans, mortgage-backed securities and investments
3.62

 
3.63

   Customer accounts
0.48

 
0.48

   Borrowings
3.20

 
3.35

   Combined cost of customer accounts and borrowings
0.90

 
0.90

   Interest rate spread
2.72

 
2.73


6


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


 
Quarter Ended December 31,
 
2015
 
2014
 
(In thousands, except per share data)
INTEREST INCOME
 
 
 
Loans & covered assets
$
112,863

 
$
108,293

Mortgage-backed securities
16,987

 
19,175

Investment securities and cash equivalents
6,451

 
5,816

 
136,301

 
133,284

INTEREST EXPENSE
 
 
 
Customer accounts
12,717

 
13,445

FHLB advances and other borrowings
16,715

 
17,656

 
29,432

 
31,101

Net interest income
106,869

 
102,183

Provision (reversal) for loan losses
—

 
(5,500
)
Net interest income after provision for loan losses
106,869

 
107,683

 
 
 
 
OTHER INCOME
 
 
 
Loan fee income
1,517

 
2,065

Deposit fee income
5,917

 
5,977

Other Income (Loss)
3,201

 
(2,662
)
 
10,635

 
5,380

OTHER EXPENSE
 
 
 
Compensation and benefits
29,699

 
29,160

Occupancy
8,592

 
8,135

FDIC insurance premiums
2,589

 
674

Product delivery
5,523

 
5,627

Information Technology
8,710

 
4,030

Other
9,396

 
5,974

 
64,509

 
53,600

Gain (loss) on real estate acquired through foreclosure, net
1,420

 
315

Income before income taxes
54,415

 
59,778

Income tax provision
19,317

 
21,371

NET INCOME
$
35,098

 
$
38,407

 
 
 
 
PER SHARE DATA
 
 
 
Basic earnings
$
0.38

 
$
0.39

Diluted earnings
0.38

 
0.39

Cash dividends per share
0.13

 
0.15

Basic weighted average number of shares outstanding
92,986,358

 
98,147,939

Diluted weighted average number of shares outstanding, including dilutive stock options
93,577,837

 
98,524,839

 
 
 
 
PERFORMANCE RATIOS
 
 
 
Return on average assets
0.96
%
 
1.05
%
Return on average common equity
7.14

 
7.84

Net Interest Margin
3.18

 
3.01



7

 EX-99.2 3 exhibit992_dec2015factsheet.htm EXHIBIT 99.2 Exhibit
Washington Federal, Inc.
Fact Sheet
December 31, 2015
($ in Thousands)

Exhibit 99.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 6/15 QTR
 
 
 
 9/15 QTR
 
 
 
 12/15 QTR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Loss Reserve - Total
$
107,977

 
 
 
$
109,914

 
 
 
$
110,986

 
 
 
     General and Specific Allowance
105,611

 
 
 
106,829

 
 
 
107,901

 
 
 
     Commitments Reserve
2,366

 
 
 
3,085

 
 
 
3,085

 
 
 
    Allowance as a % of Gross Loans
1.17
%
 
 
 
1.13
%
 
 
 
1.10
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital Ratios
 
 
 
 
 
 
 
 
 
 
 
 
     Common equity tier 1 risk-based
1,630,586

 
19.35%
 
1,652,569

 
18.73%
 
1,676,263

 
18.47%
 
     Tier 1 risk-based
1,630,586

 
19.35%
 
1,652,569

 
18.73%
 
1,676,263

 
18.47%
 
     Total risk-based (excludes holding co.)
1,736,830

 
20.61%
 
1,763,171

 
19.98%
 
1,787,760

 
19.70%
 
     Tier 1 leverage (excludes holding co.)
1,630,586

 
11.49%
 
1,652,569

 
11.66%
 
1,676,263

 
11.69%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 6/15 QTR
 6/15 YTD
 
 9/15 QTR
 9/15 YTD
 
 12/15 QTR
 12/15 YTD
 
Loan Originations - Total
$
752,787

$2,023,247
 
$
1,080,268

$3,103,515

$
963,319

 
$
963,319

 
     Single-Family Residential
196,613

494,548
 
211,193

705,741
 
132,536

 
132,536

 
     Construction - Speculative
72,466

171,675
 
91,857

263,532
 
129,536

 
129,536

 
     Construction - Custom
92,120

247,928
 
117,292

365,220
 
88,761

 
88,761

 
     Land - Acquisition & Development
10,901

57,041
 
21,777

78,818
 
5,722

 
5,722

 
     Land - Consumer Lot Loans
7,880

12,616
 
8,806

21,422
 
5,268

 
5,268

 
     Multi-Family
123,886

260,085
 
89,357

349,442
 
132,999

 
132,999

 
     Commercial Real Estate
108,226

370,564
 
230,046

600,610
 
180,788

 
180,788

 
     Commercial & Industrial
121,632

356,231
 
286,078

642,309
 
270,372

 
270,372

 
     HELOC
18,622

50,969
 
23,486

74,455
 
16,702

 
16,702

 
     Consumer
441

1,590
 
376

1,966
 
635

 
635

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Loans (including acquisitions)
$
36,574

$183,406
 
$
96,530

$279,936
 
$
51,646

 
$
51,646

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Loan Fee and Discount Accretion
$
6,161

$20,953
 
$
8,783

$29,736
 
$
8,397

$8,397
 

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

 
 6/15 QTR
 6/15 YTD
 
 9/15 QTR
 9/15 YTD
 
 12/15 QTR
 12/15 YTD
Repayments
 
 
 
 
 
 
 
 
Loans
$
651,123

$
1,764,850
 
 
$
692,418

$
3,149,686
 
 
$
726,292

$
726,292
 
MBS
126,951

343,281
 
 
115,910

459,191
 
 
102,761

102,761
 
 
 
 
 
 
 
 
 
 
MBS Premium Amortization
$
3,298

$
8,399
 
 
$
3,644

$
12,043
 
 
$
2,802

$
2,802
 
 
 
 
 
 
 
 
 
 
Efficiency
 
 
 
 
 
 
 
 
Operating Expenses/Average Assets
1.57
%
1.54
%
 
1.58
%
1.55
%
 
1.77
%
1.77
%
Efficiency Ratio
50.47

50.09
 
 
47.98

49.54
 
 
54.90

54.90
 
Amortization of Intangibles
$
794

$
2,800
 
 
$
751

$
3,551
 
 
$
639

$
639
 
 
 
 
 
 
 
 
 
 
 
 
 
EOP Numbers
 
 
 
 
 
 
 
 
Shares Issued and Outstanding
93,982,148

 
 
 
92,936,395

 
 
 
92,918,434

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share repurchase information
 
 
 
 
 
 
 
 
Remaining shares auth. for repurchase
5,254,607

5,254,607
 
 
4,201,230

4,201,230
 
 
3,778,148

3,778,148
 
Shares repurchased
1,171,662

4,787,827
 
 
1,053,377

5,841,204
 
 
423,082

423,082
 
Average share repurchase price
$
21.93

$
21.52
 
 
$
22.48

$
21.70
 
 
$
23.49

$
23.49
 
 
 
 
 
 
 
 
 
 
 
 
 

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

Tangible Common Book Value
 6/15 QTR
 
 
 9/15 QTR
 
 
12/15 QTR
 
$ Amount
$
1,659,012

 
 
$
1,656,321

 
 
$
1,671,521

 
Per Share
17.65

 
 
17.82

 
 
17.99

 
 
 
 
 
 
 
 
 
 
# of Employees
1,839

 
 
1,838

 
 
1,825

 
Tax Rate - Going Forward
35.75
%
 
 
35.75
%
 
 
35.50
%
 
 
 
 
 
 
 
 
 
 
Investments
 
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
 
     Agency MBS
$
1,436,457

 
 
$
1,263,205

 
 
$
1,244,778

 
     Other
1,187,917

 
 
1,117,358

 
 
1,060,010

 
 
$
2,624,374

 
 
$
2,380,563

 
 
$
2,304,788

 
Held-to-maturity:
 
 
 
 
 
 
 
 
     Agency MBS
$
1,586,514

 
 
$
1,643,216

 
 
$
1,598,370

 
     Other
—

 
 
—

 
 
—

 
 
$
1,586,514

 
 
$
1,643,216

 
 
$
1,598,370

 
 
 
 
 
 
 
 
 
 

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

 
 AS OF 6/30/15
 
 AS OF 9/30/15
 
 AS OF 12/31/15
Gross Loan Portfolio by Category (a)
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,600,483

 
60.0%
 
$
5,700,781

 
58.0%
 
$
5,684,063

 
56.2%
     Construction
181,668

 
1.9
 
200,509

 
2.0
 
663,503

 
6.6
     Construction - Custom
375,425

 
4.0
 
396,307

 
4.0
 
404,849

 
4.0
     Land - Acquisition & Development
92,018

 
1.0
 
98,282

 
1.0
 
100,017

 
1.0
     Land - Consumer Lot Loans
105,463

 
1.1
 
106,815

 
1.1
 
105,119

 
1.0
     Multi-Family
1,093,799

 
11.7
 
1,129,437

 
11.5
 
969,624

 
9.6
     Commercial Real Estate
1,017,649

 
10.9
 
1,186,551

 
12.1
 
1,046,442

 
10.4
     Commercial & Industrial
513,699

 
5.5
 
657,581

 
6.7
 
804,757

 
8.0
     HELOC
148,711

 
1.6
 
149,526

 
1.5
 
148,369

 
1.5
     Consumer
208,956

 
2.2
 
197,481

 
2.0
 
183,441

 
1.8
 
9,337,871

 
100.0%
 
9,823,270

 
100.0%
 
10,110,184

 
100.0%
     Less:
 
 
 
 
 
 
 
 
 
 
 
        ALL
105,611

 
 
 
106,829

 
 
 
107,901

 
 
        Loans in Process
438,947

 
 
 
476,777

 
 
 
535,850

 
 
        Discount on Acquired Loans
16,716

 
 
 
14,713

 
 
 
12,639

 
 
        Deferred Net Origination Fees
53,677

 
 
 
54,317

 
 
 
51,064

 
 
        Sub-Total
614,951

 
 
 
652,636

 
 
 
707,454

 
 
 
$
8,722,920

 
 
 
$
9,170,634

 
 
 
$
9,402,730

 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
Net Loan Portfolio by Category (a)
 AMOUNT
 
 %
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
     Single-Family Residential
$
5,482,853

 
63.4%
 
$
5,618,340

 
61.8%
 
$
5,605,894

 
59.6%
     Construction
110,800

 
1.3
 
120,917

 
1.3
 
315,120

 
3.4
     Construction - Custom
201,908

 
2.3
 
199,714

 
2.2
 
218,220

 
2.3
     Land - Acquisition & Development
69,342

 
0.8
 
69,856

 
0.8
 
79,512

 
0.8
     Land - Consumer Lot Loans
101,655

 
1.2
 
102,294

 
1.1
 
101,390

 
1.1
     Multi-Family
1,006,301

 
11.6
 
1,051,139

 
11.6
 
959,631

 
10.2
     Commercial Real Estate
848,173

 
9.8
 
986,425

 
10.8
 
1,022,926

 
10.9
     Commercial & Industrial
484,930

 
5.6
 
620,979

 
6.8
 
773,423

 
8.2
     HELOC
135,102

 
1.6
 
136,202

 
1.5
 
146,093

 
1.6
     Consumer
204,545

 
2.4
 
191,870

 
2.1
 
180,521

 
1.9
 
$
8,645,609

 
100.0%
 
$
9,097,736

 
100.0%
 
$
9,402,730

 
100.0%
   (a) Some loans have been reclassified by loan type as a result of system conversion in 1Q16, primarily impacting Construction, Multi-family and Commercial Real Estate.

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

 
 AS OF 6/30/15
 
 AS OF 9/30/15
 
 
 AS OF 12/31/15
 
 
Deposits by State
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
 
 AMOUNT
 
%
 
#
     WA
$
4,992,642

 
47.2
%
 
82

 
$
5,031,982

 
47.3
%
 
83

 
$
5,086,585

 
47.8
%
 
83

     ID
773,269

 
7.3

 
26

 
788,271

 
7.4

 
26

 
787,094

 
7.4

 
26

     OR
1,977,131

 
18.7

 
48

 
2,002,606

 
18.8

 
49

 
1,985,406

 
18.6

 
49

     UT
295,548

 
2.8

 
10

 
291,260

 
2.7

 
10

 
296,390

 
2.8

 
10

     NV
350,109

 
3.3

 
11

 
347,127

 
3.3

 
11

 
346,142

 
3.2

 
11

     TX
91,759

 
0.9

 
5

 
89,564

 
0.8

 
5

 
92,905

 
0.9

 
5

     AZ
1,222,910

 
11.6

 
35

 
1,213,401

 
11.4

 
35

 
1,191,911

 
11.2

 
35

     NM
875,017

 
8.3

 
28

 
867,492

 
8.2

 
28

 
864,686

 
8.1

 
28

     Total
$
10,578,385

 
100.0
%
 
245

 
$
10,631,703

 
100.0
%
 
247

 
$
10,651,119

 
100.0
%
 
247

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits by Type
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
 
 AMOUNT
 
%
 
 
Checking (noninterest)
$
933,645

 
8.8
%
 
 
 
$
976,250

 
9.2
%
 
 
 
$
1,016,514

 
9.5
%
 
 
NOW (interest)
1,556,136

 
14.7

 
 
 
1,579,516

 
14.9

 
 
 
1,636,584

 
15.4

 
 
Savings (passbook/stmt)
671,426

 
6.3

 
 
 
700,793

 
6.6

 
 
 
782,646

 
7.3

 
 
Money Market
2,535,329

 
24.0

 
 
 
2,564,319

 
24.1

 
 
 
2,488,340

 
23.4

 
 
CD's
4,881,849

 
46.1

 
 
 
4,810,825

 
45.2

 
 
 
4,727,035

 
44.4

 
 
Total
$
10,578,385

 
100.0
%
 
 
 
$
10,631,703

 
100.0
%
 
 
 
$
10,651,119

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits greater than $250,000 - EOP
$
1,999,908

 
 
 
 
 
$
2,096,690

 
 
 
 
 
$
2,134,098

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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

 
 
 AS OF 6/30/15
 AS OF 9/30/15
 
 AS OF 12/31/15
Non-Performing Assets
 
AMOUNT
 
%
 
 AMOUNT
 
 %
 
 AMOUNT
 
 %
Non-accrual loans:
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
$
56,638

 
86.7%
 
$
59,074

 
87.1%
 
$
43,856

 
77.3%
     Construction
 
762

 
1.2
 
754

 
1.1
 
—

 
—
     Construction - Custom
 
355

 
0.5
 
732

 
1.1
 
2,518

 
4.4
     Land - Acquisition & Development
 
—

 
—
 
—

 
—
 
509

 
0.9
     Land - Consumer Lot Loans
 
1,308

 
2.0
 
1,273

 
1.9
 
939

 
1.7
     Multi-Family
 
786

 
1.2
 
2,558

 
3.8
 
1,538

 
2.7
     Commercial Real Estate
 
2,852

 
4.4
 
2,176

 
3.2
 
6,681

 
11.8
     Commercial & Industrial
 
1,205

 
1.8
 
—

 
—
 
115

 
0.2
     HELOC
 
889

 
1.4
 
563

 
0.8
 
473

 
0.8
     Consumer
 
513

 
0.8
 
680

 
1.0
 
119

 
0.2
        Total non-accrual loans
 
65,308

 
100.0%
 
67,810

 
100.0%
 
56,748

 
100.0%
Real Estate Owned
 
63,575

 
 
 
60,767

 
 
 
42,098

 
 
Total non-performing assets
 
$
128,883

 
 
 
$
128,577

 
 
 
$
98,846

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-performing loans
 
0.76
%
 
 
 
0.75
%
 
 
 
0.60
%
 
 
Total non-performing assets
 
0.90
%
 
 
 
0.88
%
 
 
 
0.67
%
 
 
     As a % of total assets
 
 
 
 
 
 
 
 
 
 
 
 

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

 
6/15 QTR
 
9/15 QTR
 
12/15 QTR
 
 AMOUNT
 
%
 
 AMOUNT
 
%
 
 AMOUNT
 
%
Restructured loans:
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
275,428

 
85.7
 
$
259,460

 
85.7
 
$
243,292

 
86.1
     Construction
6,370

 
2.0
 
4,989

 
1.6
 
—

 
—
     Construction - Custom
—

 
—
 
—

 
—
 
—

 
—
     Land - Acquisition & Development
3,536

 
1.1
 
2,486

 
0.8
 
1,976

 
0.7
     Land - Consumer Lot Loans
11,539

 
3.6
 
11,289

 
3.7
 
10,173

 
3.6
     Multi-Family
3,843

 
1.2
 
3,823

 
1.3
 
 
 
—
     Commercial Real Estate
19,251

 
6.0
 
19,124

 
6.3
 
25,788

 
9.1
     Commercial & Industrial
—

 
—
 
—

 
—
 
—

 
—
     HELOC
1,394

 
0.4
 
1,443

 
0.5
 
1,397

 
0.5
     Consumer
120

 
—
 
99

 
—
 
97

 
—
        Total restructured loans
$
321,481

 
100.0%
 
$
302,713

 
100.0%
 
$
282,723

 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 
Restructured loans were as follows:
 
 
 
 
 
 
 
 
 
 
 
     Performing
$
308,355

 
95.9%
 
$
291,416

 
96.3%
 
$
273,211

 
96.6%
     Non-performing (c)
13,126

 
4.1
 
11,297

 
3.7
 
9,512

 
3.4
     Total restructured loans
$
321,481

 
100.0%
 
$
302,713

 
100.0%
 
$
282,723

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

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

 
6/15 QTR
 
9/15 QTR
 
12/15 QTR
 
AMOUNT
 
CO % (d)
 
AMOUNT
 
CO % (d)
 
AMOUNT
 
CO % (d)
Net Charge-offs (Recoveries) by Category
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
$
(2,181
)
 
(0.16)%
 
$
(2,128
)
 
(0.15)%
 
$
(1,327
)
 
(0.09)%
     Construction
—

 
—
 
(45
)
 
(0.09)
 
(155
)
 
(0.09)
     Construction - Custom
—

 
—
 
—

 
—
 
60

 
0.06
     Land - Acquisition & Development
(1
)
 
—
 
(1
)
 
—
 
(35
)
 
(0.14)
     Land - Consumer Lot Loans
89

 
0.34
 
96

 
0.36
 
408

 
1.55
     Multi-Family
—

 
—
 
—

 
—
 
—

 
—
     Commercial Real Estate
1,361

 
0.55
 
68

 
0.02
 
(100
)
 
(0.04)
     Commercial & Industrial
1,210

 
0.94
 
468

 
0.28
 
246

 
0.12
     HELOC
25

 
0.07
 
39

 
0.11
 
(19
)
 
(0.05)
     Consumer
(192
)
 
(0.37)
 
(215
)
 
(0.44)
 
(150
)
 
(0.33)
        Total net charge-offs
$
313

 
0.01%
 
$
(1,718
)
 
(0.07)%
 
$
(1,072
)
 
(0.04)%
     (d) Annualized Net Charge-offs divided by Gross Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOP 03-3 Acquired Loans
 
 
 
 
 
 
 
 
 
 
 
Accretable Yield
$
83,640

 
 
 
$
76,917

 
 
 
$
70,553

 
 
Non-Accretable Yield
167,603

 
 
 
167,603

 
 
 
167,603

 
 
Total Contractual Payments
$
251,243

 
 
 
$
244,520

 
 
 
$
238,156

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Risk
 
 
 
 
 
 
 
 
 
 
 
One Year GAP
 
 
(13.2
)%
 
 
 
(13.4
)%
 
 
 
(12.0
)%
NPV post 200 bps shock (e)
 
 
16.53
 %
 
 
 
15.91
 %
 
 
 
16.14
 %
Change in NII after 200 bps shock (e)
 
 
(2.2
)%
 
 
 
(2.2
)%
 
 
 
(0.5
)%
(e) Assumes no balance sheet management
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CD's Repricing
Amount
 
Rate
 
Amount
 
Rate
 
Amount
 
Rate
Within 3 months
$
621,694

 
0.45
 %
 
$
897,917

 
0.49
 %
 
$
1,016,756

 
0.52
 %
From 4 to 6 months
913,269

 
0.50
 %
 
977,012

 
0.54
 %
 
752,476

 
0.57
 %
From 7 to 9 months
620,542

 
0.61
 %
 
444,042

 
0.68
 %
 
503,443

 
0.85
 %
From 10 to 12 months
678,536

 
0.56
 %
 
497,525

 
0.86
 %
 
487,019

 
1.15
 %

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

Historical CPR Rates (f)
 
 
 
 
 
 
 
 
 
WAFD
 
WAFD
 
 
 
 
 
 
 
 
Average for Quarter Ended:
SFR Mortgages
 
GSE MBS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
%
 
 
 
 
 
 
 
 
6/30/2015
18.7
%
 
15.9
%
 
 
 
 
 
 
 
 
9/30/2015
17.8
%
 
14.5
%
 
 
 
 
 
 
 
 
12/31/2015
16.7
%
 
13.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
December 31, 2015
Average Balance Sheet
($ in Thousands)

 
Quarters Ended
 
June 30, 2015
 
September 30, 2015
 
December 31, 2015
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
 
Balance
 
Interest
 
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and covered loans
$
8,628,344

 
$
107,249

 
4.99
%
 
$
8,908,562

 
$
112,185

 
5.00
%
 
$
9,258,041

 
$
112,863

 
4.84
%
Mortgage-backed securities
3,024,821

 
16,995

 
2.25

 
2,965,534

 
17,079

 
2.28

 
2,880,242

 
16,986

 
2.34

Cash & Investments
1,543,556

 
4,625

 
1.20

 
1,429,487

 
5,509

 
1.53

 
1,198,471

 
4,258

 
1.41

FHLB & FRB Stock
134,692

 
430

 
1.28

 
106,849

 
566

 
2.10

 
107,793

 
1,016

 
3.74

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-earning assets
13,331,414

 
129,300

 
3.89
%
 
13,410,432

 
135,339

 
4.00
%
 
13,444,547

 
135,123

 
3.99
%
Other assets
1,124,750

 
 
 
 
 
1,114,484

 
 
 
 
 
1,109,202

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
14,456,164

 
 
 
 
 
$
14,524,916

 
 
 
 
 
$
14,553,749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer accounts
10,635,364

 
12,485

 
0.47
%
 
10,650,672

 
12,550

 
0.47
%
 
10,619,654

 
12,717

 
0.48
%
FHLB advances
1,820,110

 
16,250

 
3.58

 
1,824,565

 
15,936

 
3.47

 
1,844,772

 
15,537

 
3.34

Other borrowings
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-bearing liabilities
12,455,474

 
28,735

 
0.93
%
 
12,475,237

 
28,486

 
0.91
%
 
12,464,426

 
28,254

 
0.90
%
Other liabilities
46,980

 
 
 
 
 
100,023

 
 
 
 
 
124,370

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
12,502,454

 
 
 
 
 
12,575,260

 
 
 
 
 
12,588,796

 
 
 
 
Stockholders’ equity
1,953,710

 
 
 
 
 
1,949,656

 
 
 
 
 
1,964,953

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
14,456,164

 
 
 
 
 
$
14,524,916

 
 
 
 
 
$
14,553,749

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
100,565

 
 
 
 
 
$
106,853

 
 
 
 
 
$
106,869

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin (1)
 
 
 
 
3.02
%
 
 
 
 
 
3.19
%
 
 
 
 
 
3.18
%
 
 
 
 
 
 
 
 
 
 
 
 
(1) Annualized net interest income divided by average interest-earning assets
 
 
 
 
 
 
 
 
 
 
 


10
Washington Federal, Inc.
Fact Sheet
December 31, 2015
Delinquency Summary
($ 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 $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
27,377

 
208

 
$
5,683,134

 
111

 
51

 
189

 
351

 
1.28
%
 
$
67,275

 
1.18
%
     Construction
 
585

 
556

 
325,485

 
1

 
2

 
8

 
11

 
1.88
%
 
866

 
0.27
%
     Construction - Custom
 
944

 
234

 
221,327

 
19

 
1

 
5

 
25

 
2.65
%
 
2,554

 
1.15
%
     Land - Acquisition & Development
 
146

 
595

 
86,864

 
5

 
—

 
7

 
12

 
8.22
%
 
1,162

 
1.34
%
     Land - Consumer Lot Loans
 
1,250

 
84

 
105,063

 
10

 
7

 
16

 
33

 
2.64
%
 
2,745

 
2.61
%
     Multi-Family
 
945

 
1,026

 
969,624

 
3

 
—

 
3

 
6

 
0.63
%
 
2,240

 
0.23
%
     Commercial Real Estate
 
1,103

 
949

 
1,046,323

 
4

 
3

 
12

 
19

 
1.72
%
 
10,220

 
0.98
%
     Commercial & Industrial
 
1,814

 
444

 
804,726

 
22

 
1

 
24

 
47

 
2.59
%
 
2,084

 
0.26
%
     HELOC
 
2,332

 
64

 
148,356

 
9

 
2

 
8

 
19

 
0.81
%
 
1,844

 
1.24
%
     Consumer
 
4,757

 
39

 
183,431

 
137

 
57

 
29

 
223

 
4.69
%
 
1,459

 
0.80
%
 
 
41,253

 
232

 
$
9,574,333

 
321

 
124

 
301

 
746

 
1.81
%
 
$
92,449

 
0.97
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
27,768

 
204

 
$
5,666,725

 
95

 
42

 
182

 
319

 
1.15
%
 
$
64,909

 
1.15
%
     Construction
 
618

 
211

 
130,121

 
—

 
—

 
—

 
—

 
—
%
 
—

 
—
%
     Construction - Custom
 
812

 
253

 
205,692

 
4

 
1

 
2

 
7

 
0.86
%
 
1,524

 
0.74
%
     Land - Acquisition & Development
 
141

 
546

 
76,944

 
2

 
—

 
2

 
4

 
2.84
%
 
924

 
1.20
%
     Land - Consumer Lot Loans
 
1,259

 
85

 
106,752

 
10

 
4

 
11

 
25

 
1.99
%
 
2,578

 
2.41
%
     Multi-Family
 
994

 
1,077

 
1,070,874

 
1

 
1

 
4

 
6

 
0.60
%
 
2,371

 
0.22
%
     Commercial Real Estate
 
1,005

 
1,015

 
1,019,625

 
3

 
—

 
3

 
6

 
0.60
%
 
1,700

 
0.17
%
     Commercial & Industrial
 
1,175

 
560

 
657,490

 
3

 
1

 
2

 
6

 
0.51
%
 
943

 
0.14
%
     HELOC
 
2,175

 
64

 
139,682

 
8

 
1

 
6

 
15

 
0.69
%
 
982

 
0.70
%
     Consumer
 
5,076

 
39

 
197,481

 
85

 
35

 
40

 
160

 
3.15
%
 
1,836

 
0.93
%
 
 
41,023

 
226

 
$
9,271,386

 
211

 
85

 
252

 
548

 
1.34
%
 
$
77,767

 
0.84
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
28,055

 
198

 
$
5,566,121

 
90

 
39

 
234

 
363

 
1.29
%
 
$
73,236

 
1.32
%
     Construction
 
608

 
194

 
117,711

 
—

 
—

 
1

 
1

 
0.16
%
 
—

 
—
%
     Construction - Custom
 
765

 
268

 
204,914

 
1

 
1

 
1

 
3

 
0.39
%
 
774

 
0.38
%
     Land - Acquisition & Development
 
138

 
549

 
75,726

 
2

 
—

 
2

 
4

 
2.90
%
 
1,498

 
1.98
%
     Land - Consumer Lot Loans
 
1,250

 
84

 
105,403

 
6

 
3

 
17

 
26

 
2.08
%
 
2,852

 
2.71
%
     Multi-Family
 
1,000

 
1,017

 
1,017,437

 
—

 
1

 
2

 
3

 
0.30
%
 
1,041

 
0.10
%
     Commercial Real Estate
 
978

 
890

 
870,691

 
3

 
1

 
8

 
12

 
1.23
%
 
3,196

 
0.37
%
     Commercial & Industrial
 
1,173

 
437

 
512,966

 
3

 
—

 
3

 
6

 
0.51
%
 
930

 
0.18
%
     HELOC
 
2,151

 
64

 
137,837

 
8

 
3

 
8

 
19

 
0.88
%
 
1,792

 
1.30
%
     Consumer
 
5,432

 
38

 
208,956

 
103

 
34

 
36

 
173

 
3.18
%
 
1,097

 
0.53
%
 
 
41,550

 
212

 
$
8,817,761

 
216

 
82

 
312

 
610

 
1.47
%
 
$
86,416

 
0.98
%

11
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