WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - MAR 31 2011 WFSL FACT SHEET

Attached files

file	filename
EX-99.1 - MAR 31 2011 WFSL EARNINGS RELEASE - WASHINGTON FEDERAL INC	exhibit991mar3120118kearni.htm
8-K - MAR 31 2011 WFSL EARNINGS RELEASE FORM 8-K - WASHINGTON FEDERAL INC	wfsmar312011earningsrel8k.htm

Washington Federal, Inc.

Fact Sheet

March 31, 2011

($ in Thousands)

Exhibit 99.2




	9/10 QTR					12/10 QTR				3/11 QTR

Loan Loss Reserve - Total	$	163,094				$	159,288			$	163,617
General	98,092					101,347				107,510
Specific	65,002					57,941				56,107
Net Charge-offs (Recoveries) for the Qtr	36,332					29,806				26,421
Non-performing Assets - Total	434,530					442,699				399,295
REO	160,754					156,572				147,725
REHI	28,244					29,693				29,834
Non-accrual	245,532					256,434				221,736
Troubled Debt Restructuring	272,922					290,474				312,277

Regulatory Capital Ratios (excludes holding co.)
Tangible	1,534,681		11.67		%	1,530,085		11.66	%	1,530,254		11.68		%
Core	1,534,681		11.67			1,530,085		11.66		1,530,254		11.68
Risk Based	1,619,206		23.39			1,612,747		23.83		1,612,264		24.24

	9/10 QTR		9/10 YTD			12/10 QTR				3/11 QTR		3/11 YTD
Loan Originations - Total	$	369,209	$	1,477,533		$	274,007			$	302,687	$	576,694
Single-Family Residential	154,723		583,429			137,034				136,530		273,564
Construction - Speculative	33,351		132,328			26,888				30,486		57,374
Construction - Custom	75,957		276,057			51,879				70,757		122,636
Land - Acquisition & Development	4,196		31,179			3,419				5,738		9,157
Land - Consumer Lot Loans	2,568		11,334			1,883				2,824		4,707
Multi-Family	7,819		49,179			33,203				42,829		76,032
Commercial Real Estate	19,505		59,600			2,966				3,318		6,284
Commercial & Industrial	59,412		272,102			7,428				1,529		8,957
HELOC	10,803		59,084			9,088				8,676		17,764
Consumer	875		3,241			219				—		219

Page 1 of 9

Washington Federal, Inc.

Fact Sheet

March 31, 2011

($ in Thousands)



	9/10 QTR			9/10 YTD			12/10 QTR			3/11 QTR			3/11 YTD
Loan Servicing Fee Income	$	2,080		$	7,438		$	1,711		$	1,893		$	3,604
Other Fee Income	820			3,736			905			717			1,622
Total Fee Income	2,900			11,174			2,615			2,610			5,226

	9/10 QTR			9/10 YTD			12/10 QTR			3/11 QTR			3/11 YTD
Average Loans	$	8,604,249		$	8,791,214		$	8,421,368		$	8,130,199		$	8,277,384
Average Earning Assets	12,636,641			12,458,201			12,546,403			12,448,753			12,498,114
Average Assets	13,649,632			13,373,767			13,493,969			13,412,761			13,457,075
Average Paying Liabilities	11,722,052			11,518,512			11,582,999			11,493,611			11,538,796
Operating Expenses/Average Assets	0.93		%	0.98		%	1.02		%	0.99		%	1.00		%
Efficiency Ratio	29.73			26.26			31.40			31.46			31.43
Amortization of Intangibles	$	401		$	2,140		$	380		$	367		$	747
Net Interest Margin	3.18		%	3.17		%	3.34		%	3.26		%	3.30		%

Repayments	9/10 QTR			9/10 YTD			12/10 QTR			3/11 QTR			3/11 YTD
Loans	$	523,083		$	1,964,572		$	586,525		$	447,412		$	1,033,937
MBS	156,766			739,643			208,992			171,883			380,875

EOP Numbers	9/10 QTR						12/10 QTR			3/11 QTR
Shares Issued and Outstanding	112,483,632						112,282,718			112,074,425

Share repurchase information	9/10 QTR			9/10 YTD			12/10 QTR			3/11 QTR			3/11 YTD
Remaining shares auth. for repurchase	2,888,314			2,888,314			2,588,314			2,238,314			2,238,314
Shares repurchased	—			—			300,000			350,000			650,000
Average share repurchase price	$	—		$	—		$	15.09		$	17.27		$	16.26

Page 2 of 9

Washington Federal, Inc.

Fact Sheet

March 31, 2011

($ in Thousands)



Tangible Common Book Value	9/10 QTR			12/10 QTR			3/11 QTR
$ Amount	$	1,583,429		$	1,581,261		$	1,580,670
Per Share	14.08			14.08			14.10

# of Employees	1,223			1,226			1,226
Tax Rate - Going Forward	36.00		%	36.00		%	36.00		%

Investments	9/10 QTR			12/10 QTR			3/11 QTR
Available-for-sale:
Agency MBS	$	2,130,087		$	2,371,421		$	2,566,822
Other	351,006			440,694			338,255
	$	2,481,093		$	2,812,115		$	2,905,077
Held-to-maturity:
Agency MBS	$	73,052		$	66,796		$	50,760
Other	7,055			1,950			1,950
	$	80,107		$	68,746		$	52,710

Page 3 of 9

Washington Federal, Inc.

Fact Sheet

March 31, 2011

($ in Thousands)



	AS OF 9/30/10				AS OF 12/31/10				AS OF 3/31/11
Gross Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	6,551,836	74.8	%	$	6,333,040	74.9	%	$	6,254,244	75.0	%
Construction - Speculative	169,712		1.9		146,933		1.7		145,282		1.7
Construction - Custom	256,384		2.9		239,337		2.8		243,739		2.9
Land - Acquisition & Development	307,230		3.5		275,396		3.3		253,377		3.0
Land - Consumer Lot Loans	186,840		2.1		181,205		2.1		174,929		2.1
Multi-Family	697,351		7.9		696,601		8.2		717,533		8.6
Commercial Real Estate	315,915		3.6		315,332		3.7		294,181		3.5
Commercial & Industrial	82,640		0.9		78,082		0.9		74,248		0.9
HELOC	116,143		1.3		115,660		1.4		114,840		1.4
Consumer	92,624		1.1		85,987		1.0		79,184		0.9
	$	8,776,675	100.0	%	$	8,467,573	100.0	%	$	8,351,557	100.0	%
Less:
ALL	163,094				159,288				163,617
Loans in Process	154,171				129,472				142,776
Deferred Net Origination Fees	35,707				35,865				36,503
	352,972				324,625				342,896
	$	8,423,703			$	8,142,948			$	8,008,661

	AS OF 9/30/10				AS OF 12/31/10				AS OF 3/31/11
Net Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	6,476,330	76.9	%	$	6,250,385	76.7	%	$	6,158,837	77.0	%
Construction - Speculative	121,991		1.4		99,739		1.2		95,319		1.2
Construction - Custom	136,796		1.6		145,068		1.8		137,572		1.7
Land - Acquisition & Development	232,168		2.8		210,128		2.6		199,597		2.5
Land - Consumer Lot Loans	181,147		2.2		175,264		2.2		168,477		2.1
Multi-Family	689,378		8.2		687,419		8.4		706,378		8.8
Commercial Real Estate	305,834		3.6		309,780		3.8		288,266		3.6
Commercial & Industrial	76,215		0.9		71,087		0.9		67,490		0.8
HELOC	115,084		1.4		114,030		1.4		113,208		1.4
Consumer	84,853		1.0		80,048		1.0		73,517		0.9
	$	8,419,796	100.0	%	$	8,142,948	100.0	%	$	8,008,661	100.0	%

* Excludes covered loans

Page 4 of 9

Washington Federal, Inc.

Fact Sheet

March 31, 2011

($ in Thousands)



	AS OF 9/30/10					AS OF 12/31/10						AS OF 3/31/11
Deposits by State	AMOUNT		%		#	AMOUNT		%			#	AMOUNT		%			#
WA	$	4,320,280	48.9	%	64	$	4,329,844	48.8	%	64	64	$	4,305,002	49.0	%	64	64
ID	614,002		6.9		16	606,893		6.9		16	16	607,059		6.9		16	16
OR	1,391,330		15.7		28	1,386,363		15.7		28	28	1,381,836		15.7		28	28
UT	353,035		4.0		10	354,393		4.0		10	10	345,433		3.9		10	10
NV	207,704		2.3		4	218,733		2.5		4	4	218,646		2.5		4	4
TX	130,199		1.5		6	132,887		1.5		6	6	130,815		1.5		6	6
AZ	1,347,178		15.2		21	1,330,816		15.0		21	21	1,321,747		15.0		21	21
NM	488,812		5.5		11	485,703		5.5		11	11	479,734		5.5		11	11
Total	$	8,852,540	100.0	%	160	$	8,845,632	100.0	%	160	160	$	8,790,272	100.0	%	160	160

	9/10 QTR					12/10 QTR						3/11 QTR
Deposits by Type	AMOUNT		%			AMOUNT		%				AMOUNT		%
Checking (noninterest)	$	184,240	2.1	%		$	214,090	2.4	%			$	212,752	2.4	%
NOW (interest)	482,131		5.4			477,760		5.4				490,663		5.6
Savings (passbook/stmt)	234,673		2.7			236,558		2.7				244,069		2.8
Money Market	1,653,718		18.7			1,661,914		18.8				1,649,127		18.8
CD's	6,297,778		71.1			6,255,310		70.7				6,193,661		70.4
Total	$	8,852,540	100.0	%		$	8,845,632	100.0	%			$	8,790,272	100.0	%

Deposits greater than $250,000 - EOP	$	893,338				$	902,534					$	893,687

Brokered Deposits	$	—				$	—					$	—

Page 5 of 9

Washington Federal, Inc.

Fact Sheet

March 31, 2011

($ in Thousands)



	9/10 QTR				12/10 QTR				3/11 QTR
Non-Performing Assets
Restructured loans:
Single-Family Residential	$	207,040	75.9	%	$	218,169	75.1	%	$	238,163	76.2	%
Construction - Speculative	9,893		3.6		10,045		3.5		13,361		4.3
Construction - Custom	—		—		—		—		—		—
Land - Acquisition & Development	33,497		12.3		32,143		11.1		28,430		9.1
Land - Consumer Lot Loans	7,095		2.6		7,758		2.7		9,312		3.0
Multi-Family	12,862		4.7		19,883		6.8		20,583		6.6
Commercial Real Estate	1,503		0.6		1,480		0.5		1,464		0.5
Commercial & Industrial	954		0.3		918		0.3		886		0.3
HELOC	78		—		78		—		78		—
Consumer	—		—		—		—		—		—
Total restructured loans (2)	272,922		100.0	%	290,474		100.0	%	312,277		100.0	%

Page 6 of 9

Washington Federal, Inc.

Fact Sheet

March 31, 2011

($ in Thousands)



Non-accrual loans:
Single-Family Residential	115,155					132,694					121,535
Construction - Speculative	39,915					33,625					20,187
Construction - Custom	—					—					307
Land - Acquisition & Development	64,883					53,698					45,494
Land - Consumer Lot Loans	7,540					8,174					6,470
Multi-Family	4,931					14,069					13,249
Commercial Real Estate	10,831					11,721					12,734
Commercial & Industrial	371					568					369
HELOC	929					1,170					1,001
Consumer	977					715					390
Total non-accrual loans	245,532					256,434					221,736
Total REO	160,754					156,572					147,725
Total REHI	28,244					29,693					29,834
Total non-performing assets	$	434,530				$	442,699				$	399,295

Total non-performing assets and
performing restructured loans	$	659,725				$	685,497				$	684,890
Total non-performing assets and
performing restructured loans
as a % of total assets	4.89		%			5.11		%			5.12		%

(2) Restructured loans were as follows:
Performing	$	225,195		82.5	%	$	242,798		83.6	%	$	285,595		91.5	%
Non-accrual *	47,727			17.5		47,676			16.4		26,682			8.5
* - Included in "Total non-accrual loans" above	$	272,922		100.0	%	$	290,474		100.0	%	$	312,277		100.0	%

Page 7 of 9

Washington Federal, Inc.

Fact Sheet

March 31, 2011

($ in Thousands)



	9/10 QTR		12/10 QTR			3/11 QTR
Net Charge-offs by Category
Single-Family Residential	$	9,277	$	6,303		$	7,469
Construction - Speculative	9,392		5,275			5,580
Construction - Custom	263		—			157
Land - Acquisition & Development	11,826		16,139			6,475
Land - Consumer Lot Loans	1,251		1,001			1,224
Multi-Family	1,363		675			(71		)
Commercial Real Estate	425		429			570
Commercial & Industrial	1,173		(1,025		)	3,611
HELOC	49		(75		)	348
Consumer	1,313		1,084			1,058
Total net charge-offs	$	36,332	$	29,806		$	26,421

	9/30/2010		12/31/2010			3/31/2011
SOP 03-3
Accretable Yield	$	27,019	$	24,084		$	21,304
Non-Accretable Yield	214,920		214,920			214,920
Total Contractual Payments	$	241,939	$	239,004		$	236,224

Page 8 of 9

Washington Federal, Inc.

Fact Sheet

March 31, 2011

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 $

March 31, 2011
Single-Family Residential	33,726	185	$	6,252,956	257	157	467	881	2.61	%	$	208,529	3.33	%
Construction - Speculative	586	201	117,561		7	—	51	58	9.90		11,039		9.39
Construction - Custom	605	230	139,186		—	1	1	2	0.33		1,519		1.09
Land - Acquisition & Development	380	646	245,523		4	8	44	56	14.74		19,879		8.10
Land - Consumer Lot Loans	1,774	99	174,929		14	8	50	72	4.06		9,276		5.30
Multi-Family	1,199	598	717,285		4	—	7	11	0.92		15,492		2.16
Commercial Real Estate	606	484	293,079		8	1	12	21	3.47		5,885		2.01
Commercial & Industrial	598	124	74,240		9	6	6	21	3.51		606		0.82
HELOC	1,980	58	114,840		8	3	16	27	1.36		2,353		2.05
Consumer	13,652	6	79,184		219	110	77	406	2.97		2,301		2.91
	55,106		8,208,783		530	294	731	1,555	2.82		276,879		3.37

December 31, 2010
Single-Family Residential	34,194	185	$	6,331,998	241	135	504	880	2.57	%	$	211,124	3.33	%
Construction - Speculative	544	226	123,192		3	4	59	66	12.13		19,337		15.70
Construction - Custom	635	231	146,470		3	—	—	3	0.47		478		0.33
Land - Acquisition & Development	336	788	264,747		7	3	38	48	14.29		20,467		7.73
Land - Consumer Lot Loans	1,817	100	181,205		12	14	57	83	4.57		10,949		6.04
Multi-Family	1,211	575	696,551		2	2	9	13	1.07		10,680		1.53
Commercial Real Estate	579	543	314,209		14	—	5	19	3.28		4,814		1.53
Commercial & Industrial	480	163	78,081		10	—	3	13	2.71		539		0.69
HELOC	1,788	65	115,660		13	4	13	30	1.68		2,794		2.42
Consumer	14,427	6	85,988		288	141	124	553	3.83		3,491		4.06
	56,011		8,338,101		593	303	812	1,708	3.05		284,672		3.41

September 30, 2010
Single-Family Residential	35,080	187	$	6,547,382	221	150	472	843	2.40	%	$	203,819	3.11	%
Construction - Speculative	624	228	142,400		6	3	72	81	12.98		26,346		18.50
Construction - Custom	734	204	149,372		2	—	—	2	0.27		283		0.19
Land - Acquisition & Development	371	780	289,371		8	4	51	63	16.98		42,785		14.79
Land - Consumer Lot Loans	1,870	100	186,840		17	8	48	73	3.90		9,799		5.24
Multi-Family	1,231	566	697,311		5	—	9	14	1.14		8,714		1.25
Commercial Real Estate	641	497	318,420		6	1	12	19	2.96		8,103		2.54
Commercial & Industrial	634	130	82,640		3	2	3	8	1.26		222		0.27
HELOC	1,989	58	116,143		4	4	10	18	0.90		1,569		1.35
Consumer	15,444	6	92,624		247	136	111	494	3.20		3,025		3.27
	58,618		8,622,504		519	308	788	1,615	2.76		304,665		3.53

Page 9 of 9

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