Form 8-K WASHINGTON FEDERAL INC For: Jan 14

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January 20, 2015 3:43 PM EST


�
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 8-K
____________________________________

�
CURRENT REPORT
Pursuant to Section�13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 14, 2015
�____________________________________
Washington Federal, Inc.
(Exact name of registrant as specified in its charter)
�____________________________________
�
�
�
�
�
Washington
�
001-34654
�
91-1661606
(State or other jurisdiction
of incorporation)
�
(Commission
File Number)
�
(IRS Employer
Identification No.)
425 Pike Street, Seattle, Washington 98101
(Address of principal executive offices)(Zip Code)
Registrants telephone number, including area code (206)�624-7930
Not Applicable
(Former name or former address, if changed since last report)
____________________________________
�
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
�
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
�
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
�
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
�
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
�






Item 2.02
Results of Operations and Financial Condition

On January 14, 2015, the Company announced by press release its earnings for the quarter ended December 31, 2014. A copy of the press release is attached to this filing as Exhibit 99.1. A copy of the December 31, 2014 Fact Sheet, which presents certain detailed financial information about the Company, is attached as Exhibit 99.2. This information is being furnished under Item 2.02 (Results of Operations and Financial Condition) of Form 8-K.


Item 7.01
Regulation FD Disclosure

A copy of the December 31, 2014 Fact Sheet, which presents certain detailed financial information about the Company is attached as Exhibit 99.2.

Item 9.01
Financial Statements and Exhibits

(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) The following exhibits are being furnished herewith:

99.1����Press release dated January 14, 2015
99.2����Fact Sheet as of December 31, 2014
����



2


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
�
�
�
�
�
�
�
�
Date: January 20, 2015
�
�
�
WASHINGTON FEDERAL, INC.
�
�
�
�
�
�
�
�
By:
�
/s/ DIANE L. KELLEHER
�
�
�
�
�
�
Diane L. Kelleher
�
�
�
�
�
�
Senior Vice President
and Chief Financial Officer

3


Exhibit 99.1

Wednesday January 14, 2015
FOR IMMEDIATE RELEASE


Washington Federal Announces
Quarterly Earnings of $0.39 cents per diluted share


SEATTLE, WASHINGTON - Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced earnings of $38,407,000 for the quarter ended December 31, 2014, compared to $40,236,000 for the quarter ended December 31, 2013, a decrease of 4.6%. Earnings per fully diluted share of $0.39 were equal to the same period one year ago. The quarter produced a return on average assets of 1.05% and a return on average equity of 7.84%.
Chairman, President & CEO Roy M. Whitehead commented, Operating results were slightly improved over one year ago, prior to accounting for unusual items. Low interest rates, modest economic growth and overcapacity in the financial services industry combine to make smart growth a challenge right now. The Company is well-positioned though to grow within market limitations, yet still continue to distribute all or most earnings to shareholders through cash dividends and share repurchases as a means to steadily improve the value of their investment.
Loans receivable during the quarter grew by $106 million or 1.3% to $8.3 billion as of December 31, 2014. Loan originations for the quarter totaled $579 million, a $78 million or 15.7% increase over the same quarter of the prior year. The weighted average interest rate on loans as of December 31, 2014 was 4.69%, a decrease from 4.92% as of the prior year due to the continued low interest rate environment. Actual yield earned on loans will be greater than the weighted average rate due to net deferred loan fees and discounts on acquired loans, which are accreted into income over the term of the loans.

1



Total assets decreased by $261 million or 1.8% to $14.5 billion at December 31, 2014 from $14.8 billion at September 30, 2014. Available for sale investments decreased $154 million or 5.1% compared to September 2014, and held to maturity investments decreased by $32 million or 2.1%. To assist in funding the growth of employee benefit costs, the Company purchased $100 million in bank-owned life insurance, with a pro forma 2015 pre-tax equivalent yield of 5.14%. This investment is included in other assets on the balance sheet. During the quarter, the Company had an average balance of cash and cash equivalents of $570 million invested overnight at a yield of approximately 0.25%.
Customer deposits of $10.6 billion decreased $138 million or 1.3% compared to September 30, 2014. Specifically, transaction accounts decreased by $26 million or 0.5% and time deposits decreased by $112 million or 2.1%. Transaction accounts have increased significantly from prior years to 52% of total deposits. The Company is focused on growing transaction accounts to lessen sensitivity to rising interest rates. The deposits acquired during fiscal 2014 were beneficial to this transition.
Total non-performing assets, including real estate owned as a result of foreclosure (REO), amounted to $164 million or 1.13% of total assets at quarter-end, a $34 million or 17.0% decrease from December 31, 2013. Non-performing loans decreased from $115 million at December 31, 2013 to $98 million as of December 31, 2014, a 14.3% decrease. Net loan recoveries decreased from $6 million in the quarter ended December 31, 2013 to a net recovery of $1 million in the most recent quarter. Total loan delinquencies were 1.47% as of December 31, 2014, a decrease from 1.81% at December 31, 2013. Delinquencies on single family mortgage loans, the largest component of the loan portfolio, declined during the year to 1.55% from 2.11% at December 31, 2013. REO balances increased during the quarter by $6.9 million, including upward net market value adjustments from prior period corrections of $8.2 million which are partially offset by a net decline in balances due to current period activities.
Net interest income for the quarter was $102 million, a $4 million or 3.9% increase from the quarter ended December 31, 2013. Net interest income improved as a result of increased assets associated with the deposit acquisitions during 2014. Net interest margin was 3.01% for the quarter ended December 31, 2014, up from 3.00% for the prior quarter and down from 3.12% for the quarter ended December 31, 2013. The margin declined primarily as a result of lower

2



yields on loans. Average earning assets increased $991 million or 7.9% compared to the same quarter of the prior year.
Deposit fee income of $6.0 million is $4.3 million higher compared to the same quarter of the prior year due primarily to the higher number of transaction accounts from the branch acquisitions. Loan fee income of $2.0 million is similar to a year ago.
Other Income of $2.0 million in the quarter ended December 31, 2013 declined to a $2.7 million loss for the recent quarter, including four unusual items. The net write-up of REO mentioned above of $8.2 million is a correction from prior periods. Management also corrected an over-accrual of interest income on loans of $8.9 million that had accumulated since fiscal 2011 and was recently detected. Management believes that these errors and their corrections were not material to any reporting period. Other income for the quarter also included a prepayment charge of $2.6 million on a $100 million Federal Home Loan Bank advance that was accruing interest at 4% and scheduled to mature in September 2015. The prepayment charge will be offset by a corresponding reduction in interest expense over the remaining nine months of the fiscal year. Management also recorded $2 million of additional write-down of the FDIC indemnification asset related to the commercial loans acquired from Horizon Bank in 2010. At inception of the FDIC loss share agreement, this intangible asset was established as an estimate of $240 million, representing expected payments from the FDIC for its portion of the loan losses over the life of the agreement. The portion of the agreement related to commercial loans expires on March 31, 2015.
Total operating expenses increased by $9.5 million or 21.5% as compared to the same quarter of the prior year, driven primarily by an increase in employees as well as occupancy, product delivery and technology expenses related to the branch acquisitions from Bank of America during the 2014 fiscal year. Technology expenses are also higher in preparation for an upgrade of core systems in 2015. FDIC insurance premiums are lower by $1.7 million this quarter due to recoveries from prior periods that reflect improvements in credit quality. FDIC insurance premiums were $2.3 million in the quarter, prior to this recovery.
The Companys efficiency ratio of 49.8% for the quarter remains among the best in the industry.

3



The reversal of the provision for loan losses increased from $4.6 million to $5.5 million for the quarters ended December 31, 2013 and 2014, respectively, for two reasons: 1) the continuing improvement in the asset quality indicators previously mentioned, and 2) a scheduled refreshment of historical loss factors used in the loan loss estimate. The Company updates its loan loss model annually in December, by replacing the oldest annual loan loss data used in the estimate with loan loss results from the most recent fiscal year. Fiscal 2014 loan losses were significantly improved over the period that was dropped from the model.
Net gain on real estate acquired through foreclosure was less than $1 million as compared to a $2 million loss for the quarter ended December 31, 2013. The Company expects the amount of gain or loss on real estate acquired to continue to fluctuate in future quarters based primarily on the timing of sales and the amount, if any, of gains or losses related to those sales. Net gain or loss on real estate acquired through foreclosure includes gains and losses on sales, ongoing maintenance expenses and any recent valuation adjustments.
On October 17, 2014, the Company paid a cash dividend of 14.67 cents per share to common stockholders of record on October 3, 2014. This cash dividend included a 3.67 cent one-time payment, representing an additional one months dividend income to compensate for a change in the dividend payment schedule. Beginning in 2015, the Board of Directors will consider regular dividend declarations in January, April, July, and October, one month later than in the past. During the quarter, the Company repurchased 1,116,147 shares of stock at a weighted average price of $21.79 and has board authorization to repurchase an additional 4.0 million shares. The ratio of tangible common equity to tangible assets was 11.83% as of December 31, 2014.
Washington Federal, a national bank with headquarters in Seattle, Washington, has 247 branches in eight western states.
On January 21, 2015, Washington Federal, Inc. will hold its Annual Meeting of Stockholders at Benaroya Hall in Seattle, at 2:00 p.m., Pacific Time.
To find out more about Washington Federal, please visit our website. Washington Federal uses its website to distribute financial and other material information about the Company, which is routinely posted on and accessible at www.washingtonfederal.com.

4



Important Cautionary Statements
The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Companys 2013 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
This press release contains statements about the Companys future that are not statements of historical fact. These statements are forward looking statements for purposes of applicable securities laws, and are based on current information and/or management's good faith belief as to future events. The words believe, expect, anticipate, project, and similar expressions signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance. By their nature, forward-looking statements involve inherent risk and uncertainties, which change over time; and actual performance could differ materially from those anticipated by any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement.
# # #





Contact:

Washington Federal, Inc.
425 Pike Street, Seattle, WA 98101
Cathy Cooper, SVP Marketing Communications
206-777-8246




5



WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
�
December 31, 2014
�
September 30, 2014
�
(In thousands, except share data)
ASSETS
�
�
�
Cash and cash equivalents
$
542,769

�
$
781,843

Available-for-sale securities, at fair value
2,895,056

�
3,049,442

Held-to-maturity securities, at amortized cost
1,516,219

�
1,548,265

Loans receivable, net
8,253,917

�
8,148,322

Covered loans, net
161,478

�
176,476

Interest receivable
40,757

�
52,037

Premises and equipment, net
254,284

�
257,543

Real estate held for sale
61,970

�
55,072

Real estate held for investment
3,994

�
4,808

Covered real estate held for sale
19,405

�
24,082

FDIC indemnification asset
30,356

�
36,860

FHLB and FRB stock
154,870

�
158,839

Intangible assets, net
301,885

�
302,909

Federal and state income tax assets, net


�
16,515

Other assets
257,796

�
143,028

�
$
14,494,756

�
$
14,756,041

LIABILITIES AND STOCKHOLDERS EQUITY
�
�
�
Liabilities
�
�
�
Customer accounts
�
�
�
Transaction deposit accounts
$
5,464,198

�
$
5,490,687

Time deposit accounts
5,114,655

�
5,226,241

�
10,578,853

�
10,716,928

FHLB advances
1,830,000

�
1,930,000

Advance payments by borrowers for taxes and insurance
19,301

�
29,004

Federal and State income tax liabilities, net
4,278

�


Accrued expenses and other liabilities
80,985

�
106,826

�
12,513,417

�
12,782,758

Stockholders equity
�
�
�
Common stock, $1.00 par value, 300,000,000 shares authorized;
133,590,428 and 132,322,909�shares issued; 97,556,077�and 98,404,705 shares outstanding
133,591

�
133,323

Paid-in capital
1,639,350

�
1,638,211

Accumulated other comprehensive income, net of taxes
23,435

�
20,708

Treasury stock, at cost;�36,034,351 and 34,918,204�shares
(549,434
)
�
(525,108
)
Retained earnings
734,397

�
709,149

�
1,981,339

�
1,976,283

�
$
14,494,756

�
$
14,759,041

CONSOLIDATED FINANCIAL HIGHLIGHTS
�
�
�
Common stockholders' equity per share
$
20.31

�
$
20.09

Tangible common stockholders' equity per share
17.22

�
17.01

Stockholders' equity to total assets
13.67
%
�
13.40
%
Tangible common stockholders' equity to tangible assets
11.83

�
11.58

�
�
�
�

6



�
�
�
�
Weighted average rates at period end
�
�
�
���Loans and mortgage-backed securities
4.14
%
�
4.17
%
���Combined loans, mortgage-backed securities and investments
3.68

�
3.63

���Customer accounts
0.50

�
0.51

���Borrowings
3.49

�
3.52

���Combined cost of customer accounts and borrowings
0.94

�
0.97

���Interest rate spread
2.74

�
2.66




7



WASHINGTON FEDERAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
�
Quarter Ended December 31,
�
�
2014
�
2013
�
�
(In�thousands,�except�per�share�data)
�
INTEREST INCOME
�
�
�
�
Loans & covered assets
$
108,293

�
$
107,227

�
Mortgage-backed securities
19,175

�
19,368

�
Investment securities and cash equivalents
5,816

�
4,663

�
�
133,284

�
131,258

�
INTEREST EXPENSE
�
�
�
�
Customer accounts
13,445

�
15,499

�
FHLB advances and other borrowings
17,656

�
17,447

�
�
31,101

�
32,946

�
Net interest income
102,183

�
98,312

�
Provision (reversal) for loan losses
(5,500
)
�
(4,600
)
�
Net interest income after provision for loan losses
107,683

�
102,912

�
�
�
�
�
�
OTHER INCOME
�
�
�
�
Loan fee income
2,065

�
2,046

�
Deposit fee income
5,977

�
1,704

�
Other Income (Loss)
(2,662
)
�
2,038

�
�
5,380

�
5,788

�
OTHER EXPENSE
�
�
�
�
Compensation and benefits
29,160

�
25,126

�
Occupancy
8,135

�
7,050

�
FDIC insurance premiums
674

�
2,934

�
Product delivery
5,627

�
1,318

�
Information Technology
4,030

�
2,929

�
Other
5,974

�
4,763

�
�
53,600

�
44,120

�
Gain (loss) on real estate acquired through foreclosure, net
315

�
(1,951
)
�
Income before income taxes
59,778

�
62,629

�
Income tax provision
21,371

�
22,393

�
NET INCOME
$
38,407

�
$
40,236

�
�
�
�
�
�
PER SHARE DATA
�
�
�
�
Basic earnings
$
0.39

�
$
0.39

�
Diluted earnings
0.39

�
0.39

�
Cash dividends per share
0.15

�
0.10

�
Basic weighted average number of shares outstanding
98,147,939

�
102,329,578

�
Diluted weighted average number of shares outstanding, including dilutive stock options
98,524,839

�
102,813,154

�

8



�
�
�
�
�
PERFORMANCE RATIOS
�
�
�
�
Return on average assets
1.05
%
�
1.19
%
�
Return on average common equity
7.84

�
8.26

�
Net Interest Margin
3.01

�
3.12

�

9

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
�

1
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

�
�
�
�
�
�
�
�
�
�
�
�
�
�

2
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

�
�
�
�
�
�
�
�
�
�
�
�
�
�

3
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
�
�
�
�
�
�
�
�
�
�
�

4
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

�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�

5
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
%
�
�
�
�
�
�
�
�
�
�
�
�
�
�

6
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%
�
�
�
�
�
�
�
�
�
�
�
�

7
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
�%

8
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.
�
�
�
�
�
�


9
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
%

10
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
�
�
�
�
�
�
�
�
�
�


11

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