-----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, Ep0FLHEwrE8WrGdAp5XKVw1jl87Evu9tL9Xj+RLmuvdEMY4SAe3G9hvtBeBYX5ay GaiooW5z9/zkKKAXxCxyIQ== 0000936528-05-000001.txt : 20050118 0000936528-05-000001.hdr.sgml : 20050117 20050114181613 ACCESSION NUMBER: 0000936528-05-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050113 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050118 DATE AS OF CHANGE: 20050114 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: 05531699 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 jan13_8k.txt JANUARY 13 2005 FORM 8-K UNITED STATES 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) January 13, 2005 ------------------------------ Washington Federal, Inc. - ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) Washington 0-25454 91-1661606 - ------------------------------------------------------------------------------ (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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition ------------- On January 13, 2005, Washington Federal, Inc. (the "Company") announced by press release its earnings for the quarter ended December 31, 2004. A copy of the press release is attached hereto as Exhibit 99.1. A copy of the December 31, 2004 Fact Sheet which presents certain detailed financial information about the Company is attached hereto as Exhibit 99.2. Item 7.01. Regulation FD Disclosure ------------- A copy of the December 31, 2004 Fact Sheet which presents certain detailed financial information about the Company is attached hereto as Exhibit 99.2. Item 9.01. Financial Statements and Exhibits ------------- (a) Not applicable. (b) Not applicable. (c) Exhibits: 99.1 Press release dated January 13, 2005. 99.2 Fact Sheet as of December 31, 2004. 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 hereunto duly authorized. WASHINGTON FEDERAL, INC. Dated: January 13, 2005 By: /s/ Brent J. Beardall --------------------- Brent J. Beardall Senior Vice President and Chief Financial Officer EX-99 2 jan13_x991.txt JANUARY 13 2005 EXHIBIT 99.1 1 Washington Federal, Inc. 425 Pike Street Seattle, WA 98101 Contact: Cathy Cooper (206) 777-8246 Thursday, January 13, 2005 FOR IMMEDIATE RELEASE Washington Federal's Earnings Per Share Increase 12% SEATTLE - Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal Savings, today announced earnings of $36,259,000 or $.46 per diluted share for the quarter ended December 31, 2004, compared to $32,823,000 or $.41 per diluted share for the same period one year ago, a 12.2% per share increase. Washington Federal's total assets increased to $7,543,302,000 as of December 31, 2004, a 5.2% increase from September 30,2004. The Company's efficiency ratio improved to 17.6% for the quarter, compared to 18.1% for the same quarter last year. The first fiscal quarter produced a return on assets of 1.96%, while return on equity amounted to 12.84%. Chief Executive Officer Roy M. Whitehead commented, "Earnings benefited from an increase in our net interest spread to 2.85% at December 31, 2004 from 2.43% at December 31, 2003, as a result of a shift in our asset mix from short-term assets to longer-term higher yielding assets. Additionally, we borrowed $300 million in long-term debt during the quarter to protect against rising rates. We continue to focus our attention on providing superior long-term rewards to our customers, stockholders and employees." On January 14,2005, Washington Federal will pay a cash dividend of $.21 per share to common stockholders of record on December 31, 2004. This will be the Company's 88th consecutive quarterly cash dividend. For the calendar year ended December 31, 2004, an investment in Washington Federal common stock produced a total return of 7.1%. The Company's Annual Meeting of Stockholders will be held at 2 p.m. on January 19, 2005, at the Seattle Westin Hotel. Washington Federal Savings, with headquarters in Seattle, Washington, has 120 offices in eight western states. -1- 2 WASHINGTON FEDERAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
December 31, 2004 September 30, 2004 ----------------- ------------------ (In thousands, except per share data) ASSETS Cash and cash equivalents.......................................... $ 521,060 $ 508,361 Securities purchased under agreements to resell.................... 200,000 200,000 Available-for-sale securities, including mortgage-backed securities of $705,755.......................................... 1,071,369 899,525 Held-to-maturity securities, including mortgage-backed securities of $113,039.......................................... 150,099 156,373 Securitized assets subject to repurchase, net...................... 98,537 110,607 Loans receivable, net.............................................. 5,250,975 4,982,836 Interest receivable................................................ 34,217 29,832 Premises and equipment, net........................................ 62,975 63,049 Real estate held for sale.......................................... 6,948 8,630 FHLB stock......................................................... 81,066 137,274 Intangible assets.................................................. 58,621 58,939 Other assets....................................................... 7,435 13,779 ----------- ----------- $ 7,543,302 $ 7,169,205 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Customer accounts Savings and demand accounts..................................... $ 4,626,855 $ 4,569,245 Repurchase agreements with customers............................ 37,476 41,113 ----------- ----------- 4,664,331 4,610,358 FHLB advances...................................................... 1,200,000 1,200,000 Other borrowings................................................... 400,000 100,000 Advance payments by borrowers for taxes and insurance.............. 11,029 25,226 Federal and state income taxes..................................... 79,389 62,081 Accrued expenses and other liabilities............................. 52,446 51,352 ----------- ----------- 6,407,195 6,049,017 STOCKHOLDERS' EQUITY Common stock, $1.00 par value, 100,000,000 shares authorized; 94,446,723 and 94,383,496 shares issued; 78,742,824 and 78,679,597 shares outstanding............................... 94,457 94,383 Paid-in capital.................................................... 1,162,714 1,161,627 Accumulated other comprehensive income, net of taxes............... 12,330 17,107 Treasury stock, at cost; 15,703,899 shares......................... (206,666) (206,666) Retained earnings.................................................. 73,272 53,737 ----------- ----------- 1,136,107 1,120,188 ----------- ----------- $ 7,543,302 $ 7,169,205 =========== =========== CONSOLIDATED FINANCIAL HIGHLIGHTS Stockholders' equity per share..................................... $ 14.43 $ 14.24 Stockholders' equity to total assets............................... 15.06% 15.62% Weighted average rates at period end Loans and mortgage-backed securities*............................ 6.16% 6.17% Investment securities**.......................................... 2.86 3.01 Combined loans, mortgage-backed securities and investment securities..................................... 5.63 5.62 Customer accounts................................................ 2.11 1.96 Borrowings....................................................... 4.74 4.96 Combined cost of customer accounts and borrowings................ 2.78 2.62 Interest rate spread............................................. 2.85 3.00
* 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 December 31, -------------------------- 2004 2003 -------- -------- (In thousands, except per share data) INTEREST INCOME Loans and securitized assets subject to repurchase.......... $ 86,885 $82,395 Mortgage-backed securities.................................. 12,834 11,734 Investment securities and cash equivalents.................. 7,824 8,553 -------- -------- 107,543 102,682 INTEREST EXPENSE Customer accounts........................................... 23,892 21,637 FHLB advances and other borrowings.......................... 18,254 22,419 -------- -------- 42,146 44,056 -------- -------- NET INTEREST INCOME......................................... 65,397 58,626 Provision for loan losses................................... - - -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES......... 65,397 58,626 OTHER INCOME Gains on sale of securities, net............................ 64 536 Other....................................................... 2,515 2,569 -------- -------- 2,579 3,105 OTHER EXPENSE Compensation and fringe benefits............................ 8,334 7,559 Occupancy................................................... 1,836 1,805 Other....................................................... 1,808 1,796 -------- -------- 11,978 11,160 Gain (loss) on real estate acquired through foreclosure, net 218 125 -------- -------- INCOME BEFORE INCOME TAXES.................................. 56,216 50,696 Income taxes................................................ 19,957 17,873 -------- -------- NET INCOME.................................................. $ 36,259 $ 32,823 ======== ======== PER SHARE DATA Basic earnings.............................................. $ .46 $ .42 Diluted earnings............................................ .46 .41 Cash dividends.............................................. .21 .20 Weighted average number of shares outstanding, including dilutive stock options......................... 79,491,074 79,124,444 Return on average assets.................................... 1.96% 1.74%
-3- EX-99 3 jan13_x992.txt JANUARY 13 2005 EXHIBIT 99.2 1 Washington Federal, Inc. Fact Sheet December 31, 2004 ($ in Thousands) 6/04 QTR 9/04 QTR 12/04 QTR -------- -------- --------- Loan Loss Reserve - Total $ 25,194 $ 25,140 $ 25,008 - General 24,491 24,374 24,268 - Specific 703 766 740 Net Charge-offs (Recoveries) for the Qtr 38 54 132 Nonperforming Assets - Total 14,441 14,946 12,896 - REO 4,282 3,817 2,094 - Nonaccrual 10,159 11,129 10,802 Troubled Debt Restructuring 1,450 803 763 Capital Ratios - Tangible 1,009,374 14.05% 1,036,851 14.65% 1,058,930 14.20% - Core 1,009,374 14.05 1,036,851 14.65 1,058,930 14.20 - Risk Based 1,027,225 26.46 1,054,160 26.85 1,073,724 26.49 6/04 QTR 6/04 YTD 9/04 QTR 9/04 YTD 12/04 QTR -------- -------- -------- -------- --------- Loan Originations - Total $ 603,460 $1,516,284 $ 554,700 $2,070,984 $ 563,971 - Construction 163,292 405,941 165,888 571,829 176,615 - Land 62,568 182,970 70,167 253,137 72,727 - Permanent 348,506 855,413 304,346 1,159,759 294,735 - Refinances 29,094 71,960 14,299 86,259 19,894 6/04 QTR 6/04 YTD 9/04 QTR 9/04 YTD 12/04 QTR -------- -------- -------- -------- -------- Loan Servicing Fee Income $ 2,066 $ 4,862 $ 1,384 $ 6,246 $ 1,572 Other Fee Income 247 704 358 1,062 231 -------- -------- -------- -------- -------- Total Fee Income $ 2,313 $ 5,566 $ 1,803 $ 7,308 $ 1,803 ======== ======== ======== ======== ======== 6/04 QTR 6/04 YTD 9/04 QTR 9/04 YTD 12/04 QTR -------- -------- -------- -------- -------- Average Loans $4,926,018 $4,876,596 $5,018,103 $4,912,166 $5,203,795 Average Earning Assets 7,082,071 7,191,523 7,078,265 7,163,054 7,146,047 Average Assets 7,355,213 7,463,268 7,283,121 7,421,597 7,386,270 Operating Expenses/Average Assets 0.60% 0.60% 0.69% 0.62% 0.65% Efficiency Ratio 17.07 17.92 20.56 18.57 17.62 Amortization of Intangibles $ 343 $ 1,066 $ 331 $ 1,397 $ 318 Repayments 6/04 QTR 6/04 YTD 9/04 QTR 9/04 YTD 12/04 QTR - ---------- -------- -------- -------- -------- -------- Loans $ 498,569 $1,287,923 $ 394,494 $1,682,417 $ 400,142 MBS 78,882 218,805 53,896 272,701 55,390 EOP Numbers 6/04 QTR 9/04 QTR 12/04 QTR - ----------- -------- -------- --------- Shares Issued and Outstanding 78,443,825 78,679,597 78,742,824 Share repurchase information 6/04 QTR 6/04 YTD 9/04 QTR 9/04 YTD 12/04 QTR - ---------------------------- -------- -------- -------- -------- -------- Remaining shares auth. for repurchase 3,009,103 3,009,103 3,009,103 3,009,103 3,009,103 Shares repurchased 85,000 85,000 --- 85,000 --- Average share repurchase price $ 22.81 $ 22.81 $ --- $ 22.81 $ --- -1- 2 Tangible Book Value 6/04 QTR 9/04 QTR 12/04 QTR - ------------------- -------- -------- -------- $ Amount $1,037,463 $1,061,249 $1,077,486 Per Share 13.23 13.49 13.68 # of Employees 757 754 749 Tax Rate - Going Forward 35.25% 35.25% 35.50% 6/04 QTR 9/04 QTR 12/04 QTR ---------------- ---------------- ---------------- Loan Portfolio by Category AMOUNT % AMOUNT % AMOUNT % - -------------------------- ------ - ------ - ------ - Single-Family Residential $3,878,029 71.8% $3,982,632 71.2% $4,145,727 70.7% Multi-Family 470,832 8.7 467,354 8.4 475,057 8.1 Construction 784,078 14.5 845,259 15.1 908,528 15.5 Land 272,249 5.0 297,351 5.3 331,281 5.7 ---------- ---- ---------- ---- ---------- ---- Gross Loans (before ALL, Deferrals and LIP) $5,405,188 100% $5,592,596 100% $5,860,593 100% ========== ==== ========== ==== ========== ==== 6/04 QTR 9/04 QTR 12/04 QTR ----------------------- ----------------------- ----------------------- Deposits by State AMOUNT % # AMOUNT % # AMOUNT % # - ----------------- ------ - - ------ - - ------ - - WA $2,207,650 48.3% 43 $2,210,427 47.9% 43 $2,231,460 47.8% 43 ID 481,019 10.5 16 487,963 10.6 16 492,592 10.6 16 OR 796,426 17.4 25 805,667 17.5 26 813,237 17.4 26 UT 279,912 6.1 11 282,612 6.1 10 279,902 6.0 10 NV 61,929 1.4 2 63,790 1.4 2 65,199 1.4 2 TX 21,090 0.5 2 30,967 0.7 2 35,805 0.8 2 AZ 724,473 15.8 20 728,933 15.8 20 746,136 16.0 20 ---------- ---- --- ---------- ---- --- ---------- ---- --- Total $4,572,499 100% 119 $4,610,359 100% 119 $4,664,331 100% 119 ========== ==== === ========== ==== === ========== ==== === 6/04 QTR 9/04 QTR 12/04 QTR ---------------- ---------------- ---------------- Deposits by Type AMOUNT % AMOUNT % AMOUNT % - ---------------- ------ - ------ - ------ - Checking (noninterest) $ 15,712 0.3% $ 13,351 0.3% $ 13,207 0.3% NOW (interest) 183,816 4.0 182,805 4.0 181,962 3.9 Savings (passbook/stmt) 226,121 4.9 224,989 4.9 219,151 4.7 Money Market 947,979 20.7 929,952 20.2 946,535 20.3 CD's 3,198,871 70.1 3,259,262 70.6 3,303,476 70.8 ---------- ---- ---------- ---- ---------- ---- Total $4,572,499 100% $4,610,359 100% $4,664,331 100% ========== ==== ========== ==== ========== ==== Deposits greater than $100,000 - EOP $1,154,100 $1,199,447 $1,211,460 Brokered Deposits $ --- $ --- $ --- -2-
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