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

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - WASHINGTON FEDERAL INC	exhibit991_dec2014earnings.htm
8-K - 8-K - WASHINGTON FEDERAL INC	wafd8-k_jan202015.htm

Washington Federal, Inc.

Fact Sheet

December 31, 2014

($ in Thousands)



Exhibit 99.2
	6/14 QTR				9/14 QTR						12/14 QTR

Loan Loss Reserve - Total	$	114,150			$	115,257					$	110,598
General and Specific Allowance	$	114,150			$	112,347					$	108,700
Commitments Reserve	—				2,910						1,898
Allowance as a % of Gross Loans	1.35		%		1.33		%				1.26		%

Regulatory Capital Ratios (excludes holding co.)
Tangible	1,652,787			11.58%	1,658,704					11.46%	1,622,086					11.33%
Tier 1 Risk Based	1,652,787			23.14%	1,658,704					22.85%	1,622,086					21.9%
Risk Based	1,743,057			24.41%	1,750,179					24.11%	1,715,440					23.16%

	6/14 QTR			6/14 YTD	9/14 QTR					9/14 YTD	12/14 QTR					12/14 YTD
Loan Originations - Total	$	596,623		$1,507,369	$	664,646		$	2,172,015		$	578,988		$	578,988
Single-Family Residential	176,218			476,301	220,698			696,999			167,299			167,299
Construction - Speculative	37,365			116,492	54,047			170,539			50,158			50,158
Construction - Custom	83,040			242,699	116,374			359,073			88,398			88,398
Land - Acquisition & Development	23,377			45,139	8,821			53,960			16,567			16,567
Land - Consumer Lot Loans	3,024			7,227	5,214			12,441			2,604			2,604
Multi-Family	77,546			189,209	50,143			239,352			62,281			62,281
Commercial Real Estate	87,503			165,752	92,615			258,367			59,840			59,840
Commercial & Industrial	93,820			228,645	104,226			332,871			114,787			114,787
HELOC	14,323			34,890	12,164			47,054			16,270			16,270
Consumer	407			1,015	344			1,359			784			784

Purchased Loans (including acquisitions)	$	98,741		$199,552	$	11,675				$211,227	$	46,831				$46,831

Net Loan Fee and Discount Accretion	$	7,635		$19,910	$	7,938				$27,848	$	7,721				$7,721

Washington Federal, Inc.

Fact Sheet

December 31, 2014

($ in Thousands)



	6/14 QTR			6/14 YTD					9/14 QTR			9/14 YTD					12/14 QTR			12/14 YTD
Repayments
Loans	$	454,107		$	1,331,318				$	495,997				$	1,827,315		$	516,926			$	516,926
MBS	92,610			234,412					118,006					352,418			101,494				101,494

MBS Premium Amortization	$	2,367		$	6,013				$	2,756				$	8,769		$	2,397			$	2,397

Efficiency
Operating Expenses/Average Assets	1.47		%	1.41				%	1.47		%	1.43				%	1.46		%		1.46
Efficiency Ratio	47.86			46.31					48.05			46.76					49.83				49.83
Amortization of Intangibles	$	1,052		$	2,601				$	1,074		$	3,675				$	1,024			$	1,024

EOP Numbers
Shares Issued and Outstanding	100,296,268								98,404,705								97,556,077

Share repurchase information
Remaining shares auth. for repurchase	6,924,634					6,924,634			5,042,434					5,042,434			3,926,287				3,926,287
Shares repurchased	1,500,000					2,948,200			1,882,200					4,830,400			1,116,147				1,116,147
Average share repurchase price	$	21.64				$	21.79		$	21.28				$	21.59		$	21.79			$	21.79

Washington Federal, Inc.

Fact Sheet

December 31, 2014

($ in Thousands)



Tangible Common Book Value	6/14 QTR			9/14 QTR			12/14 QTR
$ Amount	$	1,686,652		$	1,673,974		$	1,679,454
Per Share	16.82			17.01			17.22

# of Employees	1,948			1,909			1,862
Tax Rate - Going Forward	35.75		%	35.75		%	35.75		%

Investments
Available-for-sale:
Agency MBS	$	1,771,369		$	1,683,425		$	1,588,647
Other	1,331,652			1,366,017			1,306,409
	$	3,103,021		$	3,049,442		$	2,895,056
Held-to-maturity:
Agency MBS	$	1,583,853		$	1,548,265		$	1,516,219
Other	—			—			—
	$	1,583,853		$	1,548,265		$	1,516,219

Washington Federal, Inc.

Fact Sheet

December 31, 2014

($ in Thousands)



	AS OF 6/30/14			AS OF 9/30/14			AS OF 12/31/14
Gross Loan Portfolio by Category *	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,479,111	64.9%	$	5,572,244	64.3%	$	5,619,697	63.9%
Construction - Speculative	126,926		1.5	140,060		1.6	152,450		1.7
Construction - Custom	372,789		4.4	385,824		4.5	377,561		4.3
Land - Acquisition & Development	91,058		1.1	80,359		0.9	86,405		1.0
Land - Consumer Lot Loans	114,573		1.4	111,130		1.3	106,987		1.2
Multi-Family	896,799		10.6	920,285		10.6	980,706		11.2
Commercial Real Estate	693,421		8.2	752,957		8.7	749,855		8.5
Commercial & Industrial	398,181		4.7	434,088		5.0	453,417		5.2
HELOC	136,304		1.6	134,455		1.6	134,998		1.5
Consumer	138,547		1.6	138,315		1.6	131,352		1.5
	8,447,709		100.0%	8,669,717		100.0%	8,793,428		100.0%
Less:
ALL	114,150			112,347			108,700
Loans in Process	303,084			346,172			370,655
Discount on Acquired Loans	28,480			25,391			22,535
Deferred Net Origination Fees	36,041			37,485			37,621
Sub-Total	481,755			521,395			539,511
	$	7,965,954		$	8,148,322		$	8,253,917


Net Loan Portfolio by Category *	AMOUNT		%	AMOUNT		%	AMOUNT		%
Single-Family Residential	$	5,392,794	67.7%	$	5,481,766	67.3%	$	5,534,420	67.1%
Construction - Speculative	78,359		1.0	79,687		1.0	89,843		1.1
Construction - Custom	198,207		2.5	188,735		2.3	189,248		2.3
Land - Acquisition & Development	67,359		0.8	64,367		0.8	65,507		0.8
Land - Consumer Lot Loans	110,894		1.4	107,291		1.3	103,148		1.2
Multi-Family	863,747		10.8	886,676		10.9	900,292		10.9
Commercial Real Estate	619,228		7.8	664,336		8.2	689,672		8.4
Commercial & Industrial	369,763		4.6	410,285		5.0	421,613		5.1
HELOC	132,766		1.7	131,153		1.6	132,188		1.6
Consumer	132,838		1.7	134,027		1.6	127,986		1.6
	$	7,965,954	100.0%	$	8,148,322	100.0%	$	8,253,917	100.0%
* Excludes covered loans

Washington Federal, Inc.

Fact Sheet

December 31, 2014

($ in Thousands)



	AS OF 6/30/14					AS OF 9/30/14					AS OF 12/31/14
Deposits by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
WA	$	4,930,348	45.8	%	82	$	4,978,005	46.4	%	81	$	4,910,659	46.4	%	81
ID	817,259		7.6		28	810,841		7.6		27	796,119		7.5		26
OR	2,002,383		18.6		49	2,008,862		18.7		49	1,987,015		18.8		49
UT	314,247		2.9		10	309,062		2.9		10	303,516		2.9		10
NV	377,464		3.5		14	362,887		3.4		14	357,952		3.4		11
TX	105,292		1.0		5	92,260		0.9		5	87,937		0.8		5
AZ	1,316,324		12.2		36	1,275,153		11.9		36	1,260,182		11.9		36
NM	902,363		8.4		29	879,858		8.2		29	875,473		8.3		29
Total	$	10,765,680	100.0	%	253	$	10,716,928	100.0	%	251	$	10,578,853	100.0	%	247


Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Checking (noninterest)	$	818,273	7.6	%		$	883,601	8.2	%		$	870,981	8.2	%
NOW (interest)	1,378,379		12.8			1,447,569		13.5			1,436,922		13.6
Savings (passbook/stmt)	620,414		5.8			622,546		5.8			640,731		6.1
Money Market	2,498,714		23.2			2,536,971		23.7			2,515,564		23.8
CD's	5,449,900		50.6			5,226,241		48.8			5,114,655		48.3
Total	$	10,765,680	100.0	%		$	10,716,928	100.0	%		$	10,578,853	100.0	%

Deposits greater than $250,000 - EOP	$	1,776,322				$	1,887,216				$	1,838,690

Washington Federal, Inc.

Fact Sheet

December 31, 2014

($ in Thousands)



	AS OF 6/30/14				AS OF 9/30/14				AS OF 12/31/14
Non-Performing Assets	AMOUNT			%	AMOUNT			%	AMOUNT			%
Non-accrual loans:
Single-Family Residential	$	78,317		83.1%	$	74,067		84.7%	$	74,415		75.7%
Construction - Speculative	1,966			2.1	1,477			1.7	1,329			1.4
Construction - Custom	143			0.2	—			—	—			—
Land - Acquisition & Development	2,295			2.4	811			0.9	—			—
Land - Consumer Lot Loans	1,879			2.0	2,637			3.0	2,260			2.3
Multi-Family	2,103			2.2	1,742			2.0	1,019			1.0
Commercial Real Estate	5,442			5.8	5,106			5.8	15,970			16.2
Commercial & Industrial	516			0.5	7			—	673			0.7
HELOC	970			1.0	795			0.9	1,454			1.5
Consumer	595			0.6	789			0.9	1,233			1.3
Total non-accrual loans	94,226			100.0%	87,431			100.0%	98,353			100.0%
Total REO	57,352				55,072				61,970
Total REHI	10,779				4,808				3,994
Total non-performing assets	$	162,357			$	147,311			$	164,317

Total non-performing assets as a
% of total assets	1.10		%		1.00		%		1.13		%

Washington Federal, Inc.

Fact Sheet

December 31, 2014

($ in Thousands)



	6/14 QTR			9/14 QTR			12/14 QTR
	AMOUNT		%	AMOUNT		%	AMOUNT		%
Restructured loans:
Single-Family Residential	$	333,814	86.1	$	323,732	86.4	$	304,784	86.6
Construction - Speculative	8,554		2.2	7,360		2.0	6,651		1.9
Construction - Custom	1,196		0.3	—		—	—		—
Land - Acquisition & Development	5,092		1.3	4,737		1.3	4,238		1.2
Land - Consumer Lot Loans	12,922		3.3	13,002		3.5	12,528		3.6
Multi-Family	5,266		1.4	5,243		1.4	4,141		1.2
Commercial Real Estate	19,292		5.0	19,140		5.1	18,028		5.1
Commercial & Industrial	23		—	—		—	—		—
HELOC	1,198		0.3	1,486		0.4	1,486		0.4
Consumer	236		0.1	43		—	126		—
Total restructured loans (2)	$	387,593	100.0%	$	374,743	100.0%	$	351,982	100.0%

(2) Restructured loans were as follows:
Performing	$	361,918	93.4%	$	350,653	93.6%	$	333,854	94.8%
Non-performing*	25,675		6.6	24,090		6.4	18,128		5.2
* Included in "Total non-accrual loans" above	$	387,593	100.0%	$	374,743	100.0%	$	351,982	100.0%

Washington Federal, Inc.

Fact Sheet

December 31, 2014

($ in Thousands)



	6/14 QTR					9/14 QTR					12/14 QTR
	AMOUNT			CO %**		AMOUNT			CO %**		AMOUNT			CO %**
Net Charge-offs by Category
Single-Family Residential	$	(2,186	)	(0.16)%		$	(833	)	(0.06)%		$	(859	)	(0.06)%
Construction - Speculative	(2		)	(0.01)		11			0.03		388			1.02
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	(85		)	(0.37)		(2,248		)	(11.19)		37			0.17
Land - Consumer Lot Loans	86			0.30		99			0.36		35			0.13
Multi-Family	—			—		—			—		(220		)	(0.09)
Commercial Real Estate	8			—		(9		)	—		(1		)	—
Commercial & Industrial	33			0.03		(1,670		)	(1.54)		(34		)	(0.03)
HELOC	18			0.05		30			0.09		—			—
Consumer	(91		)	(0.26)		13			0.04		(187		)	(0.57)
Total net charge-offs	$	(2,219	)	(0.11)%		$	(4,607	)	(0.21)%		$	(841	)	(0.04)%
** Annualized Net Charge-offs divided by Gross Balance

SOP 03-3
Accretable Yield	$	104,239				$	97,221				$	89,743
Non-Accretable Yield	179,694					179,343					179,343
Total Contractual Payments	$	283,933				$	276,564				$	269,086

Interest Rate Risk
One Year GAP				(10.6	)%				(11.3	)%				(11.0	)%
NPV post 200 bps shock*				16.32	%				15.68	%				16.56	%
Change in NII after 200 bps shock*				(0.5	)%				(1.5	)%				(1.4	)%
* 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	%	$	1,207,396		0.63	%
From 4 to 6 months	1,233,943			0.62		856,397			0.60	%	856,224			0.61	%
From 7 to 9 months	520,909			0.82		669,532			0.88	%	500,584			0.63	%
From 10 to 12 months	637,091			0.92		514,198			0.81	%	539,262			0.68	%

Washington Federal, Inc.

Fact Sheet

December 31, 2014

($ in Thousands)



Historical CPR Rates ***
	WAFD	WAFD
Average for Quarter Ended:	SFR Mortgages	GSE MBS

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
12/31/2014	15.9	12.1

*** 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

December 31, 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 $

December 31, 2014
Single-Family Residential	28,741	195	$	5,617,403	104	43	283	430	1.50	%	$	87,341	1.55	%
Construction - Speculative	524	182	95,367		1	—	—	1	0.19	%	168		0.18	%
Construction - Custom	799	240	191,787		3	1	—	4	0.50	%	117		0.06	%
Land - Acquisition & Development	130	560	72,752		1	—	—	1	0.77	%	2,339		3.22	%
Land - Consumer Lot Loans	1,295	83	106,939		11	3	25	39	3.01	%	4,614		4.31	%
Multi-Family	980	928	909,249		—	—	4	4	0.41	%	763		0.08	%
Commercial Real Estate	886	804	712,154		6	2	9	17	1.92	%	22,703		3.19	%
Commercial & Industrial	1,091	413	450,675		4	—	4	8	0.73	%	1,537		0.34	%
HELOC	2,071	65	135,093		4	2	10	16	0.77	%	1,642		1.22	%
Consumer	6,464	20	131,352		132	46	65	243	3.76	%	2,252		1.71	%
	42,981	196	$	8,422,772	266	97	400	763	1.78	%	$	123,476	1.47	%

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	%

Washington Federal, Inc.

Fact Sheet

December 31, 2014

Average Balance Sheet

($ in Thousands)



		Quarters Ended
		June 30, 2014						September 30, 2014						December 31, 2014
		Average				Average		Average				Average		Average				Average
		Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans and covered loans		$	8,040,818	$	108,089	5.39	%	$	8,208,948	$	109,200	5.28	%	$	8,367,285	$	108,293	5.13	%
Mortgage-backed securities		3,341,969		20,507		2.46		3,306,826		19,313		2.32		3,191,365		19,175		2.38
Cash & Investments		2,011,154		6,003		1.20		2,088,492		6,196		1.18		1,876,824		5,415		1.14
FHLB & FRB Stock		166,522		412		0.99		162,282		368		0.90		158,194		401		1.01

Total interest-earning assets		13,560,464		135,011		3.99	%	13,766,548		135,077		3.89	%	13,593,668		133,284		3.89	%
Other assets		988,917						1,032,575						1,062,770

Total assets		$	14,549,381					$	14,799,123					$	14,656,438

Liabilities and Equity
Customer accounts		10,608,318		14,239		0.54	%	10,801,665		14,007		0.51	%	10,680,974		13,445		0.5	%
FHLB advances		1,930,000		17,493		3.64		1,930,000		17,676		3.63		1,920,217		17,656		3.65
Other borrowings		—		—		—		—		—		—		—		—		—

Total interest-bearing liabilities		12,538,318		31,732		1.02	%	12,731,665		31,683		0.99	%	12,601,191		31,101		0.98	%
Other liabilities		26,278						86,969						95,026

Total liabilities		12,564,596						12,818,634						12,696,217
Stockholders’ equity		1,984,785						1,980,489						1,960,221

Total liabilities and equity		$	14,549,381					$	14,799,123					$	14,656,438

Net interest income				$	103,279					$	103,394					$	102,183

Net interest margin (1)						3.05	%					3.00	%					3.01	%

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

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WASHINGTON FEDERAL INC Reports