WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - 8-K - WASHINGTON FEDERAL INC	wafd8-k_oct162013.htm
EX-99.1 - EXHIBIT 99.1 - WASHINGTON FEDERAL INC	exhibit991_sep2013earnings.htm

Washington Federal, Inc.

Fact Sheet

September 30, 2013

($ in Thousands)



Exhibit 99.2
	3/13 QTR						6/13 QTR						9/13 QTR

Loan Loss Reserve - Total	$	122,884					$	118,104					$	116,741
General	114,039						111,617						113,268
Specific	8,845						6,487						3,473
Allowance as a % of Gross Loans	1.57		%				1.52		%				1.46		%

Regulatory Capital Ratios (ex. holding co.)
Tangible	1,611,534					12.54%	1,619,714					12.70%	1,609,914					12.59%
Core	1,611,534					12.54%	1,619,714					12.70%	1,609,914					12.59%
Risk Based	1,691,369					26.67%	1,700,116					26.59%	1,693,227					25.64%

	3/13 QTR			3/13 YTD			6/13 QTR			6/13 YTD			9/13 QTR			9/13 YTD
Loan Originations - Total	$	357,450		$	753,909		$	505,423		$	1,259,332		$	706,703		$	1,966,035
Single-Family Residential	112,141			300,042			187,489			487,531			219,779			707,310
Construction - Speculative	38,166			75,195			41,261			116,456			56,990			173,446
Construction - Custom	37,168			53,590			70,296			123,886			180,270			304,156
Land - Acquisition & Development	6,740			7,772			5,660			13,432			9,158			22,590
Land - Consumer Lot Loans	1,990			5,915			4,928			10,843			3,481			14,324
Multi-Family	51,961			120,289			60,715			181,004			128,632			309,636
Commercial Real Estate	42,534			80,555			34,527			115,082			48,495			163,577
Commercial & Industrial	56,915			91,829			87,269			179,098			46,711			225,809
HELOC	9,779			18,531			13,154			31,685			13,187			44,872
Consumer	56			191			124			315			—			315

Washington Federal, Inc.

Fact Sheet

September 30, 2013

($ in Thousands)



	3/13 QTR			3/13 YTD					6/13 QTR			6/13 YTD					9/13 QTR			9/13 YTD
Loan Servicing Fee Income	$	2,048		$	3,932				$	2,055		$	5,987				$	2,598		$	8,585
Other Fee Income	1,432			3,063					1,303			4,366					998			5,363
Total Fee Income	$	3,481		$	6,996				$	3,357		$	10,353				$	3,596		$	13,949


Operating Expenses/Average Assets	1.26		%	1.23				%	1.28		%	1.25				%	1.32		%	1.27				%
Efficiency Ratio	41.55			39.84					41.71			40.46					41.98			40.85
Amortization of Intangibles	$	371		$	725				$	660		$	1,385				$	400		$	1,786

Repayments
Loans	$	580,023		$	1,181,072				$	597,659		$	1,778,731				$	574,330		$	2,353,061
MBS	148,635			271,973					121,188			393,161					117,339			510,500

EOP Numbers
Shares Issued and Outstanding	105,011,626								103,422,427								102,484,796

Share repurchase information
Remaining shares auth. for repurchase	2,993,234					2,993,234			993,234					993,234			9,872,834					9,872,834
Shares repurchased	498,782					3,194,796			2,000,000					5,194,796			1,120,400					6,315,196
Average share repurchase price	$	16.99				$	16.66		$	16.91				$	16.75		$	20.71				$	17.46

Washington Federal, Inc.

Fact Sheet

September 30, 2013

($ in Thousands)



Tangible Common Book Value	3/13 QTR			6/13 QTR			9/13 QTR
$ Amount	$	1,671,296		$	1,658,174		$	1,673,317
Per Share	15.92			16.03			16.33

# of Employees	1,439			1,423			1,457
Tax Rate - Going Forward	36.00		%	36.00		%	36.15		%

Investments
Available-for-sale:
Agency MBS	$	1,103,698		$	1,037,389		$	1,251,176
Other	918,970			1,020,755			1,109,772
	$	2,022,668		$	2,058,144		$	2,360,948
Held-to-maturity:
Agency MBS	$	1,469,983		$	1,589,779		$	1,654,666
Other	—			—			—
	$	1,469,983		$	1,589,779		$	1,654,666

Washington Federal, Inc.

Fact Sheet

September 30, 2013

($ in Thousands)



	AS OF 3/31/13			AS OF 6/30/13			AS OF 9/30/13
Gross Loan Portfolio by Category *	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,390,741	68.7%	$	5,269,292	67.9%	$	5,373,950	67.2%
Construction - Speculative	122,543		1.6	116,363		1.5	130,778		1.6
Construction - Custom	217,349		2.8	237,952		3.1	302,722		3.8
Land - Acquisition & Development	99,511		1.3	91,452		1.2	81,660		1.0
Land - Consumer Lot Loans	133,875		1.7	132,360		1.7	124,984		1.6
Multi-Family	733,037		9.4	749,253		9.6	835,598		10.5
Commercial Real Estate	634,662		8.1	639,372		8.2	625,293		7.8
Commercial & Industrial	296,839		3.8	336,844		4.3	326,450		4.1
HELOC	137,473		1.8	134,899		1.7	133,631		1.7
Consumer	64,082		0.8	60,630		0.8	55,479		0.7
	7,830,112		100.0%	7,768,417		100.0%	7,990,545		100.0%
Less:
ALL	122,884			118,104			116,741
Loans in Process	189,336			189,677			275,577
Discount on Acquired Loans	40,346			37,568			34,143
Deferred Net Origination Fees	33,330			32,562			36,054
Sub-Total	385,896			377,911			462,515
	$	7,444,216		$	7,390,506		$	7,528,030


Net Loan Portfolio by Category *	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,284,951	71.0%	$	5,175,389	70.0%	$	5,281,131	70.2%
Construction - Speculative	74,728		1.0	70,283		1.0	73,424		1.0
Construction - Custom	119,888		1.6	126,702		1.7	127,846		1.7
Land - Acquisition & Development	81,156		1.1	74,852		1.0	65,534		0.9
Land - Consumer Lot Loans	128,833		1.7	127,317		1.7	120,345		1.6
Multi-Family	697,535		9.4	716,495		9.7	786,508		10.4
Commercial Real Estate	587,157		7.9	600,146		8.1	592,216		7.9
Commercial & Industrial	276,899		3.7	312,487		4.2	300,207		4.0
HELOC	133,413		1.8	131,156		1.8	129,929		1.7
Consumer	59,657		0.8	55,678		0.8	50,889		0.7
	$	7,444,216	100.0%	$	7,390,506	100.0%	$	7,528,030	100.0%
* Excludes covered loans

Washington Federal, Inc.

Fact Sheet

September 30, 2013

($ in Thousands)



	AS OF 3/31/13					AS OF 6/30/13					AS OF 9/30/13
Deposits by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
WA	$	4,223,245	46.1	%	63	$	4,196,436	46.2	%	63	$	4,230,693	46.6	%	63
ID	554,208		6.1		16	549,214		6.1		16	545,781		6.0		16
OR	2,027,733		22.2		52	1,981,204		21.9		47	1,993,863		21.9		44
UT	330,855		3.6		10	327,373		3.6		10	330,044		3.6		10
NV	194,594		2.1		4	194,741		2.1		4	191,182		2.1		4
TX	94,410		1.0		4	98,876		1.1		4	101,458		1.1		4
AZ	1,108,467		12.1		23	1,101,588		12.2		23	1,086,447		12.0		23
NM	618,713		6.8		16	614,065		6.8		18	610,803		6.7		18
Total	$	9,152,225	100.0	%	188	$	9,063,497	100.0	%	185	$	9,090,271	100.0	%	182


Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Checking (noninterest)	$	424,844	4.6	%		$	423,828	4.7	%		$	447,368	4.9	%
NOW (interest)	827,364		9.0			790,807		8.7			800,516		8.8
Savings (passbook/stmt)	383,421		4.2			392,182		4.3			404,938		4.5
Money Market	1,889,083		20.6			1,841,765		20.3			1,888,020		20.8
CD's	5,627,513		61.5			5,614,915		62.0			5,549,429		61.0
Total	$	9,152,225	100.0	%		$	9,063,497	100.0	%		$	9,090,271	100.0	%

Deposits greater than $250,000 - EOP	$	1,301,512				$	1,266,544				$	1,336,054

Washington Federal, Inc.

Fact Sheet

September 30, 2013

($ in Thousands)



	3/13 QTR				6/13 QTR				9/13 QTR
Non-Performing Assets	AMOUNT			%	AMOUNT			%	AMOUNT			%
Non-accrual loans:
Single-Family Residential	$	111,572		74.9%	$	104,252		70.1%	$	100,460		76.5%
Construction - Speculative	7,943			5.3	3,776			2.5	4,560			3.5
Construction - Custom	105			0.1	—			—	—			—
Land - Acquisition & Development	12,177			8.2	9,586			6.4	2,903			2.2
Land - Consumer Lot Loans	3,385			2.3	3,712			2.5	3,337			2.5
Multi-Family	2,802			1.9	6,653			4.5	6,573			5.0
Commercial Real Estate	10,395			7.0	14,348			9.7	11,736			8.9
Commercial & Industrial	210			0.1	5,072			3.4	477			0.4
HELOC	247			0.2	871			0.6	263			0.2
Consumer	197			0.1	385			0.3	990			0.8
Total non-accrual loans	149,033			100.0%	148,655			100.0%	131,299			100.0%
Total REO	83,141				73,084				72,925
Total REHI	13,901				11,664				9,392
Total non-performing assets	$	246,075			$	233,403			$	213,616

Total non-performing assets as a
% of total assets	1.88		%		1.79		%		1.63		%

Washington Federal, Inc.

Fact Sheet

September 30, 2013

($ in Thousands)



	3/13 QTR			6/13 QTR			9/13 QTR
	AMOUNT		%	AMOUNT		%	AMOUNT		%
Restructured loans:
Single-Family Residential	$	360,721	86.4%	$	362,753	87.4%	$	356,576	85.8
Construction - Speculative	12,033		2.9	11,136		2.7	10,733		2.6
Construction - Custom	1,196		0.3	1,196		0.3	1,196		0.3
Land - Acquisition & Development	10,731		2.6	7,367		1.8	7,211		1.7
Land - Consumer Lot Loans	13,522		3.2	13,241		3.2	12,706		3.1
Multi-Family	10,250		2.5	8,480		2.0	7,557		1.8
Commercial Real Estate	7,295		1.8	9,684		2.3	18,539		4.5
Commercial & Industrial	—		—	—		—	56		—
HELOC	1,090		0.3	1,089		0.3	1,088		0.3
Consumer	—		—	11		—	33		—
Total restructured loans (2)	416,838		100.0%	414,957		100.0%	$	415,696	100.0%

(2) Restructured loans were as follows:
Performing	$	395,077	94.8%	$	391,754	94.4%	$	391,415	94.2%
Non-accrual *	21,761		5.2	23,203		5.6	24,281		5.8
* Included in "Total non-accrual loans" above	$	416.838	100.0%	$	414,957	100.0%	$	415,696	100.0%

Washington Federal, Inc.

Fact Sheet

September 30, 2013

($ in Thousands)



	3/13 QTR					6/13 QTR					9/13 QTR
	AMOUNT			CO %**		AMOUNT			CO %**		AMOUNT			CO %**
Net Charge-offs by Category
Single-Family Residential	$	2,773		0.21	%	$	3,887		0.30	%	$	(482	)	(0.04	)%
Construction - Speculative	(78		)	(0.25	)	15			0.05		135			0.41
Construction - Custom	—			—		481			0.81		—			—
Land - Acquisition & Development	(429		)	(1.72	)	375			1.64		(2,345		)	(11.49	)
Land - Consumer Lot Loans	574			1.72		211			0.64		222			0.71
Multi-Family	644			0.35		(156		)	(0.08	)	—			—
Commercial Real Estate	137			0.09		(3		)	—		389			0.25
Commercial & Industrial	15			0.02		6			0.01		1,008			1.24
HELOC	15			0.04		24			0.07		69			0.21
Consumer	292			1.82		(60		)	(0.40	)	117			0.84
Total net charge-offs	$	3,943		0.20	%	$	4,780		0.25	%	$	(887	)	(0.04	)%
** Annualized Net Charge-offs divided by Gross Balance

SOP 03-3
Accretable Yield	$	118,413				$	107,434				$	115,513
Non-Accretable Yield	212,644					212,644					194,794
Total Contractual Payments	$	331,057				$	320,078				$	310,307

Interest Rate Risk
One Year GAP				(8.2	)%				(16.0	)%				(12.9	)%
NPV post 200 bps shock*				16.83	%				16.40	%				17.42	%
Change in NII after 200 bps shock*				2.00	%				(2.60	)%				(1.6	)%
* Assumes no balance sheet management

CD's Repricing	Amount			Rate		Amount			Rate		Amount			Rate
Within 3 months	$	940,064		0.60	%	$	1,412,140		0.82	%	$	1,106,415		0.71	%
From 4 to 6 months	1,382,754			0.84		1,083,198			0.72		1,290,152			0.71
From 7 to 9 months	752,633			0.92		600,955			0.85		567,405			0.70
From 10 to 12 months	489,362			0.82		565,777			0.71		638,684			0.81

Washington Federal, Inc.

Fact Sheet

September 30, 2013

($ in Thousands)



Historical CPR Rates ***
	WAFD		WAFD
Average for Quarter Ended	SFR Mortgages		GSE MBS
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
12/31/2012	25.0		18.2
3/31/2013	24.0		21.7
6/30/2013	26.8		17.4
9/30/2013	21.4		15.9

*** 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.

Washington Federal, Inc.

Fact Sheet

September 30, 2013

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, 2013
Single-Family Residential	28,984	185	$	5,371,001	132	67	369	568	1.96	%	$	118,912	2.21	%
Construction - Speculative	481	171	82,422		—	—	11	11	2.29	%	2,375		2.88	%
Construction - Custom	645	202	130,095		3	—	—	3	0.47	%	417		0.32	%
Land - Acquisition & Development	139	543	75,449		—	1	6	7	5.04	%	2,173		2.88	%
Land - Consumer Lot Loans	1,462	85	124,786		8	4	20	32	2.19	%	4,723		3.78	%
Multi-Family	1,036	767	794,478		—	—	5	5	0.48	%	4,771		0.60	%
Commercial Real Estate	1,164	534	621,194		10	5	25	40	3.44	%	14,375		2.31	%
Commercial & Industrial	855	382	326,433		3	1	4	8	0.94	%	682		0.21	%
HELOC	2,023	66	133,631		4	3	5	12	0.59	%	985		0.74	%
Consumer	8,049	7	55,479		145	67	76	288	3.58	%	2,220		4.00	%
	44,838	172	$	7,714,968	305	148	521	974	2.17	%	$	151,633	1.97	%

June 30, 2013
Single-Family Residential	29,040	181	$	5,266,310	136	77	375	588	2.02	%	$	123,610	2.35	%
Construction - Speculative	449	175	78,505		5	—	14	19	4.23	%	2,999		3.82	%
Construction - Custom	538	238	127,978		4	—	—	4	0.74	%	240		0.19	%
Land - Acquisition & Development	143	610	87,197		3	1	12	16	11.19	%	8,679		9.95	%
Land - Consumer Lot Loans	1,509	88	132,185		7	3	24	34	2.25	%	4,806		3.64	%
Multi-Family	1,051	689	723,682		1	1	8	10	0.95	%	5,952		0.82	%
Commercial Real Estate	1,187	531	630,546		13	7	27	47	3.96	%	15,255		2.42	%
Commercial & Industrial	889	379	336,808		4	4	7	15	1.69	%	6,020		1.79	%
HELOC	2,038	66	134,899		11	5	8	24	1.18	%	2,050		1.52	%
Consumer	8,635	7	60,630		143	72	75	290	3.36	%	2,383		3.93	%
	45,479	167	$	7,578,740	327	170	550	1,047	2.30	%	$	171,994	2.27	%

March 31, 2013
Single-Family Residential	29,656	182	$	5,386,798	154	96	390	640	2.16	%	$	137,447	2.55	%
Construction - Speculative	468	178	83,191		7	—	19	26	5.56	%	4,725		5.68	%
Construction - Custom	493	246	121,106		—	1	1	2	0.41	%	211		0.17	%
Land - Acquisition & Development	192	492	94,370		2	—	38	40	20.83	%	13,507		14.31	%
Land - Consumer Lot Loans	1,509	89	133,706		7	2	24	33	2.19	%	4,683		3.50	%
Multi-Family	1,105	639	705,657		1	—	5	6	0.54	%	1,657		0.23	%
Commercial Real Estate	2,011	307	617,558		19	1	19	39	1.94	%	13,148		2.13	%
Commercial & Industrial	1,120	265	296,834		11	—	4	15	1.34	%	1,260		0.42	%
HELOC	2,031	68	137,473		7	2	4	13	0.64	%	835		0.61	%
Consumer	8,480	8	64,082		150	61	38	249	2.94	%	1,575		2.46	%
	47,065	162	$	7,640,775	358	163	542	1,063	2.26	%	$	179,048	2.34	%

Washington Federal, Inc.

Fact Sheet

September 30, 2013

Average Balance Sheet

($ in Thousands)



		Quarters Ended
		March 31, 2013						June 30, 2013						September 30, 2013
		Average				Average		Average				Average		Average				Average
		Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans and covered loans		$	7,875,245	$	112,879	5.81	%	$	7,724,376	$	112,932	5.86	%	$	7,724,685	$	112,260	5.77	%
Mortgage-backed securities		2,505,756		10,642		1.72		2,525,808		11,951		1.90		2,773,736		14,195		2.03
Cash & Investments		1,478,678		2,977		0.82		1,630,762		3,283		0.81		1,436,060		3,471		0.96
FHLB & FRB Stock		153,320		7		0.02		151,874		10		0.03		166,149		375		0.90

Total interest-earning assets		12,012,999		126,505		4.27	%	12,032,820		128,176		4.27	%	12,100,630		130,301		4.27	%
Other assets		1,030,178						1,010,351						949,874

Total assets		$	13,043,177					$	13,043,171					$	13,050,504

Liabilities and Equity
Customer accounts		$	9,094,374	16,695		0.74	%	$	8,980,485	16,385		0.73	%	$	9,060,426	16,052		0.70	%
FHLB advances		1,881,667		16,787		3.61		1,930,000		17,075		3.54		1,930,000		17,291		3.54
Other borrowings		—		—		—		—		—		—		—		—		—

Total interest-bearing liabilities		10,976,041		33,482		1.24	%	10,910,485		33,460		1.23	%	10,990,426		33,343		1.20	%
Other liabilities		144,925						201,155						128,667

Total liabilities		11,120,966						11,111,640						11,119,093
Stockholders’ equity		1,922,211						1,931,531						1,931,411

Total liabilities and equity		$	13,043,177					$	13,043,171					$	13,050,504

Net interest income				$	95,434					$	93,023					$	96,958

Net interest margin (1)						3.22	%					3.10	%					3.21	%

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

Attached files

Stock widget

Investing forum

WASHINGTON FEDERAL INC Reports