Attached files
file | filename |
---|---|
EX-99.1 - EXHIBIT 99.1 - WASHINGTON FEDERAL INC | exhibit991_jun2014earnings.htm |
8-K - 8-K - WASHINGTON FEDERAL INC | wafd8-k_jul1520141.htm |
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)
Exhibit 99.2 | |||||||||||||||||||||
12/13 QTR | 3/14 QTR | 6/14 QTR | |||||||||||||||||||
Loan Loss Reserve - Total | $ | 118,158 | $ | 114,931 | $ | 114,150 | |||||||||||||||
General | 116,552 | 114,096 | $ | 114,090 | |||||||||||||||||
Specific | 1,606 | 835 | 60 | ||||||||||||||||||
Allowance as a % of Gross Loans | 1.46 | % | 1.40 | % | 1.35 | % | |||||||||||||||
Regulatory Capital Ratios (excludes holding co.) | |||||||||||||||||||||
Tangible | 1,615,112 | 12.01% | 1,653,499 | 11.74% | 1,652,787 | 11.58% | |||||||||||||||
Tier 1 Risk Based | 1,615,112 | 23.80% | 1,653,499 | 23.99% | 1,652,787 | 23.14% | |||||||||||||||
Risk Based | 1,700,453 | 25.06% | 1,740,488 | 25.25% | 1,743,057 | 24.41% | |||||||||||||||
12/13 QTR | 12/13 YTD | 3/14 QTR | 3/14 YTD | 6/14 QTR | 6/14 YTD | ||||||||||||||||
Loan Originations - Total | $ | 500,601 | $ | 500,601 | $ | 410,145 | $910,746 | $ | 596,623 | $1,507,369 | |||||||||||
Single-Family Residential | 176,277 | 176,277 | 123,806 | 300,083 | 176,218 | 476,301 | |||||||||||||||
Construction - Speculative | 44,540 | 44,540 | 34,587 | 79,127 | 37,365 | 116,492 | |||||||||||||||
Construction - Custom | 86,651 | 86,651 | 73,008 | 159,659 | 83,040 | 242,699 | |||||||||||||||
Land - Acquisition & Development | 10,485 | 10,485 | 11,277 | 21,762 | 23,377 | 45,139 | |||||||||||||||
Land - Consumer Lot Loans | 2,222 | 2,222 | 1,981 | 4,203 | 3,024 | 7,227 | |||||||||||||||
Multi-Family | 58,827 | 58,827 | 52,836 | 111,663 | 77,546 | 189,209 | |||||||||||||||
Commercial Real Estate | 34,365 | 34,365 | 43,884 | 78,249 | 87,503 | 165,752 | |||||||||||||||
Commercial & Industrial | 77,469 | 77,469 | 57,356 | 134,825 | 93,820 | 228,645 | |||||||||||||||
HELOC | 9,677 | 9,677 | 10,890 | 20,567 | 14,323 | 34,890 | |||||||||||||||
Consumer | 88 | 88 | 520 | 608 | 407 | 1,015 | |||||||||||||||
Purchased Loans (including acquisitions) | $ | 67,099 | $ | 67,099 | $ | 33,712 | 100,811 | $ | 98,741 | $199,552 | |||||||||||
Net Loan Fee and Discount Accretion | $ | 6,298 | $ | 6,298 | $ | 5,977 | 12,275 | $ | 7,635 | $19,910 |
1
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)
12/13 QTR | 12/13 YTD | 3/14 QTR | 3/14 YTD | 6/14 QTR | 6/14 YTD | |||||||||||||||||||||
Repayments | ||||||||||||||||||||||||||
Loans | $ | 486,143 | $ | 486,143 | $ | 391,068 | $ | 877,211 | $ | 454,107 | $1,331,318 | |||||||||||||||
MBS | 68,761 | 68,761 | 73,041 | 141,802 | 92,610 | 234,412 | ||||||||||||||||||||
MBS Premium Amortization | $ | 1,674 | $ | 1,674 | $ | 1,972 | $ | 3,646 | $ | 2,367 | $ | 6,013 | ||||||||||||||
Loan Servicing Fee Income | $ | 2,046 | $ | 2,046 | $ | 1,324 | $ | 3,370 | $ | 2,297 | $ | 5,667 | ||||||||||||||
Other Fee Income | 1,949 | 1,949 | 3,515 | 5,464 | 4,228 | 9,692 | ||||||||||||||||||||
Total Fee Income | $ | 3,995 | $ | 3,995 | $ | 4,839 | 8,834 | $ | 6,525 | 15,359 | ||||||||||||||||
Efficiency | ||||||||||||||||||||||||||
Operating Expenses/Average Assets | 1.36 | % | 1.36 | % | 1.43 | % | 1.40 | % | 1.47 | % | 1.41 | % | ||||||||||||||
Efficiency Ratio | 42.38 | 42.38 | 48.50 | 45.49 | 47.86 | 46.31 | ||||||||||||||||||||
Amortization of Intangibles | $ | 821 | $ | 821 | $ | 728 | $ | 1,549 | $ | 1,052 | $ | 2,601 | ||||||||||||||
EOP Numbers | ||||||||||||||||||||||||||
Shares Issued and Outstanding | 102,329,576 | 101,763,415 | 100,296,268 | |||||||||||||||||||||||
Share repurchase information | ||||||||||||||||||||||||||
Remaining shares auth. for repurchase | 9,017,934 | 9,017,934 | 8,424,634 | 8,424,634 | 6,924,634 | 6,924,634 | ||||||||||||||||||||
Shares repurchased | 854,900 | 854,900 | 593,300 | 1,448,200 | 1,500,000 | 2,948,200 | ||||||||||||||||||||
Average share repurchase price | $ | 22.16 | $ | 22.16 | $ | 21.63 | $ | 21.94 | $ | 21.64 | $ | 21.79 | ||||||||||||||
2
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)
Tangible Common Book Value | 12/13 QTR | 3/14 QTR | 6/14 QTR | ||||||||||||||
$ Amount | $ | 1,653,965 | $ | 1,680,468 | $ | 1,686,652 | |||||||||||
Per Share | 16.16 | 16.51 | 16.82 | ||||||||||||||
# of Employees | 1,848 | 1,846 | 1,948 | ||||||||||||||
Tax Rate - Going Forward | 35.75 | % | 35.75 | % | 35.75 | % | |||||||||||
Investments | |||||||||||||||||
Available-for-sale: | |||||||||||||||||
Agency MBS | $ | 1,633,643 | $ | 1,709,872 | $ | 1,771,369 | |||||||||||
Other | 1,204,860 | 1,400,703 | 1,331,652 | ||||||||||||||
$ | 2,838,503 | $ | 3,110,575 | $ | 3,103,021 | ||||||||||||
Held-to-maturity: | |||||||||||||||||
Agency MBS | $ | 1,630,936 | $ | 1,611,303 | $ | 1,583,853 | |||||||||||
Other | — | — | — | ||||||||||||||
$ | 1,630,936 | $ | 1,611,303 | $ | 1,583,853 | ||||||||||||
3
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)
AS OF 12/31/13 | AS OF 3/31/14 | AS OF 6/30/14 | |||||||||||||||
Gross Loan Portfolio by Category * | AMOUNT | % | AMOUNT | % | AMOUNT | % | |||||||||||
Single-Family Residential | $ | 5,436,083 | 67.1% | $ | 5,462,093 | 66.8% | $ | 5,479,111 | 64.9% | ||||||||
Construction - Speculative | 135,868 | 1.7 | 135,001 | 1.7 | 126,926 | 1.5 | |||||||||||
Construction - Custom | 333,954 | 4.1 | 354,279 | 4.3 | 372,789 | 4.4 | |||||||||||
Land - Acquisition & Development | 75,506 | 0.9 | 77,049 | 0.9 | 91,058 | 1.1 | |||||||||||
Land - Consumer Lot Loans | 122,467 | 1.5 | 116,864 | 1.4 | 114,573 | 1.4 | |||||||||||
Multi-Family | 846,115 | 10.4 | 869,635 | 10.6 | 896,799 | 10.6 | |||||||||||
Commercial Real Estate | 622,240 | 7.7 | 634,457 | 7.8 | 693,421 | 8.2 | |||||||||||
Commercial & Industrial | 354,166 | 4.4 | 351,705 | 4.3 | 398,181 | 4.7 | |||||||||||
HELOC | 131,949 | 1.6 | 131,852 | 1.6 | 136,304 | 1.6 | |||||||||||
Consumer | 51,961 | 0.6 | 48,239 | 0.6 | 138,547 | 1.6 | |||||||||||
8,110,309 | 100.0% | 8,181,174 | 100.0% | 8,447,709 | 100.0% | ||||||||||||
Less: | |||||||||||||||||
ALL | 118,158 | 114,931 | 114,150 | ||||||||||||||
Loans in Process | 273,263 | 264,946 | 303,084 | ||||||||||||||
Discount on Acquired Loans | 31,485 | 29,286 | 28,480 | ||||||||||||||
Deferred Net Origination Fees | 35,845 | 34,902 | 36,041 | ||||||||||||||
Sub-Total | 458,751 | 444,065 | 481,755 | ||||||||||||||
$ | 7,651,558 | $ | 7,737,109 | $ | 7,965,954 | ||||||||||||
Net Loan Portfolio by Category * | AMOUNT | % | AMOUNT | % | AMOUNT | % | |||||||||||
Single-Family Residential | $ | 5,342,080 | 69.8% | $ | 5,371,177 | 69.4% | $ | 5,392,794 | 67.7% | ||||||||
Construction - Speculative | 78,769 | 1.0 | 81,604 | 1.1 | 78,359 | 1.0 | |||||||||||
Construction - Custom | 158,376 | 2.1 | 174,987 | 2.3 | 198,207 | 2.5 | |||||||||||
Land - Acquisition & Development | 61,539 | 0.8 | 63,572 | 0.8 | 67,359 | 0.8 | |||||||||||
Land - Consumer Lot Loans | 118,134 | 1.5 | 113,020 | 1.5 | 110,894 | 1.4 | |||||||||||
Multi-Family | 796,776 | 10.4 | 844,007 | 10.9 | 863,747 | 10.8 | |||||||||||
Commercial Real Estate | 591,022 | 7.7 | 592,594 | 7.7 | 619,228 | 7.8 | |||||||||||
Commercial & Industrial | 328,538 | 4.3 | 323,045 | 4.2 | 369,763 | 4.6 | |||||||||||
HELOC | 128,427 | 1.7 | 128,456 | 1.7 | 132,766 | 1.7 | |||||||||||
Consumer | 47,897 | 0.6 | 44,647 | 0.6 | 132,838 | 1.7 | |||||||||||
$ | 7,651,558 | 100.0% | $ | 7,737,109 | 100.0% | $ | 7,965,954 | 100.0% | |||||||||
* Excludes covered loans |
4
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)
AS OF 12/31/13 | AS OF 3/31/14 | AS OF 6/30/14 | |||||||||||||||||||||||||||
Deposits by State | AMOUNT | % | # | AMOUNT | % | # | AMOUNT | % | # | ||||||||||||||||||||
WA | $ | 5,126,066 | 49.3 | % | 82 | $ | 5,142,077 | 49.7 | % | 82 | $ | 4,930,348 | 45.8 | % | 82 | ||||||||||||||
ID | 816,400 | 7.8 | 31 | 811,048 | 7.8 | 29 | 817,259 | 7.6 | 28 | ||||||||||||||||||||
OR | 1,870,196 | 18.0 | 50 | 1,840,375 | 17.8 | 49 | 2,002,383 | 18.6 | 49 | ||||||||||||||||||||
UT | 326,829 | 3.1 | 10 | 319,954 | 3.1 | 10 | 314,247 | 2.9 | 10 | ||||||||||||||||||||
NV | 187,681 | 1.8 | 4 | 182,035 | 1.8 | 4 | 377,464 | 3.5 | 14 | ||||||||||||||||||||
TX | 109,258 | 1.1 | 5 | 106,874 | 1.0 | 5 | 105,292 | 1.0 | 5 | ||||||||||||||||||||
AZ | 1,067,681 | 10.3 | 23 | 1,030,346 | 10.0 | 23 | 1,316,324 | 12.2 | 36 | ||||||||||||||||||||
NM | 898,615 | 8.6 | 30 | 912,182 | 8.8 | 29 | 902,363 | 8.4 | 29 | ||||||||||||||||||||
Total | $ | 10,402,726 | 100.0 | % | 235 | $ | 10,344,891 | 100.0 | % | 231 | $ | 10,765,680 | 100.0 | % | 253 | ||||||||||||||
Deposits by Type | AMOUNT | % | AMOUNT | % | AMOUNT | % | |||||||||||||||||||||||
Checking (noninterest) | $ | 674,824 | 6.5 | % | $ | 691,577 | 6.7 | % | $ | 818,273 | 7.6 | % | |||||||||||||||||
NOW (interest) | 1,227,548 | 11.8 | 1,265,041 | 12.2 | 1,378,379 | 12.8 | |||||||||||||||||||||||
Savings (passbook/stmt) | 542,573 | 5.2 | 575,440 | 5.6 | 620,414 | 5.8 | |||||||||||||||||||||||
Money Market | 2,268,979 | 21.8 | 2,342,263 | 22.6 | 2,498,714 | 23.2 | |||||||||||||||||||||||
CD's | 5,688,802 | 54.7 | 5,470,570 | 52.9 | 5,449,900 | 50.6 | |||||||||||||||||||||||
Total | $ | 10,402,726 | 100.0 | % | $ | 10,344,891 | 100.0 | % | $ | 10,765,680 | 100.0 | % | |||||||||||||||||
Deposits greater than $250,000 - EOP | $ | 1,578,895 | $ | 1,677,326 | $ | 1,776,322 | |||||||||||||||||||||||
5
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)
AS OF 12/31/13 | AS OF 3/31/14 | AS OF 6/30/14 | |||||||||||||||
Non-Performing Assets | AMOUNT | % | AMOUNT | % | AMOUNT | % | |||||||||||
Non-accrual loans: | |||||||||||||||||
Single-Family Residential | $ | 89,075 | 77.6% | $ | 81,740 | 81.6% | $ | 78,317 | 83.1% | ||||||||
Construction - Speculative | 3,053 | 2.7 | 2,132 | 2.1 | 1,966 | 2.1 | |||||||||||
Construction - Custom | — | — | 265 | 0.3 | 143 | 0.2 | |||||||||||
Land - Acquisition & Development | 2,813 | 2.5 | 2,113 | 2.1 | 2,295 | 2.4 | |||||||||||
Land - Consumer Lot Loans | 3,548 | 3.1 | 3,007 | 3.0 | 1,879 | 2.0 | |||||||||||
Multi-Family | 2,494 | 2.2 | 2,199 | 2.2 | 2,103 | 2.2 | |||||||||||
Commercial Real Estate | 11,613 | 10.1 | 7,101 | 7.1 | 5,442 | 5.8 | |||||||||||
Commercial & Industrial | 655 | 0.6 | 579 | 0.6 | 516 | 0.5 | |||||||||||
HELOC | 471 | 0.4 | 441 | 0.4 | 970 | 1.0 | |||||||||||
Consumer | 995 | 0.9 | 621 | 0.6 | 595 | 0.6 | |||||||||||
Total non-accrual loans | 114,717 | 100.0% | 100,198 | 100.0% | 94,226 | 100.0% | |||||||||||
Total REO | 71,537 | 60,995 | 57,352 | ||||||||||||||
Total REHI | 11,656 | 13,596 | 10,779 | ||||||||||||||
Total non-performing assets | $ | 197,910 | $ | 174,789 | $ | 162,357 | |||||||||||
Total non-performing assets as a | |||||||||||||||||
% of total assets | 1.37 | % | 1.22 | % | 1.10 | % | |||||||||||
6
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)
12/13 QTR | 3/14 QTR | 6/14 QTR | |||||||||||||||
AMOUNT | % | AMOUNT | % | AMOUNT | % | ||||||||||||
Restructured loans: | |||||||||||||||||
Single-Family Residential | $ | 355,449 | 85.7 | $ | 348,918 | 86.1 | $ | 333,814 | 86.1 | ||||||||
Construction - Speculative | 9,705 | 2.3 | 9,416 | 2.3 | 8,554 | 2.2 | |||||||||||
Construction - Custom | 1,196 | 0.3 | 1,196 | 0.3 | 1,196 | 0.3 | |||||||||||
Land - Acquisition & Development | 6,037 | 1.5 | 5,164 | 1.3 | 5,092 | 1.3 | |||||||||||
Land - Consumer Lot Loans | 13,411 | 3.2 | 13,270 | 3.3 | 12,922 | 3.3 | |||||||||||
Multi-Family | 8,701 | 2.1 | 7,727 | 1.9 | 5,266 | 1.4 | |||||||||||
Commercial Real Estate | 18,749 | 4.5 | 18,107 | 4.5 | 19,292 | 5.0 | |||||||||||
Commercial & Industrial | 44 | — | 31 | — | 23 | — | |||||||||||
HELOC | 1,198 | 0.3 | 1,198 | 0.3 | 1,198 | 0.3 | |||||||||||
Consumer | 71 | — | 197 | — | 236 | 0.1 | |||||||||||
Total restructured loans (2) | $ | 414,561 | 100.0% | $ | 405,224 | 100.0% | $ | 387,593 | 100.0% | ||||||||
(2) Restructured loans were as follows: | |||||||||||||||||
Performing | $ | 390,841 | 94.3% | $ | 381,849 | 94.2% | $ | 361,918 | 93.4% | ||||||||
Non-accrual * | 23,720 | 5.7 | 23,375 | 5.8 | 25,675 | 6.6 | |||||||||||
* Included in "Total non-accrual loans" above | $ | 414,561 | 100.0% | $ | 405,224 | 100.0% | $ | 387,593 | 100.0% | ||||||||
7
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)
12/13 QTR | 3/14 QTR | 6/14 QTR | ||||||||||||||||||
AMOUNT | CO %** | AMOUNT | CO %** | AMOUNT | CO %** | |||||||||||||||
Net Charge-offs by Category | ||||||||||||||||||||
Single-Family Residential | $ | (6,493 | ) | (0.48 | )% | $ | 356 | 0.03 | % | $ | (2,186 | ) | (0.16)% | |||||||
Construction - Speculative | 355 | 1.05 | 488 | 1.45 | (2 | ) | (0.01) | |||||||||||||
Construction - Custom | — | — | — | — | — | — | ||||||||||||||
Land - Acquisition & Development | 17 | 0.09 | (214 | ) | (1.11 | ) | (85 | ) | (0.37) | |||||||||||
Land - Consumer Lot Loans | 220 | 0.72 | 231 | 0.79 | 86 | 0.30 | ||||||||||||||
Multi-Family | — | — | — | — | — | — | ||||||||||||||
Commercial Real Estate | — | — | 73 | 0.05 | 8 | — | ||||||||||||||
Commercial & Industrial | (173 | ) | (0.20 | ) | (2,408 | ) | (2.74 | ) | 33 | 0.03 | ||||||||||
HELOC | — | — | — | — | 18 | 0.05 | ||||||||||||||
Consumer | 56 | 0.43 | (49 | ) | (0.41 | ) | (91 | ) | (0.26) | |||||||||||
Total net charge-offs | $ | (6,017 | ) | (0.30 | )% | $ | (1,523 | ) | (0.07 | )% | $ | (2,219 | ) | (0.11)% | ||||||
** Annualized Net Charge-offs divided by Gross Balance | ||||||||||||||||||||
SOP 03-3 | ||||||||||||||||||||
Accretable Yield | $ | 104,808 | $ | 107,199 | $ | 104,239 | ||||||||||||||
Non-Accretable Yield | 194,794 | 183,645 | 179,694 | |||||||||||||||||
Total Contractual Payments | $ | 299,602 | $ | 290,844 | $ | 283,933 | ||||||||||||||
Interest Rate Risk | ||||||||||||||||||||
One Year GAP | (12.2 | )% | (13.9 | )% | (10.6 | )% | ||||||||||||||
NPV post 200 bps shock* | 15.48 | % | 15.22 | % | 16.32 | % | ||||||||||||||
Change in NII after 200 bps shock* | (5.8 | )% | (2.1 | )% | (0.5 | )% | ||||||||||||||
* Assumes no balance sheet management | ||||||||||||||||||||
CD's Repricing | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||
Within 3 months | $ | 1,341,855 | 0.68 | % | $ | 986,727 | 0.51 | % | $ | 1,286,768 | 0.60 | % | ||||||||
From 4 to 6 months | 958,932 | 0.52 | 1,233,943 | 0.62 | 856,397 | 0.60 | % | |||||||||||||
From 7 to 9 months | 782,531 | 0.79 | 520,909 | 0.82 | 669,532 | 0.88 | % | |||||||||||||
From 10 to 12 months | 507,249 | 0.84 | 637,091 | 0.92 | 514,198 | 0.81 | % |
8
Washington Federal, Inc.
Fact Sheet
June 30, 2014
($ in Thousands)
Historical CPR Rates *** | ||||||||||||
WAFD | WAFD | |||||||||||
Average for Quarter Ended: | SFR Mortgages | GSE MBS | ||||||||||
3/31/2012 | 19.5 | 27.5 | ||||||||||
6/30/2012 | 20.9 | 30.7 | ||||||||||
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 | ||||||||||
*** 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
June 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 $ | ||||||||||||||||||||||
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 | % | |||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Single-Family Residential | 28,952 | 188 | $ | 5,433,051 | 185 | 56 | 339 | 580 | 2.00 | % | $ | 114,498 | 2.11 | % | ||||||||||||||||||
Construction - Speculative | 476 | 184 | 87,485 | 1 | 2 | 6 | 9 | 1.89 | % | 1,087 | 1.24 | % | ||||||||||||||||||||
Construction - Custom | 721 | 215 | 154,776 | 2 | — | — | 2 | 0.28 | % | 166 | 0.11 | % | ||||||||||||||||||||
Land - Acquisition & Development | 130 | 534 | 69,458 | 1 | 1 | 4 | 6 | 4.62 | % | 2,600 | 3.74 | % | ||||||||||||||||||||
Land - Consumer Lot Loans | 1,440 | 85 | 122,285 | 9 | 3 | 25 | 37 | 2.57 | % | 4,857 | 3.97 | % | ||||||||||||||||||||
Multi-Family | 1,011 | 808 | 816,408 | 3 | — | 4 | 7 | 0.69 | % | 2,722 | 0.33 | % | ||||||||||||||||||||
Commercial Real Estate | 1,173 | 525 | 615,534 | 6 | 1 | 21 | 28 | 2.39 | % | 9,578 | 1.56 | % | ||||||||||||||||||||
Commercial & Industrial | 993 | 357 | 354,139 | 9 | 1 | 3 | 13 | 1.31 | % | 3,000 | 0.85 | % | ||||||||||||||||||||
HELOC | 2,046 | 64 | 131,949 | 8 | 2 | 7 | 17 | 0.83 | % | 1,260 | 0.95 | % | ||||||||||||||||||||
Consumer | 8,850 | 6 | 51,961 | 154 | 52 | 80 | 286 | 3.23 | % | 2,276 | 4.38 | % | ||||||||||||||||||||
45,792 | 171 | $ | 7,837,046 | 378 | 118 | 489 | 985 | 2.15 | % | $ | 142,044 | 1.81 | % |
10
Washington Federal, Inc.
Fact Sheet
June 30, 2014
Average Balance Sheet
($ in Thousands)
Quarters Ended | |||||||||||||||||||||||||||||||||
December 31, 2013 | March 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | ||||||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Loans and covered loans | $ | 7,826,159 | $ | 107,227 | 5.44 | % | $ | 7,899,864 | $ | 106,334 | 5.46 | % | $ | 8,040,818 | $ | 108,089 | 5.39 | % | |||||||||||||||
Mortgage-backed securities | 3,129,915 | 19,368 | 2.46 | 3,305,428 | 21,071 | 2.59 | 3,341,969 | 20,507 | 2.46 | ||||||||||||||||||||||||
Cash & Investments | 1,474,296 | 4,261 | 1.15 | 1,915,724 | 4,540 | 0.96 | 2,011,154 | 6,003 | 1.20 | ||||||||||||||||||||||||
FHLB & FRB Stock | 172,607 | 402 | 0.92 | 170,945 | 406 | 0.96 | 166,522 | 412 | 0.99 | ||||||||||||||||||||||||
Total interest-earning assets | 12,602,977 | 131,258 | 4.13 | % | 13,291,961 | 132,351 | 4.04 | % | 13,560,464 | 135,011 | 3.99 | % | |||||||||||||||||||||
Other assets | 946,963 | 1,101,299 | 988,917 | ||||||||||||||||||||||||||||||
Total assets | $ | 13,549,940 | $ | 14,393,260 | $ | 14,549,381 | |||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||
Customer accounts | $ | 9,538,339 | 15,499 | 0.64 | % | $ | 10,355,866 | 14,780 | 0.58 | % | 10,608,318 | 14,239 | 0.54 | % | |||||||||||||||||||
FHLB advances | 2,030,000 | 17,447 | 3.41 | 1,930,000 | 16,935 | 3.56 | 1,930,000 | 17,493 | 3.64 | ||||||||||||||||||||||||
Other borrowings | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total interest-bearing liabilities | 11,568,339 | 32,946 | 1.13 | % | 12,285,866 | 31,715 | 1.05 | % | 12,538,318 | 31,732 | 1.02 | % | |||||||||||||||||||||
Other liabilities | 28,618 | 126,711 | 26,278 | ||||||||||||||||||||||||||||||
Total liabilities | 11,596,957 | 12,412,577 | 12,564,596 | ||||||||||||||||||||||||||||||
Stockholders’ equity | 1,952,983 | 1,980,683 | 1,984,785 | ||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 13,549,940 | $ | 14,393,260 | $ | 14,549,381 | |||||||||||||||||||||||||||
Net interest income | $ | 98,312 | $ | 100,636 | $ | 103,279 | |||||||||||||||||||||||||||
Net interest margin (1) | 3.12 | % | 3.03 | % | 3.05 | % | |||||||||||||||||||||||||||
(1 | ) | Annualized net interest income divided by average interest-earning assets |
11