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8-K - 8-K - WASHINGTON FEDERAL INCwafd8-k_oct272014.htm
EX-99.1 - EXHIBIT 99.1 - WASHINGTON FEDERAL INCexhibit991_sep2014earnings.htm
Washington Federal, Inc.
Fact Sheet
September 30, 2014
($ in Thousands)

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

 
 
 
$
114,150

 
 
 
$
115,257

 
 
 
     General and Specific Allowance
114,931

 
 
 
$
114,150

 
 
 
$
112,347

 
 
 
     Commitments Reserve

 
 
 

 
 
 
2,910

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

 
11.74%
 
1,652,787

 
11.58%
 
1,658,704

 
11.46%
 
     Tier 1 Risk Based
1,653,499

 
23.99%
 
1,652,787

 
23.14%
 
1,658,704

 
22.85%
 
     Risk Based
1,740,488

 
25.25%
 
1,743,057

 
24.41%
 
1,750,179

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

 
$910,746
 
$
596,623

 
$1,507,369
 
$
664,646

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

 
300,083
 
176,218

 
476,301
 
220,698

696,999
 
 
     Construction - Speculative
34,587

 
79,127
 
37,365

 
116,492
 
54,047

170,539
 
 
     Construction - Custom
73,008

 
159,659
 
83,040

 
242,699
 
116,374

359,073
 
 
     Land - Acquisition & Development
11,277

 
21,762
 
23,377

 
45,139
 
8,821

53,960
 
 
     Land - Consumer Lot Loans
1,981

 
4,203
 
3,024

 
7,227
 
5,214

12,441
 
 
     Multi-Family
52,836

 
111,663
 
77,546

 
189,209
 
50,143

239,352
 
 
     Commercial Real Estate
43,884

 
78,249
 
87,503

 
165,752
 
92,615

258,367
 
 
     Commercial & Industrial
57,356

 
134,825
 
93,820

 
228,645
 
104,226

332,871
 
 
     HELOC
10,890

 
20,567
 
14,323

 
34,890
 
12,164

47,054
 
 
     Consumer
520

 
608
 
407

 
1,015
 
344

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

 
100,811

 
$
98,741

 
$199,552
 
$
11,675

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

 
12,275

 
$
7,635

 
$19,910
 
$
7,938

 
$27,848
 

1

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

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

$
877,211
 
 
$
454,107

$
1,331,318
 
 
$
495,997

 
$
1,827,315

 
MBS
73,041

141,802
 
 
92,610

234,412
 
 
118,006

 
352,418

 
 
 
 
 
 
 
 
 
 
 
 
 
MBS Premium Amortization
$
1,972

$
3,646
 
 
$
2,367

$
6,013
 
 
$
2,756

 
$
8,769

 
 
 
 
 
 
 
 
 
 
 
 
 
Loan Servicing Fee Income
$
1,324

$
3,370
 
 
$
2,297

$
5,667
 
 
$
2,038

$
7,705
 
 
Other Fee Income
3,515

5,464
 
 
4,228

9,692
 
 
5,338

15,030
 
 
     Total Fee Income
$
4,839

8,834
 
 
$
6,525

15,359
 
 
$
7,376

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

45.49
 
 
47.86

46.31
 
 
48.05

46.76
 
 
Amortization of Intangibles
$
728

$
1,549
 
 
$
1,052

$
2,601
 
 
$
1,074

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

 
 
 
100,296,268

 
 
 
98,404,705

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

 
8,424,634

 
6,924,634

 
6,924,634

 
5,042,434

 
5,042,434

 
Shares repurchased
593,300

 
1,448,200

 
1,500,000

 
2,948,200

 
1,882,200

 
4,830,400

 
Average share repurchase price
$
21.63

 
$
21.94

 
$
21.64

 
$
21.79

 
$
21.28

 
$
21.59

 
 
 
 
 
 
 
 
 
 
 
 
 
 

2

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

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

 
 
 
$
1,686,652

 
 
 
$
1,673,974

 
 
Per Share
16.51

 
 
 
16.82

 
 
 
17.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
# of Employees
1,846

 
 
 
1,948

 
 
 
1,909

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

 
 
 
$
1,771,369

 
 
 
$
1,683,425

 
 
     Other
1,400,703

 
 
 
1,331,652

 
 
 
1,366,017

 
 
 
$
3,110,575

 
 
 
$
3,103,021

 
 
 
$
3,049,442

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

 
 
 
$
1,583,853

 
 
 
$
1,548,265

 
 
     Other

 
 
 

 
 
 

 
 
 
$
1,611,303

 
 
 
$
1,583,853

 
 
 
$
1,548,265

 
 
 
 
 
 
 
 
 
 
 
 
 
 

3

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

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

 
66.8%
 
$
5,479,111

 
64.9%
 
$
5,572,244

 
64.2%
     Construction - Speculative
135,001

 
1.7
 
126,926

 
1.5
 
140,060

 
1.6
     Construction - Custom
354,279

 
4.3
 
372,789

 
4.4
 
385,824

 
4.5
     Land - Acquisition & Development
77,049

 
0.9
 
91,058

 
1.1
 
80,359

 
0.9
     Land - Consumer Lot Loans
116,864

 
1.4
 
114,573

 
1.4
 
111,130

 
1.3
     Multi-Family
869,635

 
10.6
 
896,799

 
10.6
 
920,285

 
10.6
     Commercial Real Estate
634,457

 
7.8
 
693,421

 
8.2
 
752,957

 
8.7
     Commercial & Industrial
351,705

 
4.3
 
398,181

 
4.7
 
434,088

 
5.0
     HELOC
131,852

 
1.6
 
136,304

 
1.6
 
134,455

 
1.6
     Consumer
48,239

 
0.6
 
138,547

 
1.6
 
138,315

 
1.6
 
8,181,174

 
100.0%
 
8,447,709

 
100.0%
 
8,669,717

 
100.0%
     Less:
 
 
 
 
 
 
 
 
 
 
 
        ALL
114,931

 
 
 
114,150

 
 
 
112,347

 
 
        Loans in Process
264,946

 
 
 
303,084

 
 
 
346,172

 
 
        Discount on Acquired Loans
29,286

 
 
 
28,480

 
 
 
25,391

 
 
        Deferred Net Origination Fees
34,902

 
 
 
36,041

 
 
 
37,485

 
 
        Sub-Total
444,065

 
 
 
481,755

 
 
 
521,395

 
 
 
$
7,737,109

 
 
 
$
7,965,954

 
 
 
$
8,148,322

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

 
69.4%
 
$
5,392,794

 
67.7%
 
$
5,481,766

 
67.3%
     Construction - Speculative
81,604

 
1.1
 
78,359

 
1.0
 
79,687

 
1.0
     Construction - Custom
174,987

 
2.3
 
198,207

 
2.5
 
188,735

 
2.3
     Land - Acquisition & Development
63,572

 
0.8
 
67,359

 
0.8
 
64,367

 
0.8
     Land - Consumer Lot Loans
113,020

 
1.5
 
110,894

 
1.4
 
107,291

 
1.3
     Multi-Family
844,007

 
10.9
 
863,747

 
10.8
 
886,676

 
10.9
     Commercial Real Estate
592,594

 
7.7
 
619,228

 
7.8
 
664,336

 
8.2
     Commercial & Industrial
323,045

 
4.2
 
369,763

 
4.6
 
410,285

 
5.0
     HELOC
128,456

 
1.7
 
132,766

 
1.7
 
131,153

 
1.6
     Consumer
44,647

 
0.6
 
132,838

 
1.7
 
134,027

 
1.6
 
$
7,737,109

 
100.0%
 
$
7,965,954

 
100.0%
 
$
8,148,322

 
100.0%
* Excludes covered loans
 
 
 
 
 
 
 
 
 
 
 

4

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

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

 
49.7
%
 
82

 
$
4,930,348

 
45.8
%
 
82

 
$
4,978,005

 
46.4
%
 
81

     ID
811,048

 
7.8

 
29

 
817,259

 
7.6

 
28

 
810,841

 
7.6

 
27

     OR
1,840,375

 
17.8

 
49

 
2,002,383

 
18.6

 
49

 
2,008,862

 
18.7

 
49

     UT
319,954

 
3.1

 
10

 
314,247

 
2.9

 
10

 
309,062

 
2.9

 
10

     NV
182,035

 
1.8

 
4

 
377,464

 
3.5

 
14

 
362,887

 
3.4

 
14

     TX
106,874

 
1.0

 
5

 
105,292

 
1.0

 
5

 
92,260

 
0.9

 
5

     AZ
1,030,346

 
10.0

 
23

 
1,316,324

 
12.2

 
36

 
1,275,153

 
11.9

 
36

     NM
912,182

 
8.8

 
29

 
902,363

 
8.4

 
29

 
879,858

 
8.2

 
29

     Total
$
10,344,891

 
100.0
%
 
231

 
$
10,765,680

 
100.0
%
 
253

 
$
10,716,928

 
100.0
%
 
251

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

 
6.7
%
 
 
 
$
818,273

 
7.6
%
 
 
 
$
883,601

 
8.2
%
 
 
NOW (interest)
1,265,041

 
12.2

 
 
 
1,378,379

 
12.8

 
 
 
1,447,569

 
13.5

 
 
Savings (passbook/stmt)
575,440

 
5.6

 
 
 
620,414

 
5.8

 
 
 
622,546

 
5.8

 
 
Money Market
2,342,263

 
22.6

 
 
 
2,498,714

 
23.2

 
 
 
2,536,971

 
23.7

 
 
CD's
5,470,570

 
52.9

 
 
 
5,449,900

 
50.6

 
 
 
5,226,241

 
48.8

 
 
Total
$
10,344,891

 
100.0
%
 
 
 
$
10,765,680

 
100.0
%
 
 
 
$
10,716,928

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

 
 
 
 
 
$
1,776,322

 
 
 
 
 
$
1,887,216

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5

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

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

 
81.6%
 
$
78,317

 
83.1%
 
$
74,067

 
84.7%
     Construction - Speculative
2,132

 
2.1
 
1,966

 
2.1
 
1,477

 
1.7
     Construction - Custom
265

 
0.3
 
143

 
0.2
 

 
     Land - Acquisition & Development
2,113

 
2.1
 
2,295

 
2.4
 
811

 
0.9
     Land - Consumer Lot Loans
3,007

 
3.0
 
1,879

 
2.0
 
2,637

 
3.0
     Multi-Family
2,199

 
2.2
 
2,103

 
2.2
 
1,742

 
2.0
     Commercial Real Estate
7,101

 
7.1
 
5,442

 
5.8
 
5,106

 
5.8
     Commercial & Industrial
579

 
0.6
 
516

 
0.5
 
7

 
     HELOC
441

 
0.4
 
970

 
1.0
 
795

 
0.9
     Consumer
621

 
0.6
 
595

 
0.6
 
789

 
0.9
        Total non-accrual loans
100,198

 
100.0%
 
94,226

 
100.0%
 
87,431

 
100.0%
Total REO
60,995

 
 
 
57,352

 
 
 
55,072

 
 
Total REHI
13,596

 
 
 
10,779

 
 
 
4,808

 
 
Total non-performing assets
$
174,789

 
 
 
$
162,357

 
 
 
$
147,311

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

6

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

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

 
86.1
 
$
333,814

 
86.1
 
$
323,732

 
86.4
     Construction - Speculative
9,416

 
2.3
 
8,554

 
2.2
 
7,360

 
2.0
     Construction - Custom
1,196

 
0.3
 
1,196

 
0.3
 

 
     Land - Acquisition & Development
5,164

 
1.3
 
5,092

 
1.3
 
4,737

 
1.3
     Land - Consumer Lot Loans
13,270

 
3.3
 
12,922

 
3.3
 
13,002

 
3.5
     Multi-Family
7,727

 
1.9
 
5,266

 
1.4
 
5,243

 
1.4
     Commercial Real Estate
18,107

 
4.5
 
19,292

 
5.0
 
19,140

 
5.1
     Commercial & Industrial
31

 
 
23

 
 

 
     HELOC
1,198

 
0.3
 
1,198

 
0.3
 
1,486

 
0.4
     Consumer
197

 
 
236

 
0.1
 
43

 
        Total restructured loans (2)
$
405,224

 
100.0%
 
$
387,593

 
100.0%
 
$
374,743

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

 
94.2%
 
$
361,918

 
93.4%
 
$
350,653

 
93.6%
     Non-performing*
23,375

 
5.8
 
25,675

 
6.6
 
24,090

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

 
100.0%
 
$
387,593

 
100.0%
 
$
374,743

 
100.0%
 
 
 
 
 
 
 
 
 
 
 
 

7

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

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

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

 
1.45

 
(2
)
 
(0.01)
 
11

 
0.03
     Construction - Custom

 

 

 
 

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

 
0.79

 
86

 
0.30
 
99

 
0.36
     Multi-Family

 

 

 
 

 
     Commercial Real Estate
73

 
0.05

 
8

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

 
0.03
 
(1,670
)
 
(1.54)
     HELOC

 

 
18

 
0.05
 
30

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

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

 
 
 
$
104,239

 
 
 
$
97,221

 
 
Non-Accretable Yield
183,645

 
 
 
179,694

 
 
 
179,343

 
 
Total Contractual Payments
$
290,844

 
 
 
$
283,933

 
 
 
$
276,564

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

 
0.51
 %
 
$
1,286,768

 
0.60
 %
 
$
898,995

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

 
0.62

 
856,397

 
0.60
 %
 
1,180,349

 
0.65
 %
From 7 to 9 months
520,909

 
0.82

 
669,532

 
0.88
 %
 
544,350

 
0.79
 %
From 10 to 12 months
637,091

 
0.92

 
514,198

 
0.81
 %
 
484,519

 
0.64
 %

8

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

Historical CPR Rates ***
 
 
 
 
 
 
 
 
 
WAFD
 
WAFD
 
 
 
 
 
 
 
 
Average for Quarter Ended:
SFR Mortgages
 
GSE MBS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9/30/2012
22.9

 
30.7
 
 
 
 
 
 
 
 
12/31/2012
25.0

 
18.2
 
 
 
 
 
 
 
 
3/31/2013
24.0

 
21.7
 
 
 
 
 
 
 
 
6/30/2013
26.8

 
17.4
 
 
 
 
 
 
 
 
9/30/2013
21.4

 
15.9
 
 
 
 
 
 
 
 
12/31/2013
13.5

 
8.7
 
 
 
 
 
 
 
 
3/31/2014
10.1

 
8.5
 
 
 
 
 
 
 
 
6/30/2014
13.8

 
10.6
 
 
 
 
 
 
 
 
9/30/2014
14.6

 
13.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*** The CPR Rate (conditional payment rate) is the rate that is equal to the proportion of the principal of a pool of loans that is paid off prematurely in each period. Also, the comparison is not precise in that Washington Federal is a portfolio lender and not required to follow GSE servicing rules/regulations.
 
 
 
 
 
 


9

Washington Federal, Inc.
Fact Sheet
September 30, 2014
Delinquency Summary (excludes covered loans)
($ in Thousands)

 
 
 
 
 
 
 AMOUNT OF LOANS
 
# OF LOANS
 
% based
 
 
 
% based
TYPE OF LOANS
 
 #LOANS
 
AVG Size
 
NET OF LIP & CHG-OFFs
 
30
 
60
 
90
 
Total
 
on #
 
$ Delinquent
 
on $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
28,886

 
193

 
$
5,569,794

 
99

 
52

 
295

 
446

 
1.54
%
 
$
90,538

 
1.63
%
     Construction - Speculative
 
476

 
183

 
87,035

 

 

 

 

 
%
 

 
%
     Construction - Custom
 
811

 
237

 
192,098

 
4

 

 

 
4

 
0.49
%
 
836

 
0.44
%
     Land - Acquisition & Development
 
129

 
547

 
70,552

 
1

 

 

 
1

 
0.78
%
 
155

 
0.22
%
     Land - Consumer Lot Loans
 
1,320

 
84

 
111,091

 
13

 
5

 
21

 
39

 
2.95
%
 
4,388

 
3.95
%
     Multi-Family
 
989

 
905

 
895,195

 
1

 
1

 
3

 
5

 
0.51
%
 
824

 
0.09
%
     Commercial Real Estate
 
896

 
771

 
690,881

 
3

 
3

 
9

 
15

 
1.67
%
 
18,811

 
2.72
%
     Commercial & Industrial
 
1,049

 
414

 
434,032

 
4

 
3

 
2

 
9

 
0.86
%
 
1,485

 
0.34
%
     HELOC
 
2,043

 
66

 
134,456

 
5

 
3

 
8

 
16

 
0.78
%
 
1,497

 
1.11
%
     Consumer
 
6,970

 
20

 
138,411

 
131

 
59

 
64

 
254

 
3.64
%
 
1,731

 
1.25
%
 
 
43,569

 
191

 
$
8,323,545

 
261

 
126

 
402

 
789

 
1.81
%
 
$
120,265

 
1.44
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
28,799

 
190

 
$
5,476,709

 
121

 
77

 
292

 
490

 
1.70
%
 
$
97,150

 
1.77
%
     Construction - Speculative
 
437

 
195

 
85,412

 
1

 

 
2

 
3

 
0.69
%
 
777

 
0.91
%
     Construction - Custom
 
797

 
253

 
201,475

 
1

 

 
1

 
2

 
0.25
%
 
187

 
0.09
%
     Land - Acquisition & Development
 
125

 
600

 
74,979

 
1

 

 
4

 
5

 
4.00
%
 
2,464

 
3.29
%
     Land - Consumer Lot Loans
 
1,365

 
84

 
114,511

 
10

 
1

 
17

 
28

 
2.05
%
 
3,269

 
2.85
%
     Multi-Family
 
993

 
878

 
872,026

 
5

 
1

 
3

 
9

 
0.91
%
 
3,450

 
0.40
%
     Commercial Real Estate
 
918

 
704

 
646,396

 
1

 

 
9

 
10

 
1.09
%
 
3,056

 
0.47
%
     Commercial & Industrial
 
1,082

 
368

 
398,171

 
6

 

 
3

 
9

 
0.83
%
 
743

 
0.19
%
     HELOC
 
2,003

 
68

 
136,304

 
4

 
3

 
8

 
15

 
0.75
%
 
1,754

 
1.29
%
     Consumer
 
7,552

 
18

 
138,641

 
148

 
69

 
75

 
292

 
3.87
%
 
2,160

 
1.56
%
 
 
44,071

 
185

 
$
8,144,625

 
298

 
151

 
414

 
863

 
1.96
%
 
$
115,008

 
1.41
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Single-Family Residential
 
28,879

 
189

 
$
5,459,457

 
157

 
56

 
309

 
522

 
1.81
%
 
$
102,946

 
1.89
%
     Construction - Speculative
 
469

 
190

 
88,954

 
1

 

 
2

 
3

 
0.64
%
 
830

 
0.93
%
     Construction - Custom
 
780

 
228

 
178,099

 
4

 

 
1

 
5

 
0.64
%
 
1,475

 
0.83
%
     Land - Acquisition & Development
 
134

 
524

 
70,207

 

 
2

 
4

 
6

 
4.48
%
 
2,464

 
3.51
%
     Land - Consumer Lot Loans
 
1,397

 
84

 
116,807

 
6

 
3

 
21

 
30

 
2.15
%
 
3,671

 
3.14
%
     Multi-Family
 
998

 
854

 
852,246

 
1

 

 
3

 
4

 
0.40
%
 
1,282

 
0.15
%
     Commercial Real Estate
 
1,142

 
542

 
618,580

 
8

 
3

 
12

 
23

 
2.01
%
 
6,396

 
1.03
%
     Commercial & Industrial
 
975

 
361

 
351,692

 
3

 
3

 
3

 
9

 
0.92
%
 
2,015

 
0.57
%
     HELOC
 
2,050

 
64

 
131,853

 
10

 
1

 
4

 
15

 
0.73
%
 
1,512

 
1.15
%
     Consumer
 
8,466

 
6

 
48,334

 
141

 
55

 
71

 
267

 
3.15
%
 
1,676

 
3.47
%
 
 
45,290

 
175

 
$
7,916,229

 
331

 
123

 
430

 
884

 
1.95
%
 
$
124,267

 
1.57
%

10

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

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

 
$
106,334

 
5.46
%
 
$
8,040,818

 
$
108,089

 
5.39
%
 
$
8,208,948

 
$
109,200

 
5.28
%
Mortgage-backed securities
3,305,428

 
21,071

 
2.59

 
3,341,969

 
20,507

 
2.46

 
3,306,826

 
19,313

 
2.32

Cash & Investments
1,915,724

 
4,540

 
0.96

 
2,011,154

 
6,003

 
1.20

 
2,088,492

 
6,196

 
1.18

FHLB & FRB Stock
170,945

 
406

 
0.96

 
166,522

 
412

 
0.99

 
162,282

 
368

 
0.90

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-earning assets
13,291,961

 
132,351

 
4.04
%
 
13,560,464

 
135,011

 
3.99
%
 
13,766,548

 
135,077

 
3.89
%
Other assets
1,101,299

 
 
 
 
 
988,917

 
 
 
 
 
1,032,575

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
14,393,260

 
 
 
 
 
$
14,549,381

 
 
 
 
 
$
14,799,123

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer accounts
$
10,355,866

 
14,780

 
0.58
%
 
10,608,318

 
14,239

 
0.54
%
 
10,801,665

 
14,007

 
0.51
%
FHLB advances
1,930,000

 
16,935

 
3.56

 
1,930,000

 
17,493

 
3.64

 
1,930,000

 
17,676

 
3.63

Other borrowings

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-bearing liabilities
12,285,866

 
31,715

 
1.05
%
 
12,538,318

 
31,732

 
1.02
%
 
12,731,665

 
31,683

 
0.99
%
Other liabilities
126,711

 
 
 
 
 
26,278

 
 
 
 
 
86,969

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
12,412,577

 
 
 
 
 
12,564,596

 
 
 
 
 
12,818,634

 
 
 
 
Stockholders’ equity
1,980,683

 
 
 
 
 
1,984,785

 
 
 
 
 
1,980,489

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
14,393,260

 
 
 
 
 
$
14,549,381

 
 
 
 
 
$
14,799,123

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
100,636

 
 
 
 
 
$
103,279

 
 
 
 
 
$
103,394

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


11