WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - WAFD OCT 23 2012 8-K_EXHIBIT 99.2

Attached files

file	filename
8-K - WAFD OCT 23 2012 8-K - WASHINGTON FEDERAL INC	wafd8-k_oct202012.htm
EX-99.1 - WAFD OCT 23 2012 8-K_EXHIBIT 99.1 - WASHINGTON FEDERAL INC	sep302012pressrelease_exhi.htm

Washington Federal, Inc.

Fact Sheet

September 30, 2012

($ in Thousands)



Exhibit 99.2
	3/12 QTR					6/12 QTR					9/12 QTR

Loan Loss Reserve - Total	$	143,819				$	137,951				$	133,147
General	114,039					116,164					117,164
Specific	29,781					21,787					15,983
Allowance as a % of Gross Loans	1.79		%			1.73		%			1.69		%

Regulatory Capital Ratios (excludes holding co.)
Tangible	1,557,847			11.70%		1,567,757			11.87%		1,577,280			12.92%
Core	1,557,847			11.70		1,567,757			11.87		1,577,280			12.92
Risk Based	1,637,250			26.06		1,646,427			26.43		1,653,760			27.29

	3/12 QTR			3/12 YTD		6/12 QTR			6/12 YTD		9/12 QTR			9/12 YTD
Loan Originations - Total	$	263,768		$	549,531	$	430,229		$	979,761	$	410,517		$	1,390,278
Single-Family Residential	114,954			236,385		157,486			393,871		145,351			539,222
Construction - Speculative	27,951			59,340		45,407			104,747		41,747			146,494
Construction - Custom	38,184			89,604		49,755			139,359		70,949			210,308
Land - Acquisition & Development	3,714			5,708		6,109			11,817		9,506			21,323
Land - Consumer Lot Loans	3,027			4,479		3,919			8,398		4,771			13,169
Multi-Family	30,135			68,566		58,088			126,654		63,038			189,692
Commercial Real Estate	10,900			33,115		26,365			59,480		27,991			87,471
Commercial & Industrial	26,637			34,876		71,835			106,711		37,138			143,849
HELOC	8,266			17,459		11,265			28,724		10,026			38,750
Consumer	—			—		—			—		—			—

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Washington Federal, Inc.

Fact Sheet

September 30, 2012

($ in Thousands)



	3/12 QTR			3/12 YTD			6/12 QTR			6/12 YTD			9/12 QTR			9/12 YTD
Loan Servicing Fee Income	$	2,052		$	3,826		$	1,482		$	5,308		$	1,913		$	7,222
Other Fee Income	775			1,945			753			2,698			675			3,374
Total Fee Income	$	2,827		$	5,771		$	2,235		$	8,006		$	2,588		$	10,596

	3/12 QTR			3/12 YTD			6/12 QTR			6/12 YTD			9/12 QTR			9/12 YTD
Operating Expenses/Average Assets	1.08		%	1.05		%	1.06		%	1.05		%	1.10		%	1.07		%
Efficiency Ratio	33.58			32.65			33.92			33.68			37.43			34.54
Amortization of Intangibles	$	407		$	787		$	366		$	1,153		$	356		$	1,509

Repayments	3/12 QTR			3/12 YTD			6/12 QTR			6/12 YTD			9/12 QTR			9/12 YTD
Loans	$	439,112		$	964,425		$	483,219		$	1,447,644		$	516,747		$	1,964,391
MBS	294,904			630,178			315,190			945,368			267,715			1,213,083

EOP Numbers	3/12 QTR						6/12 QTR						9/12 QTR
Shares Issued and Outstanding	106,867,527						106,884,239						106,177,615


Share repurchase information	3/12 QTR			3/12 YTD			6/12 QTR			6/12 YTD			9/12 QTR			9/12 YTD
Remaining shares auth. for repurchase	6,908,314			6,908,314			6,908,314			6,908,314			6,188,030			6,188,030
Shares repurchased	625,200			2,175,200			—			2,175,200			720,284			2,895,484
Average share repurchase price	$	16.00		$	13.93		$	—		$	13.93		$	16.11		$	14.48

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Washington Federal, Inc.

Fact Sheet

September 30, 2012

($ in Thousands)



Tangible Common Book Value	3/12 QTR			6/12 QTR			9/12 QTR
$ Amount	$	1,650,807		$	1,676,850		$	1,643,676
Per Share	15.45			15.69			15.48

# of Employees	1,248			1,237			1,260
Tax Rate - Going Forward	36.00		%	36.00		%	36.00		%

Investments	3/12 QTR			6/12 QTR			9/12 QTR
Available-for-sale:
Agency MBS	$	3,372,397		$	3,184,758		$	1,169,976
Other	315,228			441,357			611,729
	$	3,687,625		$	3,626,115		$	1,781,705
Held-to-maturity:
Agency MBS	$	37,912		$	34,433		$	1,190,692
Other	795			795			795
	$	38,707		$	35,228		$	1,191,487

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Washington Federal, Inc.

Fact Sheet

September 30, 2012

($ in Thousands)



	AS OF 3/31/12				AS OF 6/30/12				AS OF 9/30/12
Gross Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	5,973,633	74.4	%	$	5,905,148	74.1	%	$	5,777,677	73.5	%
Construction - Speculative	128,857		1.6	%	132,630		1.7	%	131,526		1.7	%
Construction - Custom	235,566		2.9	%	210,488		2.6	%	211,690		2.7	%
Land - Acquisition & Development	156,458		1.9	%	139,603		1.7	%	128,379		1.6	%
Land - Consumer Lot Loans	149,966		1.9	%	145,129		1.8	%	141,844		1.8	%
Multi-Family	687,696		8.6	%	693,837		8.7	%	710,741		9.0	%
Commercial Real Estate	394,489		4.9	%	401,594		5.0	%	406,365		5.2	%
Commercial & Industrial	102,685		1.3	%	153,677		1.9	%	166,114		2.1	%
HELOC	130,583		1.6	%	128,596		1.6	%	126,943		1.6	%
Consumer	71,205		0.9	%	68,317		0.9	%	65,057		0.8	%
	$	8,031,138	100	%	$	7,979,019	100	%	$	7,866,336	100	%
Less:
ALL	143,819				137,951				133,147
Loans in Process	133,379				155,051				213,286
Discount on Acquired Loans	43,687				35,200				43,687
Deferred Net Origination Fees	34,236				34,612				34,421
	355,121				362,814				414,338
	$	7,676,017			$	7,616,205			$	7,451,998

	AS OF 3/31/12				AS OF 6/30/12				AS OF 9/30/12
Net Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	5,862,053	76.5	%	$	5,795,922	76.0	%	$	5,667,567	76.2	%
Construction - Speculative	86,255		1.1	%	82,829		1.1	%	77,532		1.0	%
Construction - Custom	144,017		1.9	%	122,708		1.6	%	106,608		1.4	%
Land - Acquisition & Development	128,660		1.7	%	112,914		1.5	%	105,617		1.4	%
Land - Consumer Lot Loans	141,614		1.8	%	137,069		1.8	%	136,213		1.8	%
Multi-Family	670,790		8.7	%	668,240		8.8	%	668,946		9.0	%
Commercial Real Estate	355,912		4.6	%	364,163		4.8	%	349,397		4.7	%
Commercial & Industrial	95,274		1.2	%	144,523		1.9	%	156,748		2.1	%
HELOC	123,457		1.6	%	122,609		1.6	%	121,191		1.6	%
Consumer	67,985		0.9	%	65,228		0.9	%	62,179		0.8	%
	$	7,676,017	100	%	$	7,616,205	100	%	$	7,451,998	100	%

* Excludes covered loans

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Washington Federal, Inc.

Fact Sheet

September 30, 2012

($ in Thousands)



	AS OF 3/31/12					AS OF 6/30/12					AS OF 9/30/12
Deposits by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
WA	$	4,257,205	48.3	%	64	$	4,247,080	48.8	%	64	$	4,225,874	49.3	%	65
ID	586,625		6.7	%	16	577,486		6.7	%	16	568,933		6.6	%	16
OR	1,352,292		15.4	%	28	1,344,466		15.5	%	28	1,330,480		15.5	%	28
UT	338,766		3.9	%	10	337,981		3.9	%	10	336,398		3.9	%	10
NV	203,674		2.3	%	4	208,007		2.4	%	4	201,730		2.4	%	4
TX	126,557		1.4	%	6	104,084		1.2	%	4	101,603		1.2	%	4
AZ	1,256,135		14.3	%	22	1,214,099		14.0	%	23	1,176,644		13.7	%	23
NM	677,186		7.7	%	16	649,978		7.5	%	16	634,956		7.4	%	16
Total	$	8,798,440	100	%	166	$	8,683,181	100	%	165	$	8,576,618	100	%	166

	3/12 QTR					6/12 QTR					9/12 QTR
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Checking (noninterest)	$	267,031	3.0	%		$	272,819	3.1	%		$	272,242	3.2	%
NOW (interest)	594,878		6.8			595,208		6.9			622,397		7.3
Savings (passbook/stmt)	291,958		3.3			300,182		3.5			314,634		3.7
Money Market	1,710,756		19.4			1,700,233		19.6			1,737,180		20.3
CD's	5,933,817		67.5			5,814,739		66.9			5,630,165		65.5
Total	$	8,798,440	100	%		$	8,683,181	100	%		$	8,576,618	100	%

Deposits greater than $250,000 - EOP	$	992,794				$	1,010,371				$	1,036,388

Brokered Deposits	$	—				$	—				$	—

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Washington Federal, Inc.

Fact Sheet

September 30, 2012

($ in Thousands)



	3/12 QTR					6/12 QTR					9/12 QTR
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:
Single-Family Residential	116,284			70.0	%	129,295			75.6	%	131,193			75.7	%
Construction - Speculative	8,190			4.9		12,424			7.3		10,634			6.1
Construction - Custom	539			0.3		539			0.3		539			0.3
Land - Acquisition & Development	25,036			15.1		12,514			7.3		13,477			7.8
Land - Consumer Lot Loans	5,641			3.4		5,844			3.4		5,149			3.0
Multi-Family	4,530			2.7		3,405			2.0		4,185			2.4
Commercial Real Estate	4,997			3.0		6,285			3.7		7,653			4.4
Commercial & Industrial	1			—		—			—		16			—
HELOC	591			0.4		388			0.2		198			0.1
Consumer	344			0.2		339			0.2		383			0.2
Total non-accrual loans	166,153			100	%	171,033			100	%	173,427			100	%
Total REO	99,826					88,231					80,800
Total REHI	20,269					19,226					18,678
Total non-performing assets	$	286,248				$	278,490				$	272,905

Total non-performing assets as a
% of total assets	2.11		%			2.07		%			2.19		%

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Washington Federal, Inc.

Fact Sheet

September 30, 2012

($ in Thousands)



	3/12 QTR				6/12 QTR				9/12 QTR
	AMOUNT		%		AMOUNT		%		AMOUNT		%
Restructured loans:
Single-Family Residential	$	352,622	82.6	%	$	360,150	83.2	%	$	361,640	83.4	%
Construction - Speculative	20,485		4.8		15,875		3.7		15,907		3.7
Construction - Custom	—		—		1,196		0.3		1,196		0.3
Land - Acquisition & Development	20,443		4.8		17,075		3.9		14,985		3.5
Land - Consumer Lot Loans	14,389		3.4		14,107		3.3		13,782		3.2
Multi-Family	16,955		4.0		17,007		3.9		17,507		4.0
Commercial Real Estate	1,714		0.4		7,049		1.6		7,377		1.7
Commercial & Industrial	4		—		2		—		—		—
HELOC	177		—		290		0.1		884		0.2
Consumer	—		—		—		—		—		—
Total restructured loans (2)	$	426,789	100	%	$	432,751	100	%	$	433,278	100	%

(2) Restructured loans were as follows:
Performing	$	387,010	90.7	%	$	399,299	92.3	%	$	403,238	93.1	%
Non-accrual *	39,779		9.3		33,452		7.7		30,040		6.9
* Included in "Total non-accrual loans" above	$	426,789	100	%	$	432,751	100	%	$	433,278	100	%

7 of 11

Washington Federal, Inc.

Fact Sheet

September 30, 2012

($ in Thousands)



	3/12 QTR					6/12 QTR					9/12 QTR
	AMOUNT			CO %**		AMOUNT			CO %**		AMOUNT			CO %**
Net Charge-offs by Category
Single-Family Residential	$	14,246		0.95	%	$	11,896		0.81	%	$	8,153		0.56	%
Construction - Speculative	980			3.04		2,203			6.64		583			1.77
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	11,738			30.01		986			2.83		783			2.44
Land - Consumer Lot Loans	687			1.83		670			1.85		642			1.81
Multi-Family	98			0.06		(279		)	(0.16	)	(9		)	(0.01	)
Commercial Real Estate	146			0.15		58			0.06		385			0.38
Commercial & Industrial	59			0.23		(2		)	(0.01	)	17			0.04
HELOC	76			0.23		141			0.44		—			—
Consumer	691			3.88		563			3.30		382			2.35
Total net charge-offs	$	28,721		1.43	%	$	16,236		0.81	%	$	10,936		0.56	%
** Annualized Net Charge-offs divided by Gross Balance

	3/12 QTR					6/12 QTR					9/12 QTR
SOP 03-3
Accretable Yield	$	46,485				$	40,258				$	67,807
Non-Accretable Yield	219,636					219,636					184,946
Total Contractual Payments	$	266,121				$	259,894				$	252,753

Interest Rate Risk
One Year GAP	(14.5		)%			(8.8		)%			(10.1		)%
NPV post 200 bps shock*	13.04		%			12.78		%			15.00		%
Change in NII after 200 bps shock*	(3.40		)%			(1.40		)%			(2.10		)%
* Assumes no balance sheet management
	3/12 QTR					6/12 QTR					9/12 QTR
CD's Repricing	Amount			Rate		Amount			Rate		Amount			Rate
Within 3 months	$	1,209,647		0.86	%	$	1,009,301		0.94	%	$	1,519,848		1.03	%
From 4 to 6 months	981,387			0.96		1,496,971			1.05		879,355			1.24
From 7 to 9 months	1,074,104			1.33		626,115			1.63		529,578			0.85
From 10 to 12 months	628,188			1.63		536,825			0.85		613,190			0.90

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Washington Federal, Inc.

Fact Sheet

September 30, 2012

($ in Thousands)



Historical CPR Rates ***
	WAFD		WAFD
Average for Quarter Ended	SFR Mortgages		GSE MBS
3/31/2011	20.9	%	17.1	%
6/30/2011	13.3		12.1
9/30/2011	17.1		17.5
12/31/2011	22.0		32.6
3/31/2012	19.5		27.5
6/30/2012	20.9		30.7
9/30/2012	22.9		30.7

*** 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.

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Washington Federal, Inc.

Fact Sheet

September 30, 2012

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, 2012
Single-Family Residential	31,232	185	$	5,776,344	188	75	470	733	2.35	%	$	157,741	2.73	%
Construction - Speculative	550	165	90,738		1	1	11	13	2.36		3,064		3.38
Construction - Custom	486	222	107,882		3	—	1	4	0.82		667		0.62
Land - Acquisition & Development	201	611	122,894		2	1	18	21	10.45		12,871		10.47
Land - Consumer Lot Loans	1,560	91	141,772		21	3	38	62	3.97		7,212		5.09
Multi-Family	1,063	637	677,518		2	1	5	8	0.75		4,654		0.69
Commercial Real Estate	895	424	379,395		4	4	10	18	2.01		7,834		2.06
Commercial & Industrial	488	340	166,094		1	—	3	4	0.82		24		0.01
HELOC	1,990	64	126,942		5	1	3	9	0.45		420		0.33
Consumer	9,565	7	63,471		172	64	58	294	3.07		1,969		3.10
	48,030		7,653,050		399	150	617	1,166	2.43	%	196,456		2.57	%

June 30, 2012
Single-Family Residential	31,789	186	$	5,902,632	162	84	508	754	2.37	%	$	165,664	2.81	%
Construction - Speculative	546	174	94,930		5	7	15	27	4.95		7,796		8.21
Construction - Custom	506	245	123,965		1	1	1	3	0.59		583		0.47
Land - Acquisition & Development	211	606	127,953		2	—	12	14	6.64		13,390		10.46
Land - Consumer Lot Loans	1,581	92	145,037		11	6	40	57	3.61		8,492		5.86
Multi-Family	1,095	617	675,334		2	3	4	9	0.82		4,475		0.66
Commercial Real Estate	927	329	305,046		3	2	6	11	1.19		4,378		1.44
Commercial & Industrial	517	287	148,565		2	—	—	2	0.39		19		0.01
HELOC	1,976	57	113,559		1	2	4	7	0.35		735		0.65
Consumer	10,124	7	68,202		160	68	56	284	2.81		1,981		2.90
	49,272		7,705,223		349	173	646	1,168	2.37	%	207,513		2.69	%

March 31, 2012
Single-Family Residential	32,195	185	$	5,969,973	223	143	526	892	2.77	%	$	185,142	3.10	%
Construction - Speculative	527	195	102,655		1	3	18	22	4.17		5,198		5.06
Construction - Custom	580	251	145,406		—	1	1	2	0.34		561		0.39
Land - Acquisition & Development	221	662	146,228		—	3	18	21	9.50		21,128		14.45
Land - Consumer Lot Loans	1,611	93	149,966		10	10	36	56	3.48		7,811		5.21
Multi-Family	1,120	605	677,730		—	2	5	7	0.63		5,213		0.77
Commercial Real Estate	939	311	292,143		16	4	6	26	2.77		5,365		1.84
Commercial & Industrial	536	177	94,901		3	1	2	6	1.12		6		0.01
HELOC	1,998	57	113,368		5	2	7	14	0.70		711		0.63
Consumer	10,784	7	71,080		181	69	62	312	2.89		2,087		2.94
	50,511		7,763,450		439	238	681	1,358	2.69	%	233,222		3.00	%

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Washington Federal, Inc.

Fact Sheet

September 30, 2012

Average Balance Sheet

($ in Thousands)



		Quarters Ended
		March 31, 2012						June 30, 2012						September 30, 2012
		Average				Average		Average				Average		Average				Average
		Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans and covered loans		$	8,081,677	$	123,771	6.05	%	$	7,928,565	$	118,115	5.88	%	$	7,827,490	$	115,467	5.84	%
Mortgage-backed securities		3,541,962		28,682		3.26		3,279,476		25,101		3.08		2,619,887		16,062		2.44
Cash & Investments		932,074		2,151		0.91		1,280,386		2,167		0.67		1,393,834		2,849		0.81
FHLB stock		152,698		—		—		151,715		1		—		151,475		1		—

Total interest-earning assets		12,708,411		154,604		4.89	%	12,640,142		145,384		4.63	%	11,992,686		134,379		4.46	%
Other assets		898,176						869,980						972,263

Total assets		$	13,606,587					$	13,510,122					$	12,964,949

Liabilities and Equity
Customer accounts		8,821,377		22,016		1.00	%	8,760,578		20,902		0.96	%	8,623,237		20,072		0.93	%
FHLB advances		1,960,358		20,516		4.21		1,958,896		20,500		4.21		1,915,960		18,864		3.92
Other borrowings		800,000		7,447		3.74		800,000		7,447		3.74		373,913		3,273		3.48

Total interest-bearing liabilities		11,581,735		49,979		1.74	%	11,519,474		48,849		1.71	%	10,913,110		42,209		1.54	%
Other liabilities		101,738						70,846						139,253

Total liabilities		11,683,473						11,590,320						11,052,363
Stockholders’ equity		1,913,837						1,919,802						1,912,586

Total liabilities and equity		$	13,597,310					$	13,510,122					$	12,964,949

Net interest income				$	104,625					$	96,535					$	92,170

Net interest margin (1)						3.29	%					3.05	%					3.07	%

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

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WASHINGTON FEDERAL INC Reports