Attached files
file | filename |
---|---|
8-K - 8-K - WASHINGTON FEDERAL INC | wafd8-k_oct272014.htm |
EX-99.1 - EXHIBIT 99.1 - WASHINGTON FEDERAL INC | exhibit991_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