-----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, GVUz4lMUTxZIkPjgGi/q60rKr+5+q7JZeWs5Y1VgGppUCKMMLV7iXkT+jmkMg4f4 4x1aBLOjlNo42fjn96wwqw== 0000936528-03-000005.txt : 20030417 0000936528-03-000005.hdr.sgml : 20030417 20030417165626 ACCESSION NUMBER: 0000936528-03-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030417 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030417 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25454 FILM NUMBER: 03654677 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 8-K 1 apr17_8k.txt MARCH 2003 8K 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) April 17, 2003 ------------------------------ Washington Federal, Inc. - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Washington 0-25454 91-161606 - ------------------------------------------------------------------------------ (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 425 Pike Street, Seattle, Washington 98101 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (206) 624-7930 ---------------------------- Not Applicable - ------------------------------------------------------------------------------ (Former name, former address and former fiscal year, if changed since last report) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits ------------- (a) Not applicable. (b) Not applicable. (c) The following exhibit is included with this Report: Exhibit 99.1 Press Release dated April 17, 2003. Item 9. Regulation FD Disclosure ------------- On April 17, 2003, Washington Federal, Inc. announced by press release its earnings for the quarter ended March 31, 2003. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in this Report on Form 8-K is furnished pursuant to Item 12. 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. WASHINGTON FEDERAL, INC. Dated: April 17, 2003 By: /s/ Brent J. Beardall --------------------- Brent J. Beardall Vice President Finance and Controller EX-99 2 apr17_x99.txt MARCH 2003 8K EXHIBIT 99 1 Washington Federal, Inc. 425 Pike Street Seattle, WA 98101 Contact: Cathy Cooper (206) 777-8246 Thursday, April 17, 2003 FOR IMMEDIATE RELEASE Washington Federal Reports Record Quarterly Earnings SEATTLE - Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal Savings, today announced earnings of $37,704,000 or $.54 per diluted share for the quarter ended March 31, 2003, compared to $35,759,000 or $.51 per diluted share for the same period one year ago, a 6% per share increase. Earnings of $37,704,000 represent a quarterly performance record for the Company. Washington Federal's second fiscal quarter produced a return on assets of 2.08%, while return on equity amounted to 16.40% for the quarter. The Company's efficiency ratio was 18.4% for the quarter. The Company's capital ratio increased to 13.51% as of March 31, 2003. Each of these measures continues among the best in the industry. Chief Executive Officer Roy M. Whitehead commented, "We are pleased to report record earnings once again this quarter. Included in net income is a non-recurring pretax gain of $3.4 million related to the sale of real estate held for investment. Our overall financial condition remains very strong." On April 18, 2003, Washington Federal will pay a cash dividend of $.21 per share to common stockholders of record on April 4, 2003. This will be the Company's 81st consecutive quarterly cash dividend. Based on recent market prices, the cash dividend yield is 3.90%. Washington Federal Savings, with headquarters in Seattle, Washington, has 115 offices in eight western states. -1- 2 WASHINGTON FEDERAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
March 31, 2003 September 30, 2002 -------------- ------------------ (In thousands, except per share data) ASSETS Cash and cash equivalents ......................................... $ 1,315,305 $ 975,153 Available-for-sale securities, including mortgage-backed securities of $584,543.......................................... 854,763 918,776 Held-to-maturity securities, including mortgage-backed securities of $152,678......................................... 166,707 168,925 Securitized assets subject to repurchase, net ..................... 427,620 755,961 Loans receivable, net ............................................. 4,266,413 4,292,003 Interest receivable ............................................... 33,126 39,503 Premises and equipment, net ....................................... 58,668 55,119 Real estate held for sale ......................................... 15,797 17,587 FHLB stock ........................................................ 136,811 132,320 Costs in excess of net assets acquired ............................ 35,703 35,703 Other assets ...................................................... 755 1,391 ----------- ----------- $ 7,311,668 $ 7,392,441 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Customer accounts Savings and demand accounts ................................... $ 4,355,149 $ 4,452,250 Repurchase agreements with customers .......................... 77,199 69,672 ----------- ----------- 4,432,348 4,521,922 FHLB advances ..................................................... 1,650,000 1,650,000 Other borrowings................................................... 100,000 100,000 Advance payments by borrowers for taxes and insurance ............. 18,555 22,704 Federal and state income taxes .................................... 71,304 84,235 Accrued expenses and other liabilities ............................ 51,492 52,862 ----------- ----------- 6,323,699 6,431,723 STOCKHOLDERS' EQUITY Common stock, $1.00 par value, 100,000,000 shares authorized; 83,992,765 and 83,833,244 shares issued; and 69,580,218 and 69,894,902 shares outstanding ............................ 83,993 76,212 Paid-in capital ................................................... 1,050,682 968,858 Accumulated other comprehensive income, net of taxes .............. 45,000 56,000 Treasury stock, at cost; 14,412,547 and 13,938,342 shares ......... (207,799) (198,279) Retained earnings ................................................. 16,093 57,927 ----------- ----------- 987,969 960,718 ----------- ----------- $ 7,311,668 $ 7,392,441 =========== =========== CONSOLIDATED FINANCIAL HIGHLIGHTS Stockholders' equity per share .................................... $ 14.20 $ 13.75 Stockholders' equity to total assets .............................. 13.51% 13.00% Weighted average rates at period end: Loans and mortgage-backed securities* ........................... 6.94% 7.26% Investment securities** ......................................... 2.28 2.82 Combined loans, mortgage-backed securities and investment securities ....................................... 5.84 6.53 Customer accounts ............................................... 2.42 2.94 Borrowings ...................................................... 5.03 5.03 Combined cost of customer accounts and borrowings ............... 3.16 3.52 Interest rate spread ............................................ 2.68 3.01
* Includes securitized assets subject to repurchase **Includes municipal bonds at tax equivalent yields and cash equivalents -2- 3 WASHINGTON FEDERAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Quarter Ended March 31, Six Months Ended March 31, ------------------------- -------------------------- 2003 2002 2003 2002 -------- -------- --------- --------- (In thousands, except per share data) INTEREST INCOME Loans and securitized assets subject to repurchase ....... $ 90,207 $102,180 $186,323 $209,132 Mortgage-backed securities ................................. 16,190 18,862 34,405 39,266 Investment securities ...................................... 8,487 6,030 16,782 10,586 -------- -------- -------- -------- 114,884 127,072 237,510 258,984 INTEREST EXPENSE Customer accounts .......................................... 27,615 38,035 58,909 82,522 FHLB advances and other borrowings ......................... 21,950 20,239 44,359 41,109 -------- -------- -------- -------- 49,565 58,274 103,268 123,631 -------- -------- -------- -------- NET INTEREST INCOME ........................................ 65,319 68,798 134,242 135,353 Provision for loan losses .................................. 150 2,000 1,400 4,000 -------- -------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES ........ 65,169 66,798 132,842 131,353 OTHER INCOME Gains on sale of securities, net ........................... - - - 765 Gain on sale of real estate ................................ 3,382 - 3,382 - OTHER ...................................................... 2,222 1,549 4,415 3,765 -------- -------- -------- -------- 5,604 1,549 7,797 4,530 OTHER EXPENSE Compensation and fringe benefits ........................... 7,742 8,665 15,972 17,253 Occupancy .................................................. 1,294 1,106 2,604 2,293 Other ...................................................... 3,390 3,353 6,060 6,482 -------- -------- -------- -------- 12,426 13,124 24,636 26,028 Gain (loss) on real estate acquired through foreclosure, net (113) 5 (441) 25 -------- -------- -------- -------- INCOME BEFORE INCOME TAXES ................................. 58,234 55,228 115,562 109,880 Income taxes ............................................... 20,530 19,469 40,740 38,736 -------- -------- -------- -------- NET INCOME ................................................. $ 37,704 $ 35,759 $ 74,822 $ 71,144 ======== ======== ======== ======== PER SHARE DATA Basic earnings ............................................. $ .54 $ .51 $ 1.08 $ 1.02 Diluted earnings ........................................... .54 .51 1.07 1.01 Cash dividends ............................................. .21 .20 .42 .40 Weighted average number of shares outstanding, including dilutive stock options ......................... 70,091,224 70,564,418 70,087,717 70,449,933 Return on average assets ................................... 2.08% 2.05% 2.06% 2.05%
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