-----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, A9/L5+v/yj20TNm/Kt4ZiaxpWsL71wbIYi7DxZQ96cH9inmIj1YBtEHc/0q0fclH TOKR+vLEqO6zea9Poat7RA== 0000936528-03-000011.txt : 20030717 0000936528-03-000011.hdr.sgml : 20030717 20030716190705 ACCESSION NUMBER: 0000936528-03-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030716 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030717 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: 03790047 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 jul16_8k.txt JULY 16 2003 8-K 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) July 16, 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 July 16, 2003. Item 9. Regulation FD Disclosure ------------- On July 16, 2003, Washington Federal, Inc. announced by press release its earnings for the quarter ended June 30, 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: July 16, 2003 By: /s/ Brent J. Beardall --------------------- Brent J. Beardall Vice President Finance and Controller EX-99 3 jul16_x99.txt JULY 16 2003 EXHIBIT 99 1 Washington Federal, Inc. 425 Pike Street Seattle, WA 98101 Contact: Cathy Cooper (206) 777-8246 Wednesday, July 16, 2003 FOR IMMEDIATE RELEASE Washington Federal Reports 3rd Quarter Earnings SEATTLE - Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal Savings, today announced earnings of $36,411,000 or $.52 per diluted share for the quarter ended June 30, 2003, compared to $35,883,000 or $.51 per diluted share for the same period one year ago, a 2% per share increase. Washington Federal's third fiscal quarter produced a return on assets of 2.02%, while return on equity amounted to 15.45% for the quarter. The Company's efficiency ratio improved to 16.47% for the quarter. The Company's capital ratio increased to 13.86% as of June 30, 2003. Each of these measures continues among the best in the industry. Roy M. Whitehead, Chief Executive Officer, commented, "We are pleased to report increased quarterly earnings from the same period one year ago, despite reduced spreads. During the quarter we continued to strengthen our balance sheet by building capital and short-term assets. It's noteworthy that the Company's net worth exceeded $1 billion for the first time." On July 18, 2003, Washington Federal will pay a cash dividend of $.22 per share to common stockholders of record on July 7, 2003. This will be the Company's 82nd consecutive quarterly cash dividend. Based on recent market prices, the cash dividend yield is 3.62%. 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)
June 30, 2003 September 30, 2002 -------------- ------------------ (In thousands, except per share data) ASSETS Cash and cash equivalents ......................................... $ 1,387,791 $ 975,153 Available-for-sale securities, including mortgage-backed securities of $461,734.......................................... 754,071 918,776 Held-to-maturity securities, including mortgage-backed securities of $170,599.......................................... 184,627 168,925 Securitized assets subject to repurchase, net ..................... 305,042 755,961 Loans receivable, net ............................................. 4,332,818 4,292,003 Interest receivable ............................................... 29,103 39,503 Premises and equipment, net ....................................... 59,306 55,119 Real estate held for sale ......................................... 15,337 17,587 FHLB stock ........................................................ 138,602 132,320 Costs in excess of net assets acquired ............................ 35,703 35,703 Other assets ...................................................... 370 1,391 ----------- ----------- $ 7,242,770 $ 7,392,441 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Customer accounts Savings and demand accounts .................................... $ 4,285,458 $ 4,452,250 Repurchase agreements with customers ........................... 69,225 69,672 ----------- ----------- 4,354,683 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 ............. 12,564 22,704 Federal and state income taxes .................................... 74,050 84,235 Accrued expenses and other liabilities ............................ 47,514 52,862 ----------- ----------- 6,238,811 6,431,723 STOCKHOLDERS' EQUITY Common stock, $1.00 par value, 100,000,000 shares authorized; 84,060,964 and 83,833,244 shares issued; 69,648,417 and 69,894,902 shares outstanding .............................. 84,059 76,212 Paid-in capital ................................................... 1,051,489 968,858 Accumulated other comprehensive income, net of taxes .............. 39,000 56,000 Treasury stock, at cost; 14,412,547 and 13,938,342 shares ......... (207,799) (198,279) Retained earnings ................................................. 37,210 57,927 ----------- ----------- 1,003,959 960,718 ----------- ----------- $ 7,242,770 $ 7,392,441 =========== =========== CONSOLIDATED FINANCIAL HIGHLIGHTS Stockholders' equity per share .................................... $ 14.42 $ 13.75 Stockholders' equity to total assets .............................. 13.86% 13.00% Weighted average rates at period end: Loans and mortgage-backed securities* ........................... 6.68% 7.26% Investment securities** ......................................... 2.00 2.82 Combined loans, mortgage-backed securities and investment securities .................................... 5.49 6.53 Customer accounts ............................................... 2.19 2.94 Borrowings ...................................................... 5.03 5.03 Combined cost of customer accounts and borrowings ............... 3.00 3.52 Interest rate spread ............................................ 2.49 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 June 30, Nine Months Ended June 30, ------------------------- -------------------------- 2003 2002 2003 2002 -------- -------- --------- --------- (In thousands, except per share data) INTEREST INCOME Loans and securitized assets subject to repurchase ........ $ 86,650 $100,274 $272,972 $309,405 Mortgage-backed securities ................................. 15,355 18,355 49,760 57,621 Investment securities and cash equivalents.................. 8,580 5,506 25,362 16,093 -------- -------- -------- -------- 110,585 124,135 348,094 383,119 INTEREST EXPENSE Customer accounts .......................................... 24,731 35,408 83,640 117,931 FHLB advances and other borrowings ......................... 22,186 20,466 66,544 61,575 -------- -------- -------- -------- 46,917 55,874 150,184 179,506 -------- -------- -------- -------- NET INTEREST INCOME ........................................ 63,668 68,261 197,910 203,613 Provision for loan losses .................................. 100 1,500 1,500 5,500 -------- -------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES ........ 63,568 66,761 196,410 198,113 OTHER INCOME Gains on sale of securities, net ........................... 489 - 489 765 Gain on sale of real estate ................................ - - 3,382 - OTHER ...................................................... 2,831 1,719 7,246 5,485 -------- -------- -------- -------- 3,320 1,719 11,117 6,250 OTHER EXPENSE Compensation and fringe benefits ........................... 7,327 8,938 23,299 26,192 Occupancy .................................................. 1,316 1,197 3,920 3,490 Other ...................................................... 2,391 3,010 8,452 9,491 -------- -------- -------- -------- 11,034 13,145 35,671 39,173 Gain (loss) on real estate acquired through foreclosure, net 162 83 (278) 108 -------- -------- -------- -------- INCOME BEFORE INCOME TAXES ................................. 56,016 55,418 171,578 165,298 Income taxes ............................................... 19,605 19,535 60,345 58,271 -------- -------- -------- -------- NET INCOME ................................................. $ 36,411 $ 35,883 $111,233 $107,027 ======== ======== ======== ======== PER SHARE DATA Basic earnings ............................................. $ .52 $ .51 $ 1.60 $ 1.53 Diluted earnings ........................................... .52 .51 1.59 1.52 Cash dividends ............................................. .22 .21 .64 .61 Weighted average number of shares outstanding, including dilutive stock options ........................ 70,147,652 70,671,762 70,106,643 70,535,870 Return on average assets ................................... 2.02% 2.04% 2.04% 2.04%
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