WASHINGTON FEDERAL INC - FORM 8-K - EX-99.2 - WAFD JUL 17 2012 8-K EXHIBIT 99.2

Attached files

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8-K - WAFD JUL 17 2012 8-K_JUN 30 2012 EARNINGS RELEASE - WASHINGTON FEDERAL INC	wafd8-k.htm
EX-99.1 - WAFD JUL 17 2012 8-K EXHIBIT 99.1 - WASHINGTON FEDERAL INC	jun302012pressrelease_exhi.htm

Washington Federal, Inc.

Fact Sheet

June 30, 2012

($ in Thousands)



Exhibit 99.2
	12/11 QTR				3/12 QTR					6/12 QTR

Loan Loss Reserve - Total	$	154,540			$	143,819				$	137,951
General	114,552				114,039					116,164
Specific	39,988				29,781					21,787
Allowance as a % of Gross Loans	1.88		%		1.79		%			1.73		%

Regulatory Capital Ratios (excludes holding co.)
Tangible	1,549,770			11.73%	1,557,847			11.70%		1,567,757			11.87%
Core	1,549,770			11.73	1,557,847			11.70		1,567,757			11.87
Risk Based	1,632,494			24.96	1,637,250			26.06		1,646,427			26.43

	12/11 QTR				3/12 QTR			3/12 YTD		6/12 QTR			6/12 YTD
Loan Originations - Total	$	285,763			$	263,768		$	549,531	$	430,229		$	979,761
Single-Family Residential	121,430				114,954			236,384		157,486			393,871
Construction - Speculative	31,389				27,951			59,340		45,407			104,747
Construction - Custom	51,420				38,184			89,604		49,755			139,359
Land - Acquisition & Development	1,994				3,714			5,708		6,109			11,817
Land - Consumer Lot Loans	1,452				3,027			4,479		3,919			8,398
Multi-Family	38,431				30,135			68,566		58,088			126,654
Commercial Real Estate	22,215				10,900			33,115		26,365			59,480
Commercial & Industrial	8,239				26,637			34,876		71,835			106,711
HELOC	9,193				8,266			17,459		11,265			28,724
Consumer	—				—			—		—			—

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Washington Federal, Inc.

Fact Sheet

June 30, 2012

($ in Thousands)



	12/11 QTR			3/12 QTR			3/12 YTD			6/12 QTR			6/12 YTD
Loan Servicing Fee Income	$	1,774		$	2,052		$	3,826		$	1,482		$	5,309
Other Fee Income	1,170			775			1,945			753			2,699
Total Fee Income	$	2,944		$	2,827		$	5,771		$	2,235		$	8,008

	12/11 QTR			3/12 QTR			3/12 YTD			6/12 QTR			6/12 YTD
Operating Expenses/Average Assets	1.01		%	1.08		%	1.05		%	1.06		%	1.05		%
Efficiency Ratio	31.71			33.58			32.65			33.92			33.68
Amortization of Intangibles	$	380		$	407		$	787		$	366		$	1,153

Repayments	12/11 QTR			3/12 QTR			3/12 YTD			6/12 QTR			6/12 YTD
Loans	$	525,313		$	439,112		$	964,425		$	483,219		$	1,447,644
MBS	335,274			294,904			630,178			315,190			945,368

EOP Numbers	12/11 QTR			3/12 QTR						6/12 QTR
Shares Issued and Outstanding	107,460,435			106,867,527						106,884,239


Share repurchase information	12/11 QTR			3/12 QTR			3/12 YTD			6/12 QTR			6/12 YTD
Remaining shares auth. for repurchase	7,533,514			6,908,314			6,908,314			6,908,314			6,908,314
Shares repurchased	1,550,000			625,200			2,175,200			—			2,175,200
Average share repurchase price	$	13.11		$	16		$	13.93		$	—		$	13.93

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Washington Federal, Inc.

Fact Sheet

June 30, 2012

($ in Thousands)



Tangible Common Book Value	12/11 QTR			3/12 QTR			6/12 QTR
$ Amount	$	1,653,435		$	1,650,807		$	1,676,850
Per Share	15.39			15.45			15.69

# of Employees	1,241			1,248			1,237
Tax Rate - Going Forward	36.00		%	36.00		%	36.00		%

Investments	12/11 QTR			3/12 QTR			6/12 QTR
Available-for-sale:
Agency MBS	$	3,343,771		$	3,372,397		$	3,184,758
Other	204,305			315,228			441,357
	$	3,548,076		$	3,687,625		$	3,626,115
Held-to-maturity:
Agency MBS	$	41,431		$	37,912		$	34,433
Other	795			795			795
	$	42,226		$	38,707		$	35,228

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Washington Federal, Inc.

Fact Sheet

June 30, 2012

($ in Thousands)



	AS OF 12/31/11				AS OF 3/31/12				AS OF 6/30/12
Gross Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	6,082,490	74.1	%	$	5,973,633	74.4	%	$	5,905,148	74.1	%
Construction - Speculative	130,120		1.6	%	128,857		1.6	%	132,630		1.7	%
Construction - Custom	271,227		3.3	%	235,566		2.9	%	210,488		2.6	%
Land - Acquisition & Development	175,965		2.1	%	156,458		1.9	%	139,603		1.7	%
Land - Consumer Lot Loans	154,874		1.9	%	149,966		1.9	%	145,129		1.8	%
Multi-Family	689,149		8.4	%	687,696		8.6	%	693,837		8.7	%
Commercial Real Estate	415,394		5.1	%	394,489		4.9	%	401,594		5.0	%
Commercial & Industrial	93,792		1.1	%	102,685		1.3	%	153,677		1.9	%
HELOC	132,089		1.6	%	130,583		1.6	%	128,596		1.6	%
Consumer	63,243		0.8	%	71,205		0.9	%	68,317		0.9	%
	$	8,208,343	100	%	$	8,031,138	100	%	$	7,979,019	100	%
Less:
ALL	154,540				143,819				137,951
Loans in Process	159,437				133,379				155,051
Discount on Acquired Loans	48,929				43,687				35,200
Deferred Net Origination Fees	35,362				34,236				34,612
	398,268				355,121				362,814
	$	7,810,075			$	7,676,017			$	7,616,205

	AS OF 12/31/11				AS OF 3/31/12				AS OF 6/30/12
Net Loan Portfolio by Category *	AMOUNT		%		AMOUNT		%		AMOUNT		%
Single-Family Residential	$	5,968,821	76.4	%	$	5,862,053	76.5	%	$	5,795,922	76.0	%
Construction - Speculative	88,341		1.1	%	86,255		1.1	%	82,829		1.1	%
Construction - Custom	159,091		2.0	%	144,017		1.9	%	122,708		1.6	%
Land - Acquisition & Development	138,749		1.8	%	128,660		1.7	%	112,914		1.5	%
Land - Consumer Lot Loans	145,923		1.9	%	141,614		1.8	%	137,069		1.8	%
Multi-Family	665,649		8.5	%	670,790		8.7	%	668,240		8.8	%
Commercial Real Estate	396,342		5.1	%	355,912		4.6	%	364,163		4.8	%
Commercial & Industrial	62,592		0.8	%	95,274		1.2	%	144,523		1.9	%
HELOC	124,280		1.6	%	123,457		1.6	%	122,609		1.6	%
Consumer	60,287		0.8	%	67,985		0.9	%	65,228		0.9	%
	$	7,810,075	100	%	$	7,676,017	100	%	$	7,616,205	100	%

* Excludes covered loans

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Washington Federal, Inc.

Fact Sheet

June 30, 2012

($ in Thousands)



	AS OF 12/31/11					AS OF 3/31/12					AS OF 6/30/12
Deposits by State	AMOUNT		%		#	AMOUNT		%		#	AMOUNT		%		#
WA	$	4,265,429	48.1	%	64	$	4,257,205	48.3	%	64	$	4,247,080	48.8	%	64
ID	583,244		6.6	%	16	586,625		6.7	%	16	577,486		6.7	%	16
OR	1,343,553		15.1	%	28	1,352,292		15.4	%	28	1,344,466		15.5	%	28
UT	340,278		3.8	%	10	338,766		3.9	%	10	337,981		3.9	%	10
NV	204,034		2.3	%	4	203,674		2.3	%	4	208,007		2.4	%	4
TX	125,592		1.4	%	6	126,557		1.4	%	6	104,084		1.2	%	4
AZ	1,330,322		15.0	%	22	1,256,135		14.3	%	22	1,214,099		14.0	%	23
NM	683,223		7.7	%	16	677,186		7.7	%	16	649,978		7.5	%	16
Total	$	8,875,675	100.0	%	166	$	8,798,440	100.0	%	166	$	8,683,181	100.0	%	165

	12/11 QTR					3/12 QTR					6/12 QTR
Deposits by Type	AMOUNT		%			AMOUNT		%			AMOUNT		%
Checking (noninterest)	$	266,073	3.0	%		$	267,031	3.0	%		$	272,819	3.1	%
NOW (interest)	584,517		6.6			594,878		6.8			595,208		6.9
Savings (passbook/stmt)	273,823		3.1			291,958		3.3			300,182		3.5
Money Market	1,725,804		19.4			1,710,756		19.4			1,700,233		19.6
CD's	6,025,458		67.9			5,933,817		67.5			5,814,739		66.9
Total	$	8,875,675	100.0	%		$	8,798,440	100.0	%		$	8,683,181	100.0	%

Deposits greater than $250,000 - EOP	$	1,001,418				$	992,794				$	1,010,371

Brokered Deposits	$	—				$	—				$	—

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Washington Federal, Inc.

Fact Sheet

June 30, 2012

($ in Thousands)



	12/11 QTR					3/12 QTR					6/12 QTR
Non-Performing Assets	AMOUNT			%		AMOUNT			%		AMOUNT			%
Non-accrual loans:
Single-Family Residential	121,218			65.3	%	116,284			70.0	%	129,295			75.6	%
Construction - Speculative	9,076			4.9		8,190			4.9		12,424			7.3
Construction - Custom	635			0.3		539			0.3		539			0.3
Land - Acquisition & Development	35,149			18.9		25,036			15.1		12,514			7.3
Land - Consumer Lot Loans	6,851			3.7		5,641			3.4		5,844			3.4
Multi-Family	7,028			3.8		4,530			2.7		3,405			2.0
Commercial Real Estate	4,774			2.6		4,997			3.0		6,285			3.7
Commercial & Industrial	8			—		1			—		—			—
HELOC	611			0.3		591			0.4		388			0.2
Consumer	433			0.2		344			0.2		339			0.2
Total non-accrual loans	185,783			100.0	%	166,153			100.0	%	171,033			100.0	%
Total REO	126,432					99,826					88,231
Total REHI	31,450					20,269					19,226
Total non-performing assets	$	343,665				$	286,248				$	278,490

Total non-performing assets as a
% of total assets	2.52		%			2.11		%			2.07		%

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Washington Federal, Inc.

Fact Sheet

June 30, 2012

($ in Thousands)



	12/11 QTR				3/12 QTR				6/12 QTR
	AMOUNT		%		AMOUNT		%		AMOUNT		%
Restructured loans:
Single-Family Residential	$	322,669	80.3	%	$	352,622	82.6	%	$	360,150	83.2	%
Construction - Speculative	18,782		4.7		20,485		4.8		15,875		3.7
Construction - Custom	1,196		0.3		—		—		1,196		0.3
Land - Acquisition & Development	23,299		5.8		20,443		4.8		17,075		3.9
Land - Consumer Lot Loans	14,411		3.6		14,389		3.4		14,107		3.3
Multi-Family	18,635		4.6		16,955		4.0		17,007		3.9
Commercial Real Estate	1,729		0.4		1,714		0.4		7,049		1.6
Commercial & Industrial	804		0.2		4		—		2		—
HELOC	263		0.1		177		—		290		0.1
Consumer	—		—		—		—		—		—
Total restructured loans (2)	401,788		100.0	%	426,789		100.0	%	432,751		100.0	%

(2) Restructured loans were as follows:
Performing	$	361,551	90.0	%	$	387,010	90.7	%	$	399,299	92.3	%
Non-accrual *	40,237		10.0		39,779		9.3		33,452		7.7
* Included in "Total non-accrual loans" above	$	401,788	100.0	%	$	426,789	100.0	%	$	432,751	100.0	%

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Washington Federal, Inc.

Fact Sheet

June 30, 2012

($ in Thousands)



	12/11 QTR					3/12 QTR					6/12 QTR
	AMOUNT			CO %**		AMOUNT			CO %**		AMOUNT			CO %**
Net Charge-offs by Category
Single-Family Residential	$	11,329		0.75	%	$	14,246		0.95	%	$	11,896		0.81	%
Construction - Speculative	440			1.35		980			3.04		2,203			6.64
Construction - Custom	—			—		—			—		—			—
Land - Acquisition & Development	2,131			4.84		11,738			30.01		986			2.82
Land - Consumer Lot Loans	671			1.73		687			1.83		670			1.85
Multi-Family	1,079			0.63		98			0.06		(279		)	(0.16	)
Commercial Real Estate	—			—		146			0.15		58			0.06
Commercial & Industrial	(2,191		)	(9.34	)	59			0.23		(2		)	(0.01	)
HELOC	(52		)	(0.16	)	76			0.23		141			0.44
Consumer	422			2.67		691			3.88		563			3.30
Total net charge-offs	$	13,829		0.67	%	$	28,721		1.43	%	$	16,236		0.81	%
** Annualized Net Charge-offs divided by Gross Balance

	12/11 QTR					3/12 QTR					6/12 QTR
SOP 03-3
Accretable Yield	$	31,721				$	46,485				$	40,258
Non-Accretable Yield	190,895					219,636					219,636
Total Contractual Payments	$	222,616				$	266,121				$	259,894

Interest Rate Risk
One Year GAP	(18.1		)%			(14.5		)%			(8.8		)%
NPV post 200 bps shock*	10.87		%			13.04		%			12.78		%
Change in NII after 200 bps shock*	(3.40		)%			(3.40		)%			(1.40		)%
* Assumes no balance sheet management
	12/11 QTR					3/12 QTR					6/12 QTR
CD's Repricing	Amount			Rate		Amount			Rate		Amount			Rate
Within 3 months	$	1,126,426		1.20	%	$	1,209,647		0.86	%	$	1,009,301		0.94	%
From 4 to 6 months	1,193,610			0.88		981,387			0.96		1,496,971			1.05
From 7 to 9 months	725,357			1.17		1,074,104			1.33		626,115			1.63
From 10 to 12 months	1,071,946			1.33		628,188			1.63		536,825			0.85

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Washington Federal, Inc.

Fact Sheet

June 30, 2012

($ in Thousands)



Historical CPR Rates ***
	WAFD		WAFD
Average for Quarter Ended	SFR Mortgages		GSE MBS
12/31/2010	30.1	%	28.6	%
3/31/2011	20.9		17.1
6/30/2011	13.3		12.1
9/30/2011	17.1		17.5
12/31/2011	22.0		32.6
3/31/2012	19.5		27.5
6/30/2012	20.9		30.7

*** 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.

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Washington Federal, Inc.

Fact Sheet

June 30, 2012

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 $

June 30, 2012
Single-Family Residential	31,789	186	$	5,902,632	162	84	508	754	2.37	%	$	165,664	2.81	%
Construction - Speculative	546	174	94,930		5	7	15	27	4.95		7,796		8.21
Construction - Custom	506	245	123,965		1	1	1	3	0.59		583		0.47
Land - Acquisition & Development	211	606	127,953		2	—	12	14	6.64		13,390		10.46
Land - Consumer Lot Loans	1,581	92	145,037		11	6	40	57	3.61		8,492		5.86
Multi-Family	1,095	617	675,334		2	3	4	9	0.82		4,475		0.66
Commercial Real Estate	927	329	305,046		3	2	6	11	1.19		4,378		1.44
Commercial & Industrial	517	287	148,565		2	—	—	2	0.39		19		0.01
HELOC	1,976	57	113,559		1	2	4	7	0.35		735		0.65
Consumer	10,124	7	68,202		160	68	56	284	2.81		1,981		2.90
	49,272		7,705,223		349	173	646	1,168	2.37	%	207,513		2.69	%

March 31, 2012
Single-Family Residential	32,195	185	$	5,969,973	223	143	526	892	2.77	%	$	185,142	3.10	%
Construction - Speculative	527	195	102,655		1	3	18	22	4.17		5,198		5.06
Construction - Custom	580	251	145,406		—	1	1	2	0.34		561		0.39
Land - Acquisition & Development	221	662	146,228		—	3	18	21	9.50		21,128		14.45
Land - Consumer Lot Loans	1,611	93	149,966		10	10	36	56	3.48		7,811		5.21
Multi-Family	1,120	605	677,730		—	2	5	7	0.63		5,213		0.77
Commercial Real Estate	939	311	292,143		16	4	6	26	2.77		5,365		1.84
Commercial & Industrial	536	177	94,901		3	1	2	6	1.12		6		0.01
HELOC	1,998	57	113,368		5	2	7	14	0.70		711		0.63
Consumer	10,784	7	71,080		181	69	62	312	2.89		2,087		2.94
	50,511		7,763,450		439	238	681	1,358	2.86	%	233,222		3.00	%

December 31, 2011
Single-Family Residential	32,704	186	$	6,080,965	248	113	544	905	2.77	%	$	192,588	3.17	%
Construction - Speculative	524	200	104,654		11	1	15	27	5.15		6,152		5.88
Construction - Custom	678	237	160,717		1	—	1	2	0.29		1,160		0.72
Land - Acquisition & Development	224	758	169,752		2	1	21	24	10.71		26,573		15.65
Land - Consumer Lot Loans	1,633	95	154,874		10	9	50	69	4.23		9,268		5.98
Multi-Family	1,131	597	675,772		3	1	7	11	0.97		8,670		1.28
Commercial Real Estate	752	550	413,343		5	—	7	12	1.60		4,583		1.11
Commercial & Industrial	487	192	93,498		2	—	3	5	1.03		50		0.05
HELOC	1,924	69	132,089		2	2	6	10	0.52		814		0.62
Consumer	11,479	6	63,243		204	109	94	407	3.55		2,257		3.57
	51,536		8,048,907		488	236	748	1,472	2.86	%	252,115		3.13	%

10 of 11

Washington Federal, Inc.

Fact Sheet

June 30, 2012

Average Balance Sheet

($ in Thousands)



		Quarters Ended
		December 31, 2011						March 31, 2012						June 30, 2012
		Average				Average		Average				Average		Average				Average
		Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Loans and covered loans		$	8,370,466	$	127,480	6.06	%	$	8,081,677	$	123,771	6.05	%	$	7,928,565	$	118,115	5.88	%
Mortgage-backed securities		3,146,219		26,296		3.33		3,541,962		28,682		3.26		3,279,476		25,101		3.08
Cash & Investments		1,014,559		2,151		0.84		932,074		2,151		0.91		1,280,386		2,167		0.67
FHLB stock		151,944		—		—		152,698		—		—		151,715		1		—

Total interest-earning assets		12,683,188		155,927		4.89	%	12,708,411		154,604		4.89	%	12,640,142		145,384		4.63	%
Other assets		898,176						888,899						869,980

Total assets		$	13,581,364					$	13,597,310					$	13,510,122

Liabilities and Equity
Customer accounts		8,826,157		23,949		1.08	%	8,821,377		22,016		1	%	8,760,578		20,902		0.96	%
FHLB advances		1,961,261		20,735		4.21		1,960,358		20,516		4.21		1,958,896		20,500		4.21
Other borrowings		800,000		7,528		3.74		800,000		7,447		3.74		800,000		7,447		3.74

Total interest-bearing liabilities		11,587,418		52,212		1.79	%	11,581,735		49,979		1.74	%	11,519,474		48,849		1.71	%
Other liabilities		90,416						101,738						70,846

Total liabilities		11,677,834						11,683,473						11,590,320
Stockholders’ equity		1,903,530						1,913,837						1,919,802

Total liabilities and equity		$	13,581,364					$	13,597,310					$	13,510,122

Net interest income				$	103,715					$	104,625					$	96,535

Net interest margin (1)						3.27	%					3.29	%					3.05	%

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

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WASHINGTON FEDERAL INC Reports