-----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, DTdTRehmx3zucBj/4uI1eFvZmw4qVwzJFppyYmOiu0Rlk9s6axgfZyF6rraGjaxY v3p4MaVHGD8PD6Qus0HMUQ== 0000936528-03-000014.txt : 20031022 0000936528-03-000014.hdr.sgml : 20031022 20031022155817 ACCESSION NUMBER: 0000936528-03-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031021 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031022 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: 03951978 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 oct21_8k.txt OCT 21 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) October 21, 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 October 21, 2003. Item 9. Regulation FD Disclosure ------------- On October 21, 2003, Washington Federal, Inc. announced by press release its earnings for the year ended September 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: October 22, 2003 By: /s/ Brent J. Beardall --------------------- Brent J. Beardall Senior Vice President and Chief Financial Officer EX-99 2 oct21_x99.txt OCT 21 2003 EXHIBIT 99 1 Washington Federal, Inc. 425 Pike Street Seattle, WA 98101 Contact: Cathy Cooper (206) 777-8246 Tuesday, October 21, 2003 FOR IMMEDIATE RELEASE Washington Federal Completes Best Year SEATTLE - Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal Savings, today announced earnings of $145,544,000 or $2.07 per diluted share for the year ended September 30, 2003, compared to $143,954,000 or $2.04 per diluted share for the same period one year ago, a 1% per share increase. Earnings for the fourth fiscal quarter amounted to $34,311,000 or $.49 per diluted share compared to $36,927,000 or $.52 per diluted share for the same period a year ago, a 6% per share decrease. Roy M. Whitehead, Chief Executive Officer, commented, "We are pleased to report another record year with over $145 million in earnings. This is the 19th time in our 21 years as a public company that we have recorded a year-over-year increase in net income. The company also closed the fiscal year with a very liquid, strongly capitalized balance sheet, positioning the company well to adjust for changing economic conditions." During the year, capital grew to exceed $1 billion for the first time, while 19% of the company's assets were invested short-term at fiscal year-end. Net interest income fell by $14.7 million during the year as asset yields declined due to a more conservative asset mix and accelerated mortgage prepayments. Reduced asset yields were partially offset by lower deposit costs and an increase of $15.6 million in accretion of loan fees and discounts on securities. Operating expenses were reduced by $4.8 million, while other income increased by $6.9 million and the provision for loan loss declined by $5.5 million. The year produced a return on assets of 2.00%, while return on equity amounted to 15.60%. During the fourth quarter, return on assets measured 1.89% and return on equity was 14.22%. The Company's efficiency ratio improved to an industry leading 16.51%. On August 31, 2003 the company successfully completed its acquisition of United Savings and Loan Bank of Seattle. The acquisition added $315 million in assets and 4 Seattle area branches. On October 17, 2003, Washington Federal paid a cash dividend of $.22 per share to common stockholders of record on October 3, 2003. This was the company's 83rd consecutive quarterly cash dividend. Based on recent market prices, the cash dividend yield is 3.25%. Washington Federal Savings, with headquarters in Seattle, Washington, has 119 offices in eight western states. -1- 2 WASHINGTON FEDERAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
September 30, 2003 September 30, 2002 ------------------ ------------------ (In thousands, except per share data) ASSETS Cash and cash equivalents ......................................... $ 1,437,208 $ 975,153 Available-for-sale securities, including mortgage-backed securities of $507,743.......................................... 804,186 918,776 Held-to-maturity securities, including mortgage-backed securities of $140,051.......................................... 154,178 168,925 Securitized assets subject to repurchase, net ..................... 210,782 755,961 Loans receivable, net ............................................. 4,606,726 4,292,003 Interest receivable ............................................... 29,489 39,503 Premises and equipment, net ....................................... 60,942 55,119 Real estate held for sale ......................................... 16,204 17,587 FHLB stock ........................................................ 143,851 132,320 Intangible Assets ................................................. 57,504 35,703 Other assets ...................................................... 12,073 1,391 ----------- ----------- $ 7,533,143 $ 7,392,441 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Customer accounts Savings and demand accounts .................................... $ 4,520,051 $ 4,452,250 Repurchase agreements with customers ........................... 57,547 69,672 ----------- ----------- 4,577,598 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 ............. 23,281 22,704 Federal and state income taxes .................................... 67,179 84,235 Accrued expenses and other liabilities ............................ 59,489 52,862 ----------- ----------- 6,477,547 6,431,723 STOCKHOLDERS' EQUITY Common stock, $1.00 par value, 100,000,000 shares authorized; 85,553,789 and 83,833,244 shares issued; 71,173,487 and 69,894,902 shares outstanding .............................. 84,554 76,212 Paid-in capital ................................................... 1,085,650 968,858 Accumulated other comprehensive income, net of taxes .............. 34,624 56,000 Treasury stock, at cost; 14,380,302 and 13,938,342 shares ......... (207,337) (198,279) Retained earnings ................................................. 57,105 57,927 ----------- ----------- 1,055,596 960,718 ----------- ----------- $ 7,533,143 $ 7,392,441 =========== =========== CONSOLIDATED FINANCIAL HIGHLIGHTS Stockholders' equity per share .................................... $ 14.83 $ 13.75 Stockholders' equity to total assets .............................. 14.01% 13.00% Weighted average rates at period end Loans and mortgage-backed securities* ........................... 6.40% 7.26% Investment securities** ......................................... 1.98 2.82 Combined loans, mortgage-backed securities and investment securities .................................... 5.28 6.53 Customer accounts ............................................... 1.96 2.94 Borrowings ...................................................... 5.03 5.03 Combined cost of customer accounts and borrowings ............... 2.81 3.52 Interest rate spread ............................................ 2.47 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 September 30, Year Ended September 30, -------------------------- -------------------------- 2003 2002 2003 2002 -------- -------- --------- --------- (In thousands, except per share data) INTEREST INCOME Loans and securitized assets subject to repurchase ........ $ 82,053 $98,622 $353,286 $406,262 Mortgage-backed securities ................................. 13,151 18,517 62,911 76,138 Investment securities and cash equivalents.................. 8,626 6,468 33,988 22,561 -------- -------- -------- -------- 103,830 123,607 450,185 504,961 INTEREST EXPENSE Customer accounts .......................................... 22,279 34,358 105,919 152,288 FHLB advances and other borrowings ......................... 22,420 21,077 85,965 82,653 -------- -------- -------- -------- 44,699 55,435 194,884 234,941 -------- -------- -------- -------- NET INTEREST INCOME ........................................ 59,131 68,172 255,301 270,020 Provision for loan losses .................................. - 1,500 1,500 7,000 -------- -------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES ........ 59,131 66,672 253,801 263,020 OTHER INCOME Gains on sale of securities, net ........................... 504 - 992 765 Gain on sale of real estate ................................ - - 3,382 - OTHER ...................................................... 3,396 1,838 10,643 7,322 -------- -------- -------- -------- 3,900 1,838 15,017 8,087 OTHER EXPENSE Compensation and fringe benefits ........................... 7,547 7,867 30,846 34,059 Occupancy .................................................. 1,178 1,288 5,098 4,778 Other ...................................................... 1,403 2,309 8,115 10,034 -------- -------- -------- -------- 10,128 11,464 44,059 48,871 Gain (loss) on real estate acquired through foreclosure, net 84 10 (194) 118 -------- -------- -------- -------- INCOME BEFORE INCOME TAXES ................................. 52,987 57,056 224,565 222,354 Income taxes ............................................... 18,676 20,129 79,021 78,400 -------- -------- -------- -------- NET INCOME ................................................. $ 34,311 $ 36,927 $145,544 $143,954 ======== ======== ======== ======== PER SHARE DATA Basic earnings ............................................. $ .49 $ .53 $ 2.09 $ 2.06 Diluted earnings ........................................... .49 .52 2.07 2.04 Cash dividends ............................................. .22 .21 .86 .82 Weighted average number of shares outstanding, including dilutive stock options ........................ 70,581,441 70,488,685 70,232,695 70,523,160 Return on average assets ................................... 1.89% 2.07% 2.00% 2.05%
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