WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - WASHINGTON FEDERAL OCTOBER 24, 2011 8-K EXHIBIT 99.2

Attached files

file	filename
8-K - WASHINGTON FEDERAL 8-K_SEPTEMBER 30, 2011 EARNINGS RELEASE - WASHINGTON FEDERAL INC	wfsl8-k.htm
EX-99.1 - WASHINGTON FEDERAL OCTOBER 24, 2011 8-K EXHIBIT 99.1 - WASHINGTON FEDERAL INC	exhibit991oct2420118k_earn.htm

Washington Federal, Inc.

Fact Sheet

September 30, 2011

($ in Thousands)



Exhibit 99.2
	3/11 QTR					6/11 QTR					9/11 QTR

Loan Loss Reserve - Total	$	163,617				$	161,098				$	157,160
General	107,510					114,158					115,248
Specific	56,107					46,940					41,912
Net Charge-offs (Recoveries) for the Qtr	26,421					23,519					18,539
Non-performing Assets - Total	399,295					394,679					370,294
REO	147,725					132,006					129,175
REHI	29,834					29,921					30,654
Non-accrual	221,736					232,752					210,465
Troubled Debt Restructuring	312,277					363,663					377,496

Regulatory Capital Ratios (excludes holding co.)
Tangible	1,530,254		11.68		%	1,536,983		11.82		%	1,543,437		11.82		%
Core	1,530,254		11.68			1,536,983		11.82			1,543,437		11.82
Risk Based	1,612,264		24.24			1,619,301		24.26			1,624,817		24.68

	3/11 QTR		3/11 YTD			6/11 QTR		3/11 YTD			9/11 QTR		9/11 YTD
Loan Originations - Total	$	319,601	$	634,892		$	353,668	$	988,560		$	319,030	$	1,307,590
Single-Family Residential	136,530		273,564			163,910		437,474			120,428		557,902
Construction - Speculative	30,486		57,374			32,158		89,532			36,510		126,042
Construction - Custom	70,757		122,636			84,273		206,909			82,204		289,113
Land - Acquisition & Development	5,738		9,157			3,439		12,596			2,361		14,957
Land - Consumer Lot Loans	2,824		4,707			3,285		7,992			1,976		9,968
Multi-Family	42,829		76,032			31,579		107,611			15,007		122,618
Commercial Real Estate	3,318		6,284			5,908		12,192			5,928		18,120
Commercial & Industrial	18,443		67,155			22,650		89,805			45,135		134,940
HELOC	8,676		17,764			6,466		24,230			9,481		33,711
Consumer	—		219			—		219			—		219

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Washington Federal, Inc.

Fact Sheet

September 30, 2011

($ in Thousands)



	3/11 QTR			3/11 YTD			6/11 QTR			3/11 YTD			9/11 QTR			9/11 YTD
Loan Servicing Fee Income	$	1,893		$	3,604		$	1,684		$	5,288		$	1,923		$	7,211
Other Fee Income	717			1,622			893			2,515			956			3,471
Total Fee Income	2,610			5,226			2,577			7,803			2,879			10,682

	3/11 QTR			3/11 YTD			6/11 QTR			3/11 YTD			9/11 QTR			9/11 YTD
Average Loans	$	8,130,199		$	8,277,384		$	8,063,178		$	8,205,982		$	8,083,927		$	8,175,217
Average Earning Assets	12,448,753			12,498,114			12,350,022			12,448,750			12,441,133			12,446,830
Average Assets	13,412,761			13,457,075			13,343,611			13,418,516			13,407,813			13,422,544
Average Paying Liabilities	11,493,611			11,538,796			11,419,719			11,499,103			11,449,501			11,486,601
Operating Expenses/Average Assets	0.99		%	1.00		%	1.02		%	1.02		%	1.02		%	1.01		%
Efficiency Ratio	31.46			31.43			30.95			31.27			31.39			31.3
Amortization of Intangibles	$	367		$	747		$	355		$	1,102		$	345		$	1,447
Net Interest Margin	3.26		%	3.30		%	3.44		%	3.35		%	3.36		%	3.35		%

Repayments	3/11 QTR			3/11 YTD			6/11 QTR			3/11 YTD			9/11 QTR			9/11 YTD
Loans	$	464,326		$	1,092,134		$	330,981		$	1,423,115		$	399,013		$	1,822,128
MBS	171,883			380,875			110,993			491,868			156,512			648,380

EOP Numbers	3/11 QTR						6/11 QTR						9/11 QTR
Shares Issued and Outstanding	112,074,425						110,438,317						108,976,410


Share repurchase information	3/11 QTR			3/11 YTD			6/11 QTR			3/11 YTD			9/11 QTR			9/11 YTD
Remaining shares auth. for repurchase	2,238,314			2,238,314			10,583,514			10,583,514			9,083,514			9,083,514
Shares repurchased	350,000			650,000			1,654,800			2,304,800			1,500,000			3,804,800
Average share repurchase price	$	17.27		$	16.26		$	15.72		$	15.87		$	15.37		$	15.68

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Washington Federal, Inc.

Fact Sheet

September 30, 2011

($ in Thousands)



Tangible Common Book Value	3/11 QTR			6/11 QTR			9/11 QTR
$ Amount	$	1,580,670		$	1,603,706		$	1,650,262
Per Share	14.1			14.52			15.14

# of Employees	1,226			1,215			1,221
Tax Rate - Going Forward	36.00		%	36.00		%	36.00		%

Investments	3/11 QTR			6/11 QTR			9/11 QTR
Available-for-sale:
Agency MBS	$	2,566,822		$	2,817,485		$	3,011,090
Other	338,255			308,925			244,054
	$	2,905,077		$	3,126,410		$	3,255,144
Held-to-maturity:
Agency MBS	$	50,760		$	47,553		$	45,086
Other	1,950			1,950			1,950
	$	52,710		$	49,503		$	47,036

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Washington Federal, Inc.

Fact Sheet

September 30, 2011

($ in Thousands)



	AS OF 3/31/11				AS OF 6/30/11				AS OF 9/30/11
Gross Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	6,254,244	75.0	%	$	6,281,072	74.8	%	$	6,218,878	74.9	%
Construction - Speculative	145,282		1.7		143,964		1.7		140,459		1.7
Construction - Custom	243,739		2.9		270,894		3.2		279,851		3.4
Land - Acquisition & Development	253,377		3.0		230,901		2.8		200,692		2.4
Land - Consumer Lot Loans	174,929		2.1		169,714		2.0		163,146		2.0
Multi-Family	717,533		8.6		717,107		8.6		700,673		8.4
Commercial Real Estate	294,181		3.5		303,023		3.6		303,442		3.7
Commercial & Industrial	74,248		0.9		82,091		1.0		109,332		1.3
HELOC	114,840		1.4		114,676		1.4		115,092		1.4
Consumer	79,184		0.9		73,061		0.9		67,509		0.8
	$	8,351,557	100.0	%	$	8,386,503	100.0	%	$	8,299,074	100.0	%
Less:
ALL	163,617				161,099				157,160
Loans in Process	142,776				164,747				170,229
Deferred Net Origination Fees	36,503				37,047				35,808
	342,896				362,893				363,197
	$	8,008,661			$	8,023,610			$	7,935,877

	AS OF 3/31/11				AS OF 6/30/11				AS OF 9/30/11
Net Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	6,158,837	77.0	%	$	6,177,329	77.1	%	$	6,107,499	77.0	%
Construction - Speculative	95,319		1.2		92,160		1.1		101,005		1.3
Construction - Custom	137,572		1.7		145,552		1.8		145,934		1.8
Land - Acquisition & Development	199,597		2.5		185,592		2.3		160,028		2.0
Land - Consumer Lot Loans	168,477		2.1		163,151		2.0		156,922		2.0
Multi-Family	706,378		8.8		705,777		8.8		688,694		8.7
Commercial Real Estate	288,266		3.6		296,452		3.7		294,667		3.7
Commercial & Industrial	67,490		0.8		76,652		1.0		103,425		1.3
HELOC	113,208		1.4		113,021		1.4		113,456		1.4
Consumer	73,517		0.9		67,924		0.8		64,247		0.8
	$	8,008,661	100.0	%	$	8,023,610	100.0	%	$	7,935,877	100.0	%

* Excludes covered loans

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Washington Federal, Inc.

Fact Sheet

September 30, 2011

($ in Thousands)



	AS OF 3/31/11					AS OF 6/30/11					AS OF 9/30/11
Deposits by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
WA	$	4,305,002	49.0	%	64	$	4,264,738	48.9	%	64	$	4,261,208	49.1	%	64
ID	607,059		6.9		16	594,854		6.8		16	590,595		6.8		16
OR	1,381,836		15.7		28	1,378,798		15.8		28	1,374,167		15.9		28
UT	345,433		3.9		10	345,402		4.0		10	344,655		4.0		10
NV	218,646		2.5		4	219,850		2.5		4	214,057		2.5		4
TX	130,815		1.5		6	127,170		1.5		6	128,361		1.5		6
AZ	1,321,747		15.0		21	1,306,416		15.0		21	1,283,853		14.8		21
NM	479,734		5.5		11	476,462		5.5		11	469,007		5.4		11
Total	$	8,790,272	100.0	%	160	$	8,713,690	100.0	%	160	$	8,665,903	100.0	%	160

	3/11 QTR					6/11 QTR					9/11 QTR
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Checking (noninterest)	$	212,752	2.4	%		$	221,656	2.5	%		$	235,146	2.7	%
NOW (interest)	490,663		5.6			512,457		5.9			543,907		6.3
Savings (passbook/stmt)	244,069		2.8			246,260		2.8			255,396		2.9
Money Market	1,649,127		18.8			1,637,812		18.8			1,627,738		18.8
CD's	6,193,661		70.4			6,095,505		70.0			6,003,716		69.3
Total	$	8,790,272	100.0	%		$	8,713,690	100.0	%		$	8,665,903	100.0	%

Deposits greater than $250,000 - EOP	$	893,687				$	906,300				$	921,462

Brokered Deposits	$	—				$	—				$	—

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Washington Federal, Inc.

Fact Sheet

September 30, 2011

($ in Thousands)



	3/11 QTR			6/11 QTR			9/11 QTR
Non-Performing Assets
Non-accrual loans:
Single-Family Residential	$	121,535		$	129,798		$	126,624
Construction - Speculative	20,187			24,539			15,383
Construction - Custom	307			—			635
Land - Acquisition & Development	45,494			51,100			37,339
Land - Consumer Lot Loans	6,470			6,148			8,843
Multi-Family	13,249			7,850			7,664
Commercial Real Estate	12,734			12,186			11,380
Commercial & Industrial	369			257			1,679
HELOC	1,001			590			481
Consumer	390			284			437
Total non-accrual loans	221,736			232,752			210,465
Total REO	147,725			132,006			129,175
Total REHI	29,834			29,921			30,654
Total non-performing assets	$	399,295		$	394,679		$	370,294

Total non-performing assets as a
% of total assets	2.98		%	2.96		%	2.76		%

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Washington Federal, Inc.

Fact Sheet

September 30, 2011

($ in Thousands)



Restructured loans:
Single-Family Residential	$	238,163	76.2	%	$	283,445	78.0	%	$	309,372	82.0	%
Construction - Speculative	13,361		4.3		14,922		4.1		15,481		4.1
Construction - Custom	—		—		—		—		—		—
Land - Acquisition & Development	28,430		9.1		32,505		8.9		18,033		4.8
Land - Consumer Lot Loans	9,312		3.0		10,493		2.9		13,124		3.5
Multi-Family	20,583		6.6		19,914		5.5		19,046		5.0
Commercial Real Estate	1,464		0.5		1,449		0.4		1,435		0.4
Commercial & Industrial	886		0.3		857		0.2		828		0.2
HELOC	78		—		78		—		177		—
Consumer	—		—		—		—		—		—
Total restructured loans (2)	$	312,277	100.0	%	$	363,663	100.0	%	$	377,496	100.0	%

(2) Restructured loans were as follows:
Performing	$	285,595	91.5	%	$	297,423	81.8	%	$	320,018	84.8	%
Non-accrual *	26,682		8.5		66,240		18.2		57,478		15.2
* - Included in "Total non-accrual loans" above	$	312,277	100.0	%	$	363,663	100.0	%	$	377,496	100.0	%

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Washington Federal, Inc.

Fact Sheet

September 30, 2011

($ in Thousands)



	3/11 QTR					6/11 QTR					9/11 QTR
Net Charge-offs by Category
Single-Family Residential	$	7,469				$	8,018				$	13,897
Construction - Speculative	5,580					169					(263		)
Construction - Custom	157					80					—
Land - Acquisition & Development	6,475					11,869					3,043
Land - Consumer Lot Loans	1,224					1,169					801
Multi-Family	(71		)			1,100					175
Commercial Real Estate	570					22					245
Commercial & Industrial	3,611					119					103
HELOC	348					386					95
Consumer	1,058					588					443
Total net charge-offs	$	26,421				$	23,519				$	18,539

	3/31/2011					6/30/2011					9/30/2011
SOP 03-3
Accretable Yield	$	21,304				$	18,682				$	37,072
Non-Accretable Yield	214,920					214,920					190,895
Total Contractual Payments	$	236,224				$	233,602				$	227,967

Interest Rate Risk
One Year GAP	(19.0		)%			(19.1		)%			(16.5		)%
NPV post 200 bps shock*	11.15		%			9.92		%			11.04		%
Change in NII after 200 bps shock*	(6.30		)%			(7.40		)%			(3.30		)%

* Assumes no balance sheet management

CD's Repricing	Amount			Rate		Amount			Rate		Amount			Rate
Within 3 months	$	1,672,303		1.33	%	$	1,024,732		1.29	%	$	1,531,968		1.37	%
From 4 to 6 months	1,004,046			1.32		1,512,394			1.39		1,053,840			1.26
From 7 to 9 months	995,236			1.85		768,384			1.58		673,707			1.22
From 10 to 12 months	755,428			1.60		675,834			1.22		677,778			1.21

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Washington Federal, Inc.

Fact Sheet

September 30, 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 $

September 30, 2011
Single-Family Residential	33,288	187	$	6,217,670	253	99	544	896	2.69	%	$	202,207	3.25	%
Construction - Speculative	557	207	115,409		2	—	34	36	6.46		8,566		7.42
Construction - Custom	685	216	147,764		—	—	1	1	0.15		635		0.43
Land - Acquisition & Development	233	831	193,613		2	—	27	29	12.45		34,256		17.69
Land - Consumer Lot Loans	1,699	96	163,146		14	11	68	93	5.47		11,297		6.92
Multi-Family	1,163	601	699,340		—	2	6	8	0.69		8,575		1.23
Commercial Real Estate	544	552	300,307		4	—	8	12	2.21		8,292		2.76
Commercial & Industrial	428	255	108,995		1	1	2	4	0.93		2,287		2.10
HELOC	1,817	63	115,092		4	1	6	11	0.61		1,033		0.90
Consumer	12,060	6	67,509		194	94	80	368	3.05		2,075		3.07
	52,474		$	8,128,845	474	208	776	1,458	2.78		$	279,223	3.43

June 30, 2011
Single-Family Residential	33,727	186	$	6,279,632	232	157	515	904	2.68	%	$	215,645	3.43	%
Construction - Speculative	576	200	115,271		6	6	41	53	9.20		13,474		11.69
Construction - Custom	652	226	147,339		1	—	—	1	0.15		635		0.43
Land - Acquisition & Development	283	784	221,967		3	21	41	65	22.97		39,055		17.59
Land - Consumer Lot Loans	1,741	97	169,714		16	9	51	76	4.37		8,508		5.01
Multi-Family	1,190	602	715,875		1	5	5	11	0.92		9,945		1.39
Commercial Real Estate	561	539	302,142		6	4	9	19	3.39		10,450		3.46
Commercial & Industrial	439	187	82,078		4	2	3	9	2.05		294		0.36
HELOC	1,817	63	114,676		5	3	7	15	0.83		1,073		0.94
Consumer	12,804	6	73,061		210	94	66	370	2.89		2,127		2.91
	53,790		$	8,221,756	484	301	738	1,523	2.83		$	301,206	3.66

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

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Washington Federal, Inc.

Fact Sheet

September 30, 2011

Average Balance Sheet

($ in Thousands)



	Quarters Ended
	March 31, 2011						June 30, 2011						September 30, 2011

	Average				Average		Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate

Assets
Loans and covered loans	$	8,596,325	$	128,634	6.07	%	$	8,488,518	$	127,736	6.04	%	$	8,476,006	$	127,943	5.99	%
Mortgage-backed securities	2,527,106		26,163		4.20		2,765,274		30,529		4.43		2,783,572		27,822		3.97
Cash & Investments	1,173,572		3,740		1.29		944,478		3,264		1.39		1,029,802		3,208		1.24
FHLB stock	151,750		2		0.01		151,752		2		0.01		151,753		2		0.01

Total interest-earning assets	12,448,753		158,539		5.16	%	12,350,022		161,531		5.25	%	12,441,133		158,975		5.07	%
Other assets	964,008						993,589						966,680

Total assets	$	13,412,761					$	13,343,611					$	13,407,813


Liabilities and Equity
Customer accounts	$	8,829,887	29,450		1.35	%	$	8,756,538	27,581		1.26	%	$	8,708,928	26,070		1.19	%
FHLB advances	1,863,724		20,170		4.39		1,863,181		20,371		4.39		1,940,573		20,858		4.26
Other borrowings	800,000		7,364		3.73		800,000		7,447		3.73		800,000		7,529		3.73

Total interest-bearing liabilities	11,493,611		56,984		2.01	%	11,419,719		55,399		1.95	%	11,449,501		54,457		1.89	%
Other liabilities	71,404						83,229						86,422

Total liabilities	11,565,015						11,502,948						11,535,923
Stockholders’ equity	1,847,746						1,840,663						1,871,890

Total liabilities and equity	$	13,412,761					$	13,343,611					$	13,407,813

Net interest income			$	101,555					$	106,132					$	104,518

Net interest margin (1)					3.26	%					3.44	%					3.36	%


(1) Net interest income divided by average interest-earning assets

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