-----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, Jk0lL5JFCo2n+XAqFOJuwx22bqseMG5hmqw9xHDGWbJrg/zahRgtpg0Iv6oD05p1 d2vW3cAdA4gBqBBbTA4sEQ== 0000936528-04-000004.txt : 20040416 0000936528-04-000004.hdr.sgml : 20040416 20040416134512 ACCESSION NUMBER: 0000936528-04-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040416 ITEM INFORMATION: ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040416 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: 04737840 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 apr16_8k.txt APRIL 16 2004 FORM 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) April 15, 2004 ------------------------------ 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 Fact sheet as of March 31, 2004. Exhibit 99.2 Press Release dated April 15, 2004. Item 9. Regulation FD Disclosure ------------- A copy of the March 31, 2004 fact sheet which presents certain detailed financial information about Washington Federal, Inc. (the "Company") is attached hereto as Exhibit 99.1. Item 12. Results of Operations and Financial Condition ------------- On April 15, 2004, the Company announced by press release its earnings for the quarter ended March 31, 2004. A copy of the press release is attached hereto as Exhibit 99.2. A copy of the March 31, 2004 fact sheet which presents certain detailed financial information about the Company is attached hereto as Exhibit 99.1. 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 16, 2004 By: /s/ Brent J. Beardall --------------------- Brent J. Beardall Senior Vice President and Chief Financial Officer EX-99 3 apr16_x991.txt APRIL 16 2004 EXHIBIT 99.1 1 Washington Federal, Inc. Fact Sheet March 31, 2004 ($ in Thousands) 9/03 QTR 12/03 QTR 3/04 QTR -------- -------- --------- Loan Loss Reserve - Total $ 25,806 $ 25,630 $ 25,462 - General 24,029 24,683 24,075 - Specific 1,777 947 1,388 - Acq'd through Acquisition 1,597 --- --- Net Charge-offs (Recoveries) for the Qtr 307 176 168 Nonperforming Assets - Total 27,434 24,785 25,216 - REO 11,496 9,122 8,567 - Nonaccrual 15,938 15,663 16,649 Troubled Debt Restructuring 2,551 1,475 1,465 Capital Ratios - Tangible 956,471 12.91% 972,908 13.11% 990,996 13.36% - Core 956,471 12.91 972,908 13.11 990,996 13.36 - Risk Based 974,776 24.10 991,697 25.34 1,008,351 25.81 9/03 QTR 9/03 YTD 12/03 QTR 3/04 QTR 3/04 YTD -------- -------- -------- --------- -------- Loan Originations - Total $ 567,820 $1,867,111 $ 483,260 $ 429,564 $ 912,824 - Construction 126,436 487,692 114,660 127,989 242,649 - Land 45,986 163,532 63,436 56,966 120,402 - Permanent 350,527 1,078,374 283,905 223,002 506,907 - Refinances 44,871 137,513 21,259 21,607 42,866 9/03 QTR 9/03 YTD 12/03 QTR 3/04 QTR 3/04 YTD -------- -------- -------- -------- -------- Loan Servicing Fee Income $ 2,214 $ 6,965 $ 1,573 $ 1,223 $ 2,796 Other Fee Income 337 983 220 237 457 -------- -------- -------- -------- -------- Total Fee Income $ 2,551 $ 7,948 $ 1,793 $ 1,460 $ 3,253 ======== ======== ======== ======== ======== 9/03 QTR 9/03 YTD 12/03 QTR 3/04 QTR 3/04 YTD -------- -------- -------- -------- -------- Average Loans $4,608,632 $4,740,877 $4,830,266 $4,874,013 $4,852,020 Average Earning Assets 6,998,817 7,058,975 7,227,381 7,264,724 7,245,950 Average Assets 7,316,035 7,334,334 7,537,182 7,537,758 7,536,417 Operating Expenses/Average Assets 0.55% 0.60% 0.57% 0.59% 0.58% Efficiency Ratio 15.95 16.48 17.57 18.14 17.85 Amortization of Intangibles $ 126 $ 126 $ 368 $ 355 $ 723 Repayments 9/03 QTR 9/03 YTD 12/03 QTR 3/04 QTR 3/04 YTD - ---------- -------- -------- -------- -------- -------- Loans $ 653,125 $2,570,456 $ 441,153 $ 348,201 $ 789,354 MBS 145,277 644,821 84,734 55,189 139,923 EOP Numbers 9/03 QTR 12/03 QTR 3/04 QTR - ----------- -------- -------- --------- Shares Issued and Outstanding 78,290,836 * 78,410,068 * 78,498,545 Share repurchase information 9/03 QTR 9/03 YTD 12/03 QTR 3/04 QTR 3/04 YTD - ---------------------------- -------- -------- -------- -------- -------- Remaining shares auth. for repurchase 3,094,103 * 3,094,103 * 3,094,103 * 3,094,103 3,094,103 Shares repurchased --- 561,077 * --- --- --- Average share repurchase price $ --- $ 17.88 * $ --- $ --- $ --- * - Item has been adjusted for the Feb. 2004 10% stock dividend -1- 2 Tangible Book Value 9/03 QTR 12/03 QTR 3/04 QTR - ------------------- -------- -------- --------- $ Amount $ 995,260 $1,010,232 $1,032,727 Per Share 12.71 * 12.88 * 13.16 # of Employees 754 751 754 Tax Rate - Going Forward 35.25% 35.25% 35.25% 9/03 QTR 12/03 QTR 3/04 QTR ---------------- ---------------- ---------------- Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT % - -------------------------- ------ - ------ - ------ - Permanent 1-4 Family Loans $3,839,535 74.0% $3,824,966 73.2% $3,852,130 72.6% Multi-Family 479,129 9.2 480,365 9.2 490,865 9.3 Construction 651,242 12.6 648,049 13.1 705,726 13.3 Land 217,215 4.2 232,904 4.5 254,610 4.8 ---------- ---- ---------- ---- ---------- ---- Gross Loans (before ALL, Deferrals and LIP) $5,187,121 100% $5,222,284 100% $5,303,331 100% ========== ==== ========== ==== ========== ==== 9/03 QTR 12/03 QTR 3/04 QTR ----------------------- ----------------------- ----------------------- Deposits by State AMOUNT % # AMOUNT % # AMOUNT % # - ----------------- ------ - - ------ - - ------ - - WA $2,233,916 48.8% 44 $2,235,420 48.8% 44 $2,222,699 48.8% 44 ID 480,375 10.5 16 484,151 10.6 16 483,037 10.6 16 OR 777,554 17.0 24 779,472 17.0 24 774,609 17.0 24 UT 270,487 5.9 11 267,373 5.8 11 270,082 5.9 11 NV 64,766 1.4 2 60,881 1.3 2 61,534 1.3 2 TX 28,156 0.6 1 23,848 0.5 1 23,275 0.5 1 AZ 722,344 15.8 20 728,015 15.9 20 725,510 15.9 20 ---------- ---- --- ---------- ---- --- ---------- ---- --- Total $4,577,598 100% 118 $4,579,160 100% 118 $4,560,746 100% 118 ========== ==== === ========== ==== === ========== ==== === 9/03 QTR 12/03 QTR 3/04 QTR ---------------- ---------------- ---------------- Deposits by type AMOUNT % AMOUNT % AMOUNT % - ---------------- ------ - ------ - ------ - Checking (Noninterest) $ 26,615 0.6% $ 16,817 0.4% $ 18,625 0.4% Now (interest) 163,738 3.6 166,876 3.6 169,947 3.7 Savings (passbook/stmt) 234,023 5.1 227,653 5.0 228,712 5.0 Money Market 1,037,641 22.7 990,221 21.6 963,632 21.1 C.D.'s 3,115,581 68.1 3,177,593 69.4 3,179,830 69.8 ---------- ---- ---------- ---- ---------- ---- Total $4,577,598 100% $4,579,160 100% $4,560,746 100% ========== ==== ========== ==== ========== ==== Deposits greater than $100,000 - EOP $1,133,373 $1,141,618 $1,145,097 Brokered Deposits $ --- $ --- $ --- * - Item has been adjusted for the Feb. 2004 10% stock dividend -2-
EX-99 4 apr16_x992.txt APRIL 16 2004 EXHIBIT 99.2 1 Washington Federal, Inc. 425 Pike Street Seattle, WA 98101 Contact: Cathy Cooper (206) 777-8246 Thursday, April 15, 2004 FOR IMMEDIATE RELEASE Washington Federal Reports 2nd Quarter Earnings SEATTLE - Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal Savings, today announced earnings of $32,520,000 or $.41 per diluted share for the quarter ended March 31, 2004, compared to $37,704,000 or $.49 per diluted share for the same period one year ago, a 13.7% decrease. Decreased earnings from the same quarter one year ago were attributable to a slowdown in loan prepayments and a one time pretax gain of $3.4 million on the sale of real estate last year. Washington Federal's capital ratio increased to 14.48% as of March 31, 2004, compared to 13.51% at the same time last year. The Company's efficiency ratio increased slightly to 18.14% for the quarter, compared to 17.72% for the same quarter last year. The second fiscal quarter produced a return on assets of 1.73%, while return on equity amounted to 12.04% for the quarter. Chief Executive Officer Roy M. Whitehead commented,"The Company's performance continues to be quite good, despite our conservative approach to managing the balance sheet. As a result of loan growth and investment purchases, our net interest spread improved to 2.55% this quarter, ending six consecutive quarters of decline. Asset quality remains very high with nonperforming assets totaling only .33% of total assets. The Company is well positioned to respond to changing interest rates in the future." On April 16, 2004, Washington Federal will pay a cash dividend of $.20 per share to common stockholders of record on April 2, 2004. This will be the Company's 85th consecutive quarterly cash dividend. Washington Federal Savings, with headquarters in Seattle, Washington, has 118 offices in eight western states. -1- 2 WASHINGTON FEDERAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
March 31, 2004 September 30, 2003 ------------------ ------------------ (In thousands, except per share data) ASSETS Cash and cash equivalents ......................................... $ 1,182,891 $ 1,437,208 Available-for-sale securities, including mortgage-backed securities of $539,498.......................................... 940,840 781,798 Held-to-maturity securities, including mortgage-backed securities of $139,234.......................................... 176,317 154,178 Securitized assets subject to repurchase, net ..................... 150,654 210,782 Loans receivable, net ............................................. 4,758,358 4,606,726 Interest receivable ............................................... 30,077 29,489 Premises and equipment, net ....................................... 61,288 60,942 Real estate held for sale ......................................... 13,317 16,204 FHLB stock ........................................................ 147,114 143,851 Intangible assets ................................................. 59,613 60,336 Other assets ...................................................... 22,623 34,461 ----------- ----------- $ 7,543,092 $ 7,535,975 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Customer accounts Savings and demand accounts .................................... $ 4,509,026 $ 4,520,051 Repurchase agreements with customers ........................... 51,720 57,547 ----------- ----------- 4,560,746 4,577,598 FHLB advances ..................................................... 1,650,000 1,650,000 Other borrowings................................................... 100,000 100,000 Advance payments by borrowers for taxes and insurance ............. 19,514 23,281 Federal and state income taxes .................................... 61,893 70,011 Accrued expenses and other liabilities ............................ 58,599 59,489 ----------- ----------- 6,450,752 6,480,379 STOCKHOLDERS' EQUITY Common stock, $1.00 par value, 100,000,000 shares authorized; 94,286,097 and 94,109,168 shares issued; 78,498,545 and 78,290,836 shares outstanding .............................. 94,286 85,554 Paid-in capital ................................................... 1,158,647 1,085,650 Accumulated other comprehensive income, net of taxes .............. 34,646 34,624 Treasury stock, at cost; 15,787,552 and 15,818,332 shares ......... (206,935) (207,337) Retained earnings ................................................. 11,696 57,105 ----------- ----------- 1,092,340 1,055,596 ----------- ----------- $ 7,543,092 $ 7,535,975 =========== =========== CONSOLIDATED FINANCIAL HIGHLIGHTS Stockholders' equity per share .................................... $ 13.92 $ 13.48 Stockholders' equity to total assets .............................. 14.48% 14.01% Weighted average rates at period end Loans and mortgage-backed securities* ........................... 6.23% 6.40% Investment securities** ......................................... 2.26 1.98 Combined loans, mortgage-backed securities and investment securities .................................... 5.30 5.28 Customer accounts ............................................... 1.87 1.96 Borrowings ...................................................... 5.03 5.03 Combined cost of customer accounts and borrowings ............... 2.75 2.81 Interest rate spread ............................................ 2.55 2.47
* 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, -------------------------- -------------------------- 2004 2003 2004 2003 -------- -------- --------- --------- (In thousands, except per share data) INTEREST INCOME Loans and securitized assets subject to repurchase ........ $ 82,388 $89,648 $164,783 $185,205 Mortgage-backed securities ................................. 12,379 16,190 24,113 34,405 Investment securities and cash equivalents.................. 7,915 8,488 16,468 16,783 -------- -------- -------- -------- 102,682 114,326 205,364 236,393 INTEREST EXPENSE Customer accounts .......................................... 21,234 27,615 42,871 58,910 FHLB advances and other borrowings ......................... 22,172 21,950 44,591 44,358 -------- -------- -------- -------- 43,406 49,565 87,462 103,268 -------- -------- -------- -------- NET INTEREST INCOME ........................................ 59,276 64,761 117,902 133,125 Provision for loan losses .................................. - 150 - 1,400 -------- -------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES ........ 59,276 64,611 117,902 131,725 OTHER INCOME Gains (loss) on sale of securities, net .................... (659) - (122) - Gain on sale of real estate ................................ - 3,382 - 3,382 OTHER ...................................................... 2,602 2,222 4,788 4,415 -------- -------- -------- -------- 1,943 5,604 4,666 7,797 OTHER EXPENSE Compensation and fringe benefits ........................... 7,789 7,742 15,349 15,972 Occupancy .................................................. 1,490 1,294 2,913 2,603 Other ...................................................... 1,824 2,832 3,620 4,945 -------- -------- -------- -------- 11,103 11,868 21,882 23,520 Gain (loss) on real estate acquired through foreclosure, net 127 (113) 252 (440) -------- -------- -------- -------- INCOME BEFORE INCOME TAXES ................................. 50,243 58,234 100,938 115,562 Income taxes ............................................... 17,723 20,530 35,596 40,740 -------- -------- -------- -------- NET INCOME ................................................. $ 32,520 $ 37,704 $ 65,342 $ 74,822 ======== ======== ======== ======== PER SHARE DATA Basic earnings ............................................. $ .41 $ .49 $ .83 $ .98 Diluted earnings ........................................... .41 .49 .82 .97 Cash dividends ............................................. .20 .19 .40 .38 Weighted average number of shares outstanding, including dilutive stock options ........................ 71,301,242 77,100,346 79,211,105 77,096,488 Return on average assets ................................... 1.73% 2.06% 1.73% 2.03%
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