Washington Federal Savings

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ON2FMCGWH8oWC3ans/rHYdjLQjibWAWuhZgINMgSr3uis3o4yhC8pig2E7BvH9T6 6/CTbkciTQ84h5R+e8hf8g== 0000891020-02-001999.txt : 20021216 0000891020-02-001999.hdr.sgml : 20021216 20021216104024 ACCESSION NUMBER: 0000891020-02-001999 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20030121 FILED AS OF DATE: 20021216 EFFECTIVENESS DATE: 20021216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WASHINGTON FEDERAL INC CENTRAL INDEX KEY: 0000936528 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 911661606 STATE OF INCORPORATION: WA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-25454 FILM NUMBER: 02858006 BUSINESS ADDRESS: STREET 1: 425 PIKE STREET CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 2066247930 MAIL ADDRESS: STREET 1: 425 PIKE ST CITY: SEATTLE STATE: WA ZIP: 98101 DEF 14A 1 v86281ddef14a.htm DEFINITIVE 14A Washington Federal Savings

Schedule 14A Information

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934

Filed by the Registrant [X]

Filed by a Party other than the Registrant [ ]

Check the appropriate box:

[   ]    Preliminary Proxy Statement

[   ]    Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

[X]    Definitive Proxy Statement

[   ]    Definitive Additional Materials

[   ]     Soliciting Material Pursuant to 240.14a-11(c) or 240.14a-12

Washington Federal, Inc.

(Name of Registrant as Specified In Its Charter)

Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X] No fee required.

[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

            (1)       Title of each class of securities to which transaction applies:

        (2)    Aggregate number of securities to which transaction applies:

        (3)    Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):

        (4)    Proposed maximum aggregate value of transaction:

        (5)    Total fee paid:

[ ] Fee paid previously with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

            (1)       Amount Previously Paid:

        (2)    Form, Schedule or Registration Statement No.:

        (3)    Filing Party:

        (4)    Date Filed:

425 PIKE STREET

SEATTLE, WASHINGTON 98101-2334

(206) 624-7930

December 16, 2002

Dear Stockholder:

You are invited to attend our Annual Meeting of Stockholders to be held on Tuesday, January 21, 2003 at 2:00 p.m. at the Seattle Sheraton Hotel, 1400 Sixth Avenue, Seattle, Washington.

We hope you can attend this meeting in person, but whether or not you plan to attend, it would be very helpful if you would sign the enclosed proxy card and return it in the envelope provided. Please do this immediately so that we can save your company the time and expense of contacting you again. Your vote is important regardless of the number of shares you own. Voting by proxy will not prevent you from voting in person if you attend the meeting, but will assure that your vote will be counted if you are unable to attend.

If you have any questions, please do not hesitate to contact us.

Sincerely,

-s- ROY M. WHITEHEAD

Roy M. Whitehead

Vice Chairman, President and

Chief Executive Officer

TABLE OF CONTENTS


PROXY STATEMENT
VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF
INFORMATION WITH RESPECT TO NOMINEES FOR DIRECTOR, DIRECTORS WHOSE TERMS CONTINUE AND EXECUTIVE OFFICERS
EXECUTIVE COMPENSATION
RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS
OTHER MATTERS
STOCKHOLDER PROPOSALS
ANNUAL REPORTS

425 PIKE STREET

SEATTLE, WASHINGTON 98101-2334

(206) 624-7930

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD ON JANUARY 21, 2003

NOTICE IS HEREBY GIVEN that an annual meeting of stockholders of Washington Federal, Inc. (“Washington Federal”) will be held at the Seattle Sheraton Hotel, 1400 Sixth Avenue, Seattle, Washington, on Tuesday, January 21, 2003, at 2:00 p.m., Pacific Time, for the following purposes:

     1. To elect three directors for a three-year term and until their successors are elected and qualified;

     2. To ratify the appointment of Deloitte & Touche LLP as Washington Federal’s independent auditors for fiscal 2003; and

     3. To transact such other business as may properly come before the meeting or any adjournment thereof.

The Board of Directors of Washington Federal has fixed November 29, 2002 as the record date for the determination of stockholders entitled to notice of and to vote at the Annual Meeting. Only those Stockholders of record as of the close of business on that date will be entitled to vote at the Annual Meeting or at any such adjournment.

By Order of the Board of Directors

Edwin C. Hedlund Signature

Edwin C. Hedlund

Executive Vice President and

Secretary

December 16, 2002

Seattle, Washington

YOU ARE CORDIALLY INVITED TO ATTEND THE ANNUAL MEETING. IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED REGARDLESS OF THE NUMBER YOU OWN. EVEN IF YOU PLAN TO BE PRESENT, YOU ARE URGED TO COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY PROMPTLY IN THE ENVELOPE PROVIDED. IF YOU ATTEND THIS MEETING, YOU MAY VOTE EITHER IN PERSON OR BY YOUR PROXY. ANY PROXY GIVEN MAY BE REVOKED BY YOU IN WRITING OR IN PERSON AT ANY TIME PRIOR TO THE EXERCISE THEREOF.

WASHINGTON FEDERAL, INC.

PROXY STATEMENT

ANNUAL MEETING OF STOCKHOLDERS

January 21, 2003

This Proxy Statement is furnished to the holders of the common stock, $1.00 par value per share (“Common Stock”), of Washington Federal, Inc. (“Washington Federal” or the “Company”), the parent holding company for Washington Federal Savings, a federally-chartered savings association, in connection with the solicitation of proxies by the Board of Directors of the Company, to be used at the Annual Meeting of Stockholders to be held at the Seattle Sheraton Hotel, 1400 Sixth Avenue, Seattle, Washington, on Tuesday, January 21, 2003, at 2:00 p.m., and at any adjournment thereof (the “Annual Meeting”), for the purposes set forth in the Notice of Annual Meeting of Stockholders. This Proxy Statement is first being mailed to stockholders on or about December 16, 2002.

The proxy solicited hereby, if properly signed and returned and not revoked prior to its use, will be voted in accordance with the instructions given thereon. If no instructions are so specified, then the proxy will be voted for the persons nominated to be directors by the Board of Directors, for the ratification of the appointment of Deloitte & Touche LLP as independent auditors for fiscal 2003 and, upon the transaction of such other business as may properly come before the Annual Meeting, in accordance with the best judgment of the persons appointed as proxies. Any stockholder giving a proxy has the power to revoke it at any time before it is exercised by (i) filing written notice thereof with the Secretary of Washington Federal (Edwin C. Hedlund, Washington Federal, Inc., 425 Pike Street, Seattle, Washington 98101); (ii) submitting a duly executed proxy bearing a later date; or (iii) appearing at the meeting and notifying the Secretary of his or her intention to vote in person. Proxies solicited hereby may be exercised only at the Annual Meeting and any adjournment thereof and will not be used for any other meeting.

VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF

Voting Securities

Only stockholders of record at the close of business on November 29, 2002 (the “Voting Record Date”) will be entitled to vote at the Annual Meeting. On the Voting Record Date, 63,155,129 shares of Common Stock were issued and outstanding and

the Company had no other class of equity securities issued and outstanding. Each share of Common Stock is entitled to one vote at the Annual Meeting on matters other than the election of directors, in respect of which cumulative voting is permitted, as discussed below under “Information with Respect to Nominees for Director, Directors Whose Terms Continue and Executive Officers.”

Vote Required

The election of the Company’s directors requires a plurality of the votes represented in person or by proxy at the Annual Meeting. The proposal to ratify the appointment of Deloitte & Touche LLP as independent auditors and any other business that properly may come before the Annual Meeting require that the votes cast in favor of such proposal exceed the votes cast against such proposal.

Effect of an Abstention and Broker Non-Votes

A stockholder who abstains from voting on any or all proposals will be included in the number of stockholders present at the Annual Meeting for the purpose of determining the presence of a quorum. Abstentions will not be counted either in favor of or against the election of the nominees or any other proposal. Under the rules of the National Association of Securities Dealers, brokers holding stock for the accounts of their clients who have not been given specific voting instructions as to a matter by their clients may vote their clients’ proxies in their own discretion.

Principal Holders of Voting Securities

The following table sets forth information as of October 1, 2002 with respect to (i) any person or entity known by Washington Federal to be the beneficial owner of more than 5% of the issued and outstanding Common Stock and (ii) ownership of the Common Stock by all directors and executive officers of Washington Federal as a group.


		Amount and Nature
		of Beneficial
Name and Address of Beneficial Owner		Ownership(1)			Percent of Class

Kayne Anderson Rudnick Investment Management, LLC			5,352,239	(2)		8.42%	(4)
	1800 Avenue of the Stars, Suite 200 Los Angeles, California 90067-4219
All directors and executive officers as a group (11 persons)			1,012,867	(3)		1.59%	(4)


(1)	Pursuant to rules promulgated by the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), a person is considered to beneficially own shares of Common Stock if he or she has or shares: (1) voting power, which includes the power to vote, or direct the voting of the shares; or (2) investment power, which includes the power to dispose, or direct the disposition of the shares.

(2)	Kayne Anderson Rudnick Investment Management, LLC, has sole power to dispose of 5,352,239 shares and sole voting power with respect to 2,837,335 shares.

(3)	Includes ownership of options to purchase Common Stock that may be exercised by all executive officers as a group prior to December 31, 2002 aggregating 135,453 shares. Also includes 20,624 shares held by the Washington Federal Savings Profit Sharing Retirement and Employee Stock Ownership Plan (the “Retirement Plan”) for the benefit of executive officers of Washington Federal. Directors, unless current or former employees of Washington Federal, do not participate in the Retirement Plan. The Retirement Plan is a qualified, defined contribution profit sharing and employee stock ownership plan maintained for all eligible employees of Washington Federal that invests primarily in U.S. Government and federal agency securities, certificates of deposit and similar instruments issued by Washington Federal and other financial institutions. As an alternative to the aforementioned investments, employees have the option of directing 401(k) contributions and earnings thereon to a variety of mutual funds. The shares of Common Stock of Washington Federal held by the Retirement Plan are voted by the trustees of such plan, but their disposition can be directed only by the employee to whose account the shares are allocated. The trustees of the Retirement Plan are Brent J. Beardall, Karen S. Carlson and Ronald L. Saper, all of whom are employees of Washington Federal Savings.

(4)	The percentage of outstanding shares of Common Stock is based on the 63,540,820 shares of Common Stock issued and outstanding on October 1, 2002, plus options to purchase 135,453 shares of Common Stock that are exercisable by current and former executive officers as a group prior to December 31, 2002.

INFORMATION WITH RESPECT TO NOMINEES FOR DIRECTOR,

DIRECTORS WHOSE TERMS CONTINUE AND EXECUTIVE OFFICERS

General

The Restated Articles of Incorporation of Washington Federal provide that the Board of Directors shall be divided into three classes as nearly equal in number as possible, and that the members of each class shall be elected for terms of three years and until their successors are elected and qualified, with one of the three classes of directors to be elected each year. The number of directors currently authorized by Washington Federal’s Bylaws is eight.

Pursuant to Washington Federal’s Restated Articles of Incorporation, at each election of directors every stockholder entitled to vote has the right to vote, in person or by proxy, the number of shares owned by him or her for as many persons as there are directors to be elected, or to cumulate his or her votes by giving one candidate as many votes as the number of such directors to be elected multiplied by the number of his or her shares shall equal, or by distributing such votes on the same principle among any number of candidates. In the event that cumulative voting is in effect, it is the intention of the persons named in the accompanying proxy to vote cumulatively for the election of the nominees for director listed in the table that follows. The accompanying proxy cannot be voted for any person who is not a nominee of the Board of Directors.

At the Annual Meeting, stockholders of Washington Federal will be asked to elect three directors of Washington Federal for a three-year term and until their successors are elected and qualified. The three nominees for election as directors to a three-year term are John F. Clearman, H. Dennis Halvorson and Roy M. Whitehead. All nominees were selected by the Nominating Committee of the Board of Directors and currently serve as directors of Washington Federal. There are no arrangements or understandings between the persons named and any other person pursuant to which such person was selected as a nominee for election as a director at the Annual Meeting, and no director or nominee for director is related to any other director or executive officer of Washington Federal by blood, marriage or adoption.

If any person named as nominee should be unable or unwilling to stand for election at the time of the Annual Meeting, the proxies will nominate and vote for any replacement nominee or nominees recommended by the Board of Directors of Washington Federal. Alternatively, under such circumstances the Board of Directors of Washington Federal may reduce the number of directors of Washington Federal.

Information with Respect to Nominees for Director and Continuing Directors

The following tables set forth information relating to the nominees of Washington Federal for election as directors and directors of Washington Federal whose terms continue.

Nominees for Three-Year Term Expiring in 2006

Positions with

Common Stock Owned

Washington

Directly or Indirectly as of

Federal and Principal

October 1, 2002(2)(3)

Occupation During

Director

Name

Age

Past Five Years

Since(1)

No.

Percentage

John F. Clearman

Director; former Chief Financial Officer of Milliman USA Inc.; former President and Chief Executive Officer of N.C. Machinery Co.; Director of Esterline Corporation

1996

11,752

0.02%

H. Dennis Halvorson

Director; former President and Chief Executive Officer of United Bank, a Savings Bank

1996

17,465

0.03%

Roy M. Whitehead

Vice Chairman; Chief Executive Officer of Washington Federal since October 2000; President of Washington Federal since April 1999 and Executive Vice President from September 1998 to April 1999; Regional Vice President of Wells Fargo Bank, N.A., from June 1997 to September 1998; previously served as President of Wells Fargo Bank of Colorado and predecessor organization

1999

78,994

(4)

0.12%

THE BOARD OF DIRECTORS RECOMMENDS THAT THE NOMINEES BE

ELECTED AS DIRECTORS.

Directors with Terms Expiring in 2004

Positions with

Common Stock Owned

Washington

Directly or Indirectly as of

Federal and Principal

October 1, 2002(2)(3)

Occupation During

Director

Name

Age

Past Five Years

Since(1)

No.

Percentage

Kermit O. Hanson

Director; Dean Emeritus Graduate School of Business Administration, University of Washington; Chairman Emeritus, Pacific Rim Bankers Program

1966

19,909

0.03%

W. Alden Harris

Director; former Executive Vice President of Washington Federal Savings

1967

80,869

0.13%

Guy C. Pinkerton

Chairman; former President and Chief Executive Officer of Washington Federal Savings

1991

577,750

(4)

0.91%

Directors with Terms Expiring in 2005

Positions with

Common Stock Owned

Washington

Directly or Indirectly as of

Federal and Principal

October 1, 2002(2)(3)

Occupation During

Director

Name

Age

Past Five Years

Since(1)

No.

Percentage

Anna C. Johnson

Director; Senior Partner, Scan East West Travel, Seattle, Washington

1995

2,824

—%

Charles R. Richmond

Director; former Executive Vice President and Secretary of Washington Federal Savings

1995

127,743

(4)

0.20%


(1)	Includes tenure as a director of Washington Federal Savings and its predecessors.

(2)	Pursuant to rules promulgated by the SEC under the Exchange Act, a person is considered to beneficially own shares of Common Stock if he or she has or

shares: (1) voting power, which includes the power to vote or direct the voting of the shares; or (2) investment power, which includes the power to dispose or direct the disposition of the shares.

(3) Based on information furnished by the respective directors. The percentage of outstanding shares of Common Stock is based on the 63,540,820 shares of Common Stock issued and outstanding on October 1, 2002, plus options to purchase shares of Common Stock that are exercisable by a director prior to December 31, 2002.

(4) Includes in the case of Messrs. Pinkerton, Richmond and Whitehead, options to purchase 40,112 shares, 11,244 shares and 37,016 shares of Common Stock, respectively, which are exercisable prior to December 31, 2002, as well as 9,444 shares of Common Stock, in the case of Mr. Whitehead, which are held pursuant to the Retirement Plan. Includes in the case of Mr. Whitehead, 14,500 shares of restricted stock, resulting from original grants of 7,500 and 10,000 shares of restricted stock on December 13, 1999 and December 13, 2001, respectively. The December 13, 1999 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years.

Certain Executive Officers Who Are Not Directors

The following table sets forth information concerning the current executive officers of Washington Federal who are not directors and who are listed in the Summary Compensation Table under “Executive Compensation” below.



			Positions with	Common Stock Owned
			Washington	Directly or Indirectly as of
			Federal and Principal	October 1, 2002(1)(2)
			Occupation During
Name	Age		Past Five Years	No.			Percentage

Edwin C. Hedlund		46	Executive Vice President since July 1999; previously founder, President and Director of Phoenix Savings Bank from April 1997 until July of 1999		40,979	(3)		0.06%
Jack B. Jacobson		52	Executive Vice President and Chief Lending Officer since October 2001; Senior Vice President from October 2000 to October 2001; Vice President of Washington Federal from November 1996 until October 2000		27,224	(3)		0.04%
Ronald L. Saper		52	Executive Vice President and Chief Financial Officer		27,358	(3)		0.04%


(1)	Pursuant to rules promulgated by the SEC under the Exchange Act, a person is considered to beneficially own shares of Common Stock if he or she has or shares: (1) voting power, which includes the power to vote, or direct the voting of the shares; or (2) investment power, which includes the power to dispose, or direct the disposition of the shares.

(2)	Based on information furnished by the respective officers. The percentage of outstanding shares of Common Stock is based upon the 63,540,820 shares of Common Stock issued and outstanding on October 1, 2002, plus options to purchase shares of Common Stock that are exercisable by an executive officer prior to December 31, 2002.

(3)	Includes in the case of Messrs. Hedlund, Jacobson and Saper, options to purchase 16,390 shares, 12,495 shares and 18,196 shares of Common Stock, respectively, which are exercisable prior to December 31, 2002, as well as 6,885 shares and 4,295 shares of Common Stock, for Messrs. Hedlund and Jacobson, which are held pursuant to the Retirement Plan. Includes in the case of Mr. Hedlund, 7,250 shares of restricted stock, resulting from original grants

of 3,750 and 5,000 shares of restricted stock on December 13, 1999 and December 13, 2001, respectively. The December 13, 1999 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years. Includes in the case of Mr. Jacobson, 8,000 shares of restricted stock, resulting from original grants of 3,750 and 5,000 shares of restricted stock on June 25, 2001 and December 13, 2001, respectively. The June 25, 2001 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years.

Stockholder Nominations

Pursuant to Article IV, Section 4.15 of Washington Federal’s Bylaws, stockholders of Washington Federal may name nominees for election to the Board of Directors by submitting such written nominations to the Secretary of Washington Federal at least ninety (90) days prior to the anniversary date of the mailing of proxy materials by Washington Federal in connection with the immediately preceding annual meeting of stockholders of Washington Federal. Such stockholder’s notice shall set forth (a) the name and address of the stockholder who intends to make the nomination and of the person or persons to be nominated; (b) a representation that the stockholder is a holder of record of stock of Washington Federal entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; (c) a description of all arrangements or understandings between the stockholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nomination or nominations are to be made by the stockholder; (d) such other information regarding each nominee proposed by such stockholder as would be required to be included in a proxy statement filed pursuant to the proxy rules of the SEC; and (e) the consent of each nominee to serve as director of Washington Federal if elected. If a nomination is made in accordance with applicable requirements, then ballots will be provided for use by stockholders at the stockholder meeting bearing the name of such nominee or nominees. No nominations for election as a director at the Annual Meeting were submitted to Washington Federal in accordance with the foregoing requirements.

Section 16(a) Beneficial Ownership Reporting Compliance

Under Section 16(a) of the Exchange Act, Washington Federal’s directors and executive officers and any persons holding more than 10% of the outstanding Common Stock must report their ownership of Washington Federal’s securities and any changes in that ownership to the SEC by specific dates. Washington Federal believes that during the fiscal year ended September 30, 2002, all of these filing

requirements were satisfied by its directors and executive officers. In making the foregoing statement, Washington Federal has relied in part on representations of its directors and executive officers and copies of the reports that they have filed with the SEC.

The Board of Directors and Its Committees

The Board of Directors of Washington Federal held a total of ten meetings during the last fiscal year. No incumbent director attended fewer than 75% of the aggregate of the total number of meetings of the Board of Directors held during his or her tenure in office during the last fiscal year or the total number of all meetings held by all committees of the Board of Directors on which he or she served during such year. Washington Federal paid its directors a $1,100 monthly retainer plus $725 for each meeting attended. Messrs. Mersereau and Reed, former directors who currently serve as directors emeriti, also receive the $1,100 monthly retainer. The Board of Directors has established Executive, Audit, Personnel and Stock Compensation and Nominating Committees. Directors were paid $400 (committee chairmen were paid $600) for each committee meeting attended, other than short meetings held in conjunction with regularly scheduled board meetings.

The Board of Directors selects certain of its members to serve on its Executive Committee. The present Executive Committee consists of Messrs. Pinkerton (Chairman), Clearman, Harris and Whitehead. The Executive Committee is authorized to exercise all the authority of the Board of Directors in the management of Washington Federal between board meetings unless otherwise provided by the Bylaws of Washington Federal. The Executive Committee did not meet during the last fiscal year.

The Board of Directors has a standing Audit Committee with a written charter. The Audit Committee consists of Mr. Clearman (Chairman), Mr. Hanson and Ms. Johnson. The members are independent as defined in Rule 4200(a)(15) of the National Association of Securities Dealers, Inc. listing standards. The Audit Committee reviews and accepts the reports of Washington Federal’s independent auditor and the federal examiners. The Audit Committee met twice during the last fiscal year.

Report of the Audit Committee

The Audit Committee has reviewed and discussed the audited financial statements with management. The Audit Committee has discussed with the independent auditors the matters required to be discussed by Statement on Auditing Standards No. 61 “Communication with Audit Committees,” as may be modified or supplemented. The Audit Committee has received the written disclosures and the letter from the independent auditors required by Independence Standards Board Standard No. 1, as may be modified or supplemented, and has discussed with the independent auditors, the independent auditors’ independence. Based on the review and discussions referred to above in this report, the Audit Committee recommended to the Board of Directors that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the last fiscal year for filing with the SEC.

AUDIT COMMITTEE

John F. Clearman, Chairman

Anna C. Johnson

Kermit O. Hanson

The Board of Directors has a standing Personnel and Stock Compensation Committee (the “Committee”). The Committee consists of Messrs. Harris (Chairman) and Halvorson. No member of the Committee has served as an officer or an employee of Washington Federal or Washington Federal Savings during the past five years. The Committee studies personnel and compensation recommendations made by the Chief Executive Officer and makes recommendations to the Board of Directors. Further, the Committee is authorized to act under Washington Federal’s stock option plans to grant stock options, stock appreciation rights and performance shares. The Committee met two times during the last fiscal year.

The Board of Directors has appointed three of its members to serve as a Nominating Committee in connection with the election of directors. For the present Annual Meeting, the Board of Directors appointed Ms. Johnson (Chairperson), and Messrs. Harris and Hanson to serve on the Nominating Committee. The Nominating Committee met one time during the last fiscal year.

EXECUTIVE COMPENSATION

Summary Compensation Table

The following table sets forth a summary of certain information concerning the compensation awarded or paid by or on behalf of Washington Federal for services rendered in all capacities during the last three fiscal years to the Chief Executive Officer and the top four other executive officers of Washington Federal whose total compensation during the last fiscal year exceeded $100,000 (the “Named Executives”).



										Long-Term Compensation


				Annual Compensation						Awards					Payouts

										Registered
Name and Principal Position		Fiscal						Other Annual		Stock			Options/		LTIP		All Other
During Fiscal 2002		Year		Salary(1)		Bonus(2)		Compensation(3)		Award(s)			SARs(#)		Payouts		Compensation(4)

Roy M. Whitehead(5)			2002	$	306,375	$	77,100		0		10,000	(6)		30,000		0	$	33,413
	Vice Chairman, President		2001		289,800		7,200		0		0			0		0		30,228
	and Chief Executive		2000		260,750		11,218		0		7,500	(6)		30,000		0		26,400
	Officer
Edwin C. Hedlund			2002	$	189,600	$	47,814		0		5,000	(7)		15,000		0	$	20,724
	Executive Vice President		2001		177,000		4,500		0		0			0		0		18,480
	and Secretary		2000		150,000		1,620		0		3,750	(7)		15,000		0		15,939
Jack B. Jacobson			2002	$	150,750	$	36,105		0		5,000	(8)		15,000		0	$	16,005
	Executive Vice President		2001		127,500		2,853		0		3,750	(8)		0		0		13,200
	and Chief Lending Officer		2000		95,100		4,425		0		0			5,000		0		10,032
Charles R. Richmond			2002	$	159,950	$	34,401		0		0			7,500		0	$	14,949
	Director of Real Estate		2001		183,300		7,785		0		0			0		0		22,352
	and Former Executive		2000		280,250		12,195		0		0			6,666		0		28,050
	Vice President(9)
Ronald L. Saper			2002	$	228,300	$	55,146		0		0			5,000		0	$	24,354
	Executive Vice President		2001		205,200		5,877		0		0			0		0		22,308
	and Chief Financial		2000		195,900		9,371		0		0			15,000		0		21,318
	Officer


(1)	Includes director’s fees for Mr. Richmond. Includes amounts deferred by Messrs. Whitehead, Hedlund, Jacobson and Saper pursuant to the Retirement Plan, which permits deferrals pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”). During fiscal 2002, 2001 and 2000, Mr. Richmond did not defer amounts pursuant to the Retirement Plan. Includes automobile allowances provided for Messrs. Whitehead and Richmond.

(2)	Represents cash profit sharing bonus paid to all officers and employees in fiscal years 2002, 2001 and 2000 upon reaching certain financial goals for the Company.

(3)	Washington Federal owns automobiles for use by Messrs. Hedlund, Jacobson and Saper and certain other employees. Washington Federal also pays club dues and other miscellaneous benefits for certain executive officers. Washing-

ton Federal has concluded that the individual and aggregate amount of personal benefits provided, which are not reflected in the above table, did not exceed the lesser of $50,000 or 10% of the cash compensation reported above for each of the Named Executives.

(4) Consists of amounts allocated or paid by Washington Federal to the Named Executives pursuant to the Retirement Plan.

(5) Mr. Whitehead joined the Company as Executive Vice President in September 1998 and assumed Mr. Pinkerton’s duties as President in April 1999 and Chief Executive Officer in October 2000. Mr. Whitehead assumed the responsibilities of Vice Chairman in September 2002.

(6) Consists of shares of restricted stock which were granted to Mr. Whitehead on December 13, 1999 and December 13, 2001. The September 30, 2002 aggregate value of the 14,500 shares that remain restricted was $323,640. The December 13, 1999 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years.

(7) Consists of shares of restricted stock which were granted to Mr. Hedlund on December 13, 1999 and December 13, 2001. The September 30, 2002 aggregate value of the 7,250 shares that remain restricted was $161,820. The December 13, 1999 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years.

(8) Consists of shares of restricted stock which were granted to Mr. Jacobson on June 25, 2001 and December 13, 2001. The September 30, 2002 aggregate value of the 8,000 shares that remain restricted was $178,560. The June 25, 2001 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years.

(9) Mr. Richmond retired from full-time employment on December 31, 2000 and is currently employed on a part-time basis by the Company.

Options/ SARs Granted in Fiscal 2002

The following table sets forth certain information with respect to stock options granted to the Named Executives during the year ended September 30, 2002.



	Individual Grants									Potential Realizable
										Value at Assumed
	Number of									Rates of Stock Price
	Securities		% of Total							Appreciation for
	Underlying		Options Granted			Exercise or				Option Term (3)
	Options		To Employees in			Base Price		Expiration
Name	Granted(1)		Fiscal Year			(per share)(2)		Date		5%		10%

Roy M. Whitehead		30,000		4.32	%	$	22.15		10/19/11	$	418,000	$	1,059,000
Edwin C. Hedlund		15,000		2.16	%	$	22.15		10/19/11		209,000		530,000
Jack B. Jacobson		15,000		2.16	%	$	22.15		10/19/11		209,000		530,000
Charles R. Richmond		7,500		1.08	%	$	22.15		10/19/11		104,000		265,000
Ronald L. Saper		5,000		.72	%	$	22.15		10/19/11		70,000		177,000


(1)	Options vest 20% to 100% annually, depending upon the grant, beginning October 19, 2002

(2)	The exercise price was based on the bid price of a share of Common Stock on the date of grant

(3)	Assumes future stock prices of $36.08 and $57.45 at compounded rates of return of five percent and ten percent, respectively. The valuations listed above are based on hypothetical rates of appreciation in the price of the Common Stock (five percent and ten percent, compounded annually) and are included here in response to specific requirements of the SEC. Washington Federal makes no representation that its stock will perform similarly or show similar appreciation.

Aggregate Options/ SARs Exercised in Fiscal 2002 and Fiscal Year End Option/ SAR Values

The following table sets forth certain information with respect to the exercise of stock options during fiscal 2002 and outstanding stock options held by the Named Executives as of September 30, 2002.



									Value of Unexercised
					Number of Unexercised				In-the-Money Options/SARs
	Shares				Options/SARs at Year End				at September 30, 2002(1)
	Acquired		Value
Name	on Exercise		Realized		Exercisable		Unexercisable		Exercisable		Unexercisable

Roy M. Whitehead		6,409	$	64,511		37,016		79,115	$	180,375	$	358,108
Edwin C. Hedlund		0		0		16,390		30,360		85,171		121,651
Jack B. Jacobson		0		0		12,495		25,135		43,997		93,390
Charles R. Richmond		60,544		720,674		11,244		8,250		53,606		17,985
Ronald L. Saper		0		0		18,196		16,418		88,728		84,823


(1)	The indicated value is based on the $22.32 per share market value of the Common Stock at September 30, 2002, minus the exercise price.

Report of the Personnel and Stock Compensation Committee

The Personnel and Stock Compensation Committee reviews and establishes management compensation and compensation policies and procedures. Following review and approval by the Committee, all issues pertaining to executive compensation are submitted to the full Board of Directors for its approval. The Committee also has responsibility for the grant of awards under Washington Federal’s long-term incentive and stock option plans.

Executive officer compensation adjustments were based on Washington Federal’s overall performance in the past year and an analysis of compensation levels necessary to attract and maintain quality personnel. In this way, Washington Federal is able to compete for and retain talented executives who are critical to Washington Federal’s long-term success and aligns the interest of those with the long-term interests of Washington Federal’s stockholders.

Executive compensation consists of three components: cash compensation, including base salary and incentive bonus; long-term incentive compensation in the form of stock options and grants; and executive benefits. The components are intended to provide incentives to achieve short- and long-range objectives of Washington Federal and to reward exceptional performance. Performance is evaluated not only with respect to Washington Federal’s earnings but also with respect to comparable industry performance, the accomplishment of Washington Federal’s business objectives and the individual’s contribution to Washington Federal’s core earnings and stockholder value. The competitiveness of Washington Federal’s compensation structure is determined by a thorough review of compensation survey data collected by the Committee. To motivate job performance and to encourage growth in stockholder value, stock options are granted under Washington Federal’s stock option plans to all executives and other personnel in order to encourage substantial contributions toward the overall success of Washington Federal. The Committee believes that this focuses attention on managing Washington Federal from the perspective of an owner with an equity stake in the business. With respect to executive benefits, executive officers receive all normal employee fringe benefits.

In determining the overall compensation package for the Chief Executive Officer, the Committee considered each of the factors enumerated in the preceding paragraphs regarding compensation for executive officers of Washington Federal, as well as the financial performance achieved by Washington Federal during the past fiscal year. In addition to a high level of earnings, Washington Federal continued at or near the top of the financial industry for such key financial performance measures as return on average assets, return on average equity, capital and efficiency ratios. Additionally, the Committee reviewed various compensation packages provided to executive officers of publicly-traded financial institutions. The results of such review showed the Chief Executive Officer’s overall compensation package to be below the median for chief executive officers of publicly-traded financial institutions of comparable size and performance.

THE PERSONNEL AND STOCK

COMPENSATION COMMITTEE

W. Alden Harris, Chairman

H. Dennis Halvorson

Indebtedness of Directors and Executive Management

Washington Federal Savings will from time to time make mortgage loans to directors, executive officers and employees on the security of their residences at prevailing contractual interest rates. Management believes that these loans do not involve more than the normal risks of collectibility or present other unfavorable features. These loans are made on substantially the same terms as those prevailing at the time for comparable transactions with non-affiliated persons. Such loans made to directors and executive officers totaled $270,767 at September 30, 2002. Washington Federal Savings also makes loans secured by savings accounts to its non-executive officers and employees. These loans are made on the same terms as those prevailing for comparable loans to non-affiliated persons.

Performance Graphs

The following graphs compare the cumulative total return to Washington Federal stockholders (stock price appreciation plus reinvested dividends) to the cumulative total return of the Nasdaq Stock Market Index (U.S. Companies) and the Nasdaq Financial Stocks Index for the five year period ended September 30, 2002 and since Washington Federal Savings first became a publicly traded company on November 9, 1982, respectively. The graphs assume that $100 was invested on September 30, 1997 and November 9, 1982, respectively, in Washington Federal Common Stock, the Nasdaq Stock Market Index and the Nasdaq Financial Stocks Index, and that all dividends were reinvested. Management of Washington Federal cautions that the stock price performance shown in the graphs below should not be considered indicative of potential future stock price performance.

(PERFORMANCE GRAPH)


	Washington Federal,		Nasdaq Stock Market		Nasdaq Financial
	Inc.		(U.S. Companies)		Stocks

09/30/97		100.00		100.00		100.00
10/31/97		100.35		94.57		99.92
11/30/97		109.50		95.01		102.99
12/31/97		106.95		93.27		112.28
01/31/98		101.17		96.21		108.02
02/28/98		104.21		105.22		113.83
03/31/98		104.69		109.14		118.94
04/30/98		106.93		111.13		120.76
05/31/98		105.74		105.83		116.11
06/30/98		105.03		112.77		117.04
07/31/98		99.73		111.47		113.98
08/31/98		86.78		89.29		92.57
09/30/98		104.11		100.92		97.30
10/31/98		103.25		105.57		104.63
11/30/98		98.17		116.22		108.44
12/31/98		103.25		130.76		118.57
01/31/99		100.30		149.45		136.78
02/28/99		96.64		136.50		127.02
03/31/99		90.20		146.90		139.43
04/30/99		95.98		151.79		194.99
05/31/99		97.61		147.52		169.34
06/30/99		97.33		160.44		174.48
07/31/99		108.09		157.63		150.51
08/31/99		104.53		163.69		138.62
09/30/99		101.52		164.14		128.39
10/31/99		100.89		177.34		131.82
11/30/99		92.32		199.49		153.71
12/31/99		87.35		243.38		156.69
01/31/00		75.14		235.68		145.61
02/29/00		68.69		280.98		148.54
03/31/00		85.51		273.59		152.47
04/30/00		79.30		231.00		123.52
05/31/00		92.94		203.53		110.46
06/30/00		84.13		237.39		117.39
07/31/00		86.44		225.49		117.23
08/31/00		95.66		251.83		135.38
09/30/00		104.88		219.93		136.76
10/31/00		104.01		201.79		128.40
11/30/00		106.42		155.62		105.71
12/31/00		133.73		148.03		114.40
01/31/01		131.09		166.15		123.53
02/28/01		134.49		128.98		116.33
03/31/01		127.06		110.35		105.02
04/30/01		133.15		126.92		116.98
05/31/01		133.10		126.61		119.02
06/30/01		127.98		129.69		122.71
07/31/01		140.14		121.66		118.54
08/31/01		130.72		108.39		112.06
09/30/01		131.93		90.02		97.54
10/31/01		120.55		101.54		96.62
11/30/01		130.77		116.00		106.57
12/31/01		138.49		117.24		114.38
01/31/02		150.68		116.29		113.51
02/28/02		153.28		104.14		111.67
03/31/02		141.46		111.03		117.92
04/30/02		155.65		101.59		114.11
05/31/02		163.33		97.26		115.72
06/30/02		150.52		88.12		104.77
07/31/02		150.34		80.01		91.89
08/31/02		154.19		79.23		95.94
09/30/02		134.20		70.66		85.16

(PERFORMANCE GRAPH)


	Washington Federal,		Nasdaq Stock Market		Nasdaq Financial
	Inc.		(U.S. Companies)		Stocks

11/09/1982		100		100		100
11/30/1982		120		101		100
12/31/1982		117		101		100
01/31/1983		140		108		103
02/28/1983		148		114		107
03/31/1983		157		119		113
04/30/1983		191		128		126
05/31/1983		207		136		128
06/30/1983		190		140		130
07/31/1983		197		134		131
08/31/1983		181		129		131
09/30/1983		200		130		137
10/31/1983		187		121		133
11/30/1983		194		126		137
12/31/1983		194		123		139
01/31/1984		197		119		141
02/29/1984		169		112		136
03/31/1984		162		111		138
04/30/1984		156		110		138
05/31/1984		147		104		131
06/30/1984		164		107		135
07/31/1984		169		103		134
08/31/1984		190		114		144
09/30/1984		221		113		148
10/31/1984		238		112		151
11/30/1984		265		110		154
12/31/1984		292		112		159
01/31/1985		288		126		172
02/28/1985		285		129		176
03/31/1985		326		127		179
04/30/1985		332		128		188
05/31/1985		356		132		197
06/30/1985		408		135		206
07/31/1985		394		137		208
08/31/1985		413		136		210
09/30/1985		404		128		203
10/31/1985		436		134		218
11/30/1985		463		144		234
12/31/1985		490		150		240
01/31/1986		583		154		250
02/28/1986		620		166		274
03/31/1986		606		173		285
04/30/1986		577		177		291
05/31/1986		587		185		307
06/30/1986		677		187		319
07/31/1986		692		172		302
08/31/1986		748		177		309
09/30/1986		669		162		284
10/31/1986		691		167		283
11/30/1986		659		167		278
12/31/1986		668		162		272
01/31/1987		715		181		292
02/28/1987		833		197		311
03/31/1987		833		199		313
04/30/1987		731		193		300
05/31/1987		703		193		293
06/30/1987		788		197		306
07/31/1987		894		202		307
08/31/1987		865		211		324
09/30/1987		842		207		313
10/31/1987		648		151		249
11/30/1987		612		142		242
12/31/1987		756		154		250
01/31/1988		844		162		270
02/29/1988		880		172		283
03/31/1988		872		176		285
04/30/1988		807		178		282
05/31/1988		847		175		279
06/30/1988		880		187		296
07/31/1988		840		184		295
08/31/1988		831		180		294
09/30/1988		954		186		303
10/31/1988		963		183		303
11/30/1988		880		178		296
12/31/1988		940		183		296
01/31/1989		973		193		306
02/28/1989		956		193		308
03/31/1989		934		197		315
04/30/1989		1119		208		327
05/31/1989		1202		217		334
06/30/1989		1304		212		334
07/31/1989		1427		221		346
08/31/1989		1455		229		364
09/30/1989		1733		231		365
10/31/1989		1493		222		346
11/30/1989		1446		223		339
12/31/1989		1353		222		329
01/31/1990		1345		203		306
02/28/1990		1459		209		309
03/31/1990		1591		215		305
04/30/1990		1518		208		290
05/31/1990		1682		227		297
06/30/1990		1632		229		292
07/31/1990		1624		217		278
08/31/1990		1379		190		254
09/30/1990		1314		172		224
10/31/1990		1254		165		216
11/30/1990		1363		181		233
12/31/1990		1487		189		241
01/31/1991		1562		209		254
02/28/1991		1768		230		283
03/31/1991		1856		245		298
04/30/1991		1975		247		316
05/31/1991		1960		258		329
06/30/1991		1990		242		326
07/31/1991		2111		256		348
08/31/1991		2231		269		372
09/30/1991		2201		270		365
10/31/1991		2218		279		375
11/30/1991		2142		270		365
12/31/1991		2399		302		395
01/31/1992		2493		320		414
02/29/1992		2333		327		436
03/31/1992		2325		312		442
04/30/1992		2425		299		463
05/31/1992		2230		302		484
06/30/1992		2506		291		482
07/31/1992		2456		301		495
08/31/1992		2340		292		486
09/30/1992		2429		303		497
10/31/1992		2499		314		508
11/30/1992		2639		339		541
12/31/1992		2522		352		574
01/31/1993		2519		362		597
02/28/1993		2745		349		611
03/31/1993		2849		359		636
04/30/1993		2843		343		610
05/31/1993		2582		364		597
06/30/1993		2712		365		615
07/31/1993		2866		366		637
08/31/1993		2866		385		654
09/30/1993		2993		396		672
10/31/1993		2834		405		662
11/30/1993		2596		393		635
12/31/1993		2768		404		655
01/31/1994		2674		416		666
02/28/1994		2586		413		658
03/31/1994		2542		387		647
04/30/1994		2521		382		668
05/31/1994		2655		383		699
06/30/1994		2610		369		699
07/31/1994		2576		377		709
08/31/1994		2606		401		727
09/30/1994		2466		400		707
10/31/1994		2148		407		685
11/30/1994		2156		394		657
12/31/1994		2103		395		653
01/31/1995		2250		397		675
02/28/1995		2449		418		708
03/31/1995		2449		431		715
04/30/1995		2539		444		735
05/31/1995		2825		456		757
06/30/1995		2724		493		789
07/31/1995		2721		529		827
08/31/1995		2909		539		871
09/30/1995		2972		552		891
10/31/1995		2890		549		906
11/30/1995		3048		562		952
12/31/1995		3237		559		973
01/31/1996		3062		561		975
02/29/1996		3000		583		989
03/31/1996		3052		585		1011
04/30/1996		2978		633		1006
05/31/1996		3066		662		1023
06/30/1996		2907		632		1028
07/31/1996		3049		576		1015
08/31/1996		3174		608		1086
09/30/1996		3389		655		1138
10/31/1996		3476		648		1188
11/30/1996		3856		688		1277
12/31/1996		3838		687		1285
01/31/1997		3801		736		1356
02/28/1997		4101		695		1433
03/31/1997		3659		650		1381
04/30/1997		3897		670		1412
05/31/1997		4282		746		1500
06/30/1997		4171		769		1607
07/31/1997		4627		850		1730
08/31/1997		4463		849		1716
09/30/1997		4852		899		1895
10/31/1997		4869		850		1880
11/30/1997		5313		854		1952
12/31/1997		5189		839		2128
01/31/1998		4909		865		2047
02/28/1998		5056		946		2157
03/31/1998		5079		981		2254
04/30/1998		5188		999		2289
05/31/1998		5130		951		2201
06/30/1998		5096		1014		2218
07/31/1998		4839		1002		2160
08/31/1998		4210		803		1754
09/30/1998		5051		907		1844
10/31/1998		5009		949		1983
11/30/1998		4763		1045		2080
12/31/1998		5009		1176		2135
01/31/1999		4866		1344		2083
02/28/1999		4689		1227		2065
03/31/1999		4376		1321		2050
04/30/1999		4657		1365		2201
05/31/1999		4736		1326		2164
06/30/1999		4722		1442		2200
07/31/1999		5244		1417		2136
08/31/1999		5072		1472		2056
09/30/1999		4926		1476		2002
10/31/1999		4895		1594		2161
11/30/1999		4479		1794		2130
12/31/1999		4238		2188		2052
01/31/2000		3646		2119		1927
02/29/2000		3333		2526		1737
03/31/2000		4149		2460		1854
04/30/2000		3847		2077		1803
05/31/2000		4509		1830		1892
06/30/2000		4082		2134		1804
07/31/2000		4194		2027		1880
08/31/2000		4641		2264		2017
09/30/2000		5089		1977		2148
10/31/2000		5046		1814		2025
11/30/2000		5163		1399		1694
12/31/2000		6488		1331		1821
01/31/2001		6360		1494		1954
02/28/2001		6525		1160		1849
03/31/2001		6165		992		1684
04/30/2001		6460		1141		1858
05/31/2001		6458		1138		1887
06/30/2001		6209		1166		1941
07/31/2001		6799		1094		1881
08/31/2001		6342		974		1787
09/30/2001		6401		809		1579
10/31/2001		5849		913		1831
11/30/2001		6345		1043		2020
12/31/2001		6719		1054		2168
01/31/2002		7311		1046		2151
02/28/2002		7437		936		2116
03/31/2002		6863		998		2235
04/30/2002		7552		913		2163
05/31/2002		7924		874		2193
06/30/2002		7303		792		1986
07/31/2002		7294		719		1742
08/31/2002		7481		712		1818
09/30/2002		6511		635		1614

RATIFICATION OF APPOINTMENT OF

INDEPENDENT AUDITORS

At the Annual Meeting, stockholders of Washington Federal will be asked to ratify the appointment of Deloitte & Touche LLP as Washington Federal’s independent auditors for the year ending September 30, 2003. This appointment was recommended by the Audit Committee of Washington Federal and approved by the Board of Directors of Washington Federal. If the stockholders of Washington Federal do not ratify the appointment of Deloitte & Touche LLP, then the Board of Directors of Washington Federal will reconsider the appointment.

Deloitte & Touche LLP has advised Washington Federal that neither the firm nor any of its members has any direct or indirect financial interest in, or during the last three years, has had any other connection with Washington Federal other than the usual relationship, which exists between independent auditors and clients.

The professional services rendered by Deloitte & Touche LLP during fiscal 2002 consisted of auditing Washington Federal’s financial statements, services related to filings with Washington Federal’s regulators and consultations on matters related to taxes, accounting and financial reporting.

The fees billed for services rendered to Washington Federal by Deloitte & Touche LLP during fiscal year 2002 were as follows:


Audit Fees	$	145,050
Financial Information Systems Design and Implementation Fees	$	0
All Other Fees	$	0

A representative of Deloitte & Touche LLP will be present at the Annual Meeting and available to respond to appropriate questions and will be given an opportunity to make a statement if the representative chooses to do so.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE BY STOCKHOLDERS FOR RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS WASHINGTON FEDERAL’S INDEPENDENT AUDITORS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2003.

OTHER MATTERS

Management is not aware of any business to come before the Annual Meeting other than those matters described in this Proxy Statement. However, if any other matters should properly come before the Annual Meeting, it is intended that the proxies solicited hereby will be voted with respect to those other matters in accordance with the judgment of the persons voting the proxies.

The cost of the solicitation of proxies will be borne by Washington Federal. Washington Federal will reimburse brokerage firms and other custodians, nominees and fiduciaries for reasonable expenses incurred by them in sending proxy materials to the beneficial owners of the Common Stock. In addition to solicitations by mail, directors, officers and employees of Washington Federal may solicit proxies personally or by telephone without additional compensation.

STOCKHOLDER PROPOSALS

Any proposal which a stockholder wishes to have included in the proxy solicitation materials to be used in connection with the next annual meeting of stockholders of Washington Federal must be received at the main office of Washington Federal no later than August 18, 2003. If such proposal is in compliance with all of the requirements of Rule 14a-8 under the Exchange Act, it will be included in the proxy statement and set forth on the form of proxy issued for the next annual meeting of stockholders. It is urged that any such proposals be sent by certified mail, return receipt requested.

No stockholder proposals were submitted in connection with this Annual Meeting. Stockholder proposals that are not submitted for inclusion in Washington Federal’s proxy materials pursuant to Rule 14a-8 under the Exchange Act may be brought before an annual meeting pursuant to Section 2.15 of Washington Federal’s Bylaws, which provides that business at an annual meeting of stockholders must be (a) properly brought before the meeting by or at the direction of the Board of Directors, or (b) otherwise properly brought before the meeting by a stockholder. For business to be properly brought before an annual meeting by a stockholder, the stockholder must have given timely notice thereof in writing to the Secretary of Washington Federal. To be timely, a stockholder’s notice must be delivered to, or mailed and received at, the principal executive offices of Washington Federal not later than 90 days prior to the anniversary date of the mailing of proxy materials by Washington Federal in connection with the immediately preceding annual meeting of stockholders of Washington Federal, or not later than September 16, 2003 in connection with the annual meeting of stockholders for the year 2004 of

Washington Federal. Such stockholder’s notice is required to set forth certain information specified in Washington Federal’s Bylaws.

ANNUAL REPORTS

Stockholders of Washington Federal as of the record date for the Annual Meeting are being forwarded a copy of Washington Federal’s Annual Report to Stockholders for the year ended September 30, 2002 (the “Annual Report”). Included in the Annual Report are the consolidated statements of financial condition of Washington Federal as of September 30, 2002 and 2001 and the related consolidated statements of operations, stockholders’ equity and cash flows for each of the years in the three-year period ended September 30, 2002, prepared in accordance with generally accepted accounting principles in the United States of America, and the related report of Washington Federal’s independent auditors. The Annual Report is not a part of this Proxy Statement.

Upon receipt of a written request, Washington Federal will furnish to any stockholder without charge a copy of its annual report on Form 10-K filed with the SEC under the Exchange Act for the year ended September 30, 2002. Upon written request and payment of a copying charge of $.10 per page, Washington Federal will furnish to any such stockholder a copy of the exhibits to the annual report on Form 10-K. Such written requests should be directed to Brent J. Beardall, Vice President of Finance, Washington Federal, Inc., 425 Pike Street, Seattle, Washington 98101. The annual report on Form 10-K is not a part of this Proxy Statement. The annual report on Form 10-K, together with this Proxy Statement are available on Washington Federal’s website at www.washingtonfederal.com.

REVOCABLE PROXY

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.

WASHINGTON FEDERAL, INC.
425 Pike Street, Seattle, Washington 98101-2334

The undersigned hereby appoints the Board of Directors as Proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent the undersigned and to vote as designated below, all the shares of Common Stock of Washington Federal, Inc. (“Washington Federal”) held of record by the undersigned on November 29, 2002, at the Annual Meeting of Stockholders to be held at the Seattle Sheraton Hotel, 1400 Sixth Avenue, Seattle, Washington, on Tuesday, January 21, 2003, or at any adjournment thereof (the “Annual Meeting”).

This proxy may be revoked at any time before it is exercised.

- FOLD AND DETACH HERE -


		Please mark your votes as indicated in this example.		x


		FOR	WITHHOLD
		all nominees named	AUTHORITY
		(except as marked	to vote for all
		to the contrary)	named nominees

1.	ELECTION OF DIRECTORS: Nominees for a three-year term: 01 John F. Clearman 02 H. Dennis Halvorson 03 Roy M. Whitehead	o	o

	(Instruction: To withhold authority to vote for any individual nominee(s), write that nominee(s)’ name in the space provided below.)


		FOR	AGAINST	ABSTAIN

2.	Proposal to ratify the appointment of Deloitte & Touche LLP as the independent auditors of Washington Federal for fiscal year 2003.	o	o	o

In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the Annual Meeting.

This proxy, when properly executed, will be voted in the manner directed herein by the undersigned stockholder. If no direction is made, then this proxy will be voted for the nominees named under Proposal 1 below and for Proposal 2. In the discretion of the Proxies, shares may be voted cumulatively so as to elect the maximum number of nominees for director.

The undersigned hereby acknowledges receipt of a Notice of Annual Meeting of Stockholders of Washington Federal called for the 21st day of January 2003 and a Proxy Statement for such Annual Meeting prior to the signing of this proxy.

In view of the importance of the action to be taken and to save the cost of further proxy solicitation, we urge you to mark, sign, date and return the proxy card promptly using the enclosed envelope.


Signature(s)				Date

Please sign exactly as your name appears on the stock certificate. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee or guardian, please give title as such. If executed by a corporation, sign full corporate name by a duly authorized officer.

- FOLD AND DETACH HERE -

Annual Meeting of Stockholders

Tuesday, January 21, 2003
2:00 p.m. PST

Seattle Sheraton Hotel
1400 Sixth Avenue
Seattle, Washington

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[ ]		Preliminary Proxy Statement

[ ]		Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

[X]		Definitive Proxy Statement

[ ]		Definitive Additional Materials

[ ]		Soliciting Material Pursuant to 240.14a-11(c) or 240.14a-12

[X]		No fee required.

[ ]		Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

	(1)		Title of each class of securities to which transaction applies:

	(2)		Aggregate number of securities to which transaction applies:

	(3)		Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):

	(4)		Proposed maximum aggregate value of transaction:

	(5)		Total fee paid:

[ ]		Fee paid previously with preliminary materials.

[ ]		Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

	(1)		Amount Previously Paid:

	(2)		Form, Schedule or Registration Statement No.:

	(3)		Filing Party:

	(4)		Date Filed:


	Sincerely,


	Roy M. Whitehead
	Vice Chairman, President and
	Chief Executive Officer


	1. To elect three directors for a three-year term and until their successors are elected and qualified;

	2. To ratify the appointment of Deloitte & Touche LLP as Washington Federal’s independent auditors for fiscal 2003; and

	3. To transact such other business as may properly come before the meeting or any adjournment thereof.


	By Order of the Board of Directors

	Edwin C. Hedlund
	Executive Vice President and
	Secretary


	shares: (1) voting power, which includes the power to vote or direct the voting of the shares; or (2) investment power, which includes the power to dispose or direct the disposition of the shares.

(3)	Based on information furnished by the respective directors. The percentage of outstanding shares of Common Stock is based on the 63,540,820 shares of Common Stock issued and outstanding on October 1, 2002, plus options to purchase shares of Common Stock that are exercisable by a director prior to December 31, 2002.

(4)	Includes in the case of Messrs. Pinkerton, Richmond and Whitehead, options to purchase 40,112 shares, 11,244 shares and 37,016 shares of Common Stock, respectively, which are exercisable prior to December 31, 2002, as well as 9,444 shares of Common Stock, in the case of Mr. Whitehead, which are held pursuant to the Retirement Plan. Includes in the case of Mr. Whitehead, 14,500 shares of restricted stock, resulting from original grants of 7,500 and 10,000 shares of restricted stock on December 13, 1999 and December 13, 2001, respectively. The December 13, 1999 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years.


	AUDIT COMMITTEE

	John F. Clearman, Chairman
	Anna C. Johnson
	Kermit O. Hanson


	ton Federal has concluded that the individual and aggregate amount of personal benefits provided, which are not reflected in the above table, did not exceed the lesser of $50,000 or 10% of the cash compensation reported above for each of the Named Executives.

(4)	Consists of amounts allocated or paid by Washington Federal to the Named Executives pursuant to the Retirement Plan.

(5)	Mr. Whitehead joined the Company as Executive Vice President in September 1998 and assumed Mr. Pinkerton’s duties as President in April 1999 and Chief Executive Officer in October 2000. Mr. Whitehead assumed the responsibilities of Vice Chairman in September 2002.

(6)	Consists of shares of restricted stock which were granted to Mr. Whitehead on December 13, 1999 and December 13, 2001. The September 30, 2002 aggregate value of the 14,500 shares that remain restricted was $323,640. The December 13, 1999 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years.

(7)	Consists of shares of restricted stock which were granted to Mr. Hedlund on December 13, 1999 and December 13, 2001. The September 30, 2002 aggregate value of the 7,250 shares that remain restricted was $161,820. The December 13, 1999 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years.

(8)	Consists of shares of restricted stock which were granted to Mr. Jacobson on June 25, 2001 and December 13, 2001. The September 30, 2002 aggregate value of the 8,000 shares that remain restricted was $178,560. The June 25, 2001 grant vests annually over five years and the December 13, 2001 grant vests annually over seven years.

(9)	Mr. Richmond retired from full-time employment on December 31, 2000 and is currently employed on a part-time basis by the Company.


	THE PERSONNEL AND STOCK
	COMPENSATION COMMITTEE

	W. Alden Harris, Chairman
	H. Dennis Halvorson

			The undersigned hereby acknowledges receipt of a Notice of Annual Meeting of Stockholders of Washington Federal called for the 21st day of January 2003 and a Proxy Statement for such Annual Meeting prior to the signing of this proxy.

			In view of the importance of the action to be taken and to save the cost of further proxy solicitation, we urge you to mark, sign, date and return the proxy card promptly using the enclosed envelope.