EX-99.2 3 dex992.htm FACT SHEET

Fact Sheet

Exhibit 99.2

Washington Federal, Inc.

Fact Sheet

March 31, 2010

($ In Thousands)

				9/09 QTR								12/09 QTR							3/10 QTR
Loan Loss Reserve-Total				$	166,836							$	190,549						$	194,553
		- General			59,461								75,152							85,730
		- Specific			107,375								115,397							108,823
Net Charge-offs (Recoveries) for the Qtr					46,659								46,037							59,419
Non-performing Assets - Total					557,120								553,285							538,928
		- REO			120,105								133,235							148,813
		- REHI			56,758								50,273							55,243
		- Non-accrual			380,257								369,777							334,872
Troubled Debt Restructuring					136,894								202,674							244,821
Regulatory Capital Ratios		- Tangible			1,414,885				11.56	%			1,424,078			11.53	%			1,504,519				11.17	%
(excludes holding co.)		- Core			1,414,885				11.56				1,424,078			11.53				1,504,519				11.17
		- Risk Based			1,469,857				21.57				1,505,230			22.36				1,587,328				22.03
				9/09 QTR				9/09 YTD				12/09 QTR							3/10 QTR				3/10 YTD
Loan Originations - Total				$	536,673			$	1,840,460			$	399,067						$	325,842			$	724,909
Single-Family Residential					257,562				855,212				181,228							106,195				287,423
Construction - Speculative					37,851				102,630				21,524							30,802				52,326
Construction - Custom					98,085				262,952				72,525							57,349				129,874
Land - Acquisition & Development					7,574				45,425				16,395							4,087				20,482
Land - Consumer Lot Loans					3,912				14,681				3,359							2,132				5,491
Multi-Family					24,864				97,621				18,840							16,212				35,052
Commercial Real Estate					22,509				117,447				11,815							3,702				15,517
Commercial & Industrial					67,227				243,240				55,433							90,047				145,480
HELOC					16,327				85,755				17,381							14,543				31,924
Consumer					762				15,497				567							773				1,340
				9/09 QTR				9/09 YTD				12/09 QTR							3/10 QTR				3/10 YTD
Loan Servicing Fee Income				$	2,442			$	8,827			$	1,887						$	1,791			$	3,678
Other Fee Income					916				3,195				753							1,137				1,890
Total Fee Income				$	3,358			$	12,022			$	2,640						$	2,929			$	5,569
				9/09 QTR				9/09 YTD				12/09 QTR							3/10 QTR				3/10 YTD
Average Loans				$	9,120,537			$	9,422,954			$	9,048,527						$	8,855,140			$	8,952,896
Average Earning Assets					11,682,998				11,754,919				12,012,469							12,545,759				12,276,183
Average Assets					12,241,344				12,254,243				12,646,671							13,446,964				13,101,725
Average Paying Liabilities					10,817,127				10,719,024				10,834,644							11,690,254				11,257,747
Operating Expenses/Average Assets					0.87	%			0.87	%			0.85	%						1.19	%			1.02	%
Efficiency Ratio					26.35				27.30				26.56							21.25				23.11
Amortization of Intangibles				$	782			$	2,938			$	728						$	580			$	1,308
Net Interest Margin					3.27	%			3.17	%			3.26	%						3.09	%			3.17	%
				9/09 QTR				9/09 YTD				12/09 QTR							3/10 QTR				3/10 YTD
Repayments
Loans				$	556,692			$	2,121,835			$	453,422						$	464,191			$	917,613
MBS					186,504				532,183				188,159							204,362				392,521
				9/09 QTR								12/09 QTR							3/10 QTR
EOP Numbers
Shares Issued and Outstanding					112,247,748								112,439,949							112,455,059
				9/09 QTR				9/09 YTD				12/09 QTR							3/10 QTR				3/10 YTD
Share repurchase information
Remaining shares auth. for repurchase					2,888,314				2,888,314				2,888,314							2,888,314				2,888,314
Shares repurchased					—				—				—							—				—
Average share repurchase price				$	—			$	—			$	—						$	—			$	—

Washington Federal, Inc.

Fact Sheet

March 31, 2010

($ In Thousands)

		9/09 QTR							12/09 QTR							3/10 QTR
Tangible Common Book Value
$ Amount		$	1,488,688						$	1,477,681						$	1,558,088
Per Share			13.26							13.14							13.86
# of Employees			1,105							1,085							1,275
Tax Rate - Going Forward			35.50	%						36.00	%						36.00	%
		9/09 QTR							12/09 QTR							3/10 QTR
Investments
Available-for-sale:
Agency MBS		$	2,187,258						$	1,826,787						$	1,912,336
Other			13,825							93,378							364,727
		$	2,201,083						$	1,920,165						$	2,277,063
Held-to-maturity:
Agency MBS		$	95,607						$	90,715						$	84,903
Other			7,435							7,080							7,055
		$	103,042						$	97,795						$	91,958
		AS OF 9/30/09							AS OF 12/31/09							AS OF 3/31/10
		AMOUNT				%			AMOUNT				%			AMOUNT				%
Gross Loan Portfolio by Category *
Single-Family Residential		$	6,785,723			72.3	%		$	6,755,256			72.8	%		$	6,684,914			73.5	%
Construction - Speculative			267,430			2.8				216,793			2.3				196,738			2.2
Construction - Custom			258,839			2.8				266,537			2.9				268,407			3.0
Land - Acquisition & Development			519,130			5.5				479,353			5.2				408,029			4.5
Land - Consumer Lot Loans			195,812			2.1				191,413			2.1				188,475			2.1
Multi-Family			705,212			7.5				706,494			7.6				713,310			7.8
Commercial Real Estate			294,109			3.1				301,932			3.3				287,018			3.2
Commercial & Industrial			119,019			1.3				111,356			1.2				107,700			1.2
HELOC			122,184			1.3				128,277			1.4				128,238			1.4
Consumer			120,081			1.3				111,869			1.2				103,960			1.1
			9,387,539			100	%			9,269,280			100	%			9,086,789			100	%
Less:
ALL			166,836							190,549							194,553
Loans in Process			200,919							186,763							167,913
Deferred Net Origination Fees			36,354							36,435							35,838
			404,109							413,747							398,304
		$	8,983,430						$	8,855,533						$	8,688,485
		AS OF 9/30/09							AS OF 12/31/09							AS OF 3/31/10
		AMOUNT				%			AMOUNT				%			AMOUNT				%
Net Loan Portfolio by Category *
Single-Family Residential		$	6,739,571			74.9	%		$	6,702,901			75.8	%		$	6,618,133			76.2	%
Construction - Speculative			201,430			2.2				156,972			1.8				131,949			1.5
Construction - Custom			139,284			1.6				149,418			1.7				163,272			1.9
Land - Acquisition & Development			391,920			4.4				339,628			3.8				293,568			3.4
Land - Consumer Lot Loans			193,749			2.2				188,883			2.1				181,187			2.1
Multi-Family			700,151			7.8				699,977			7.9				705,996			8.1
Commercial Real Estate			274,719			3.1				286,336			3.2				273,455			3.1
Commercial & Industrial			111,231			1.2				101,582			1.1				96,376			1.1
HELOC			121,334			1.4				127,132			1.4				127,081			1.5
Consumer			110,042			1.2				102,704			1.2				97,468			1.1
		$	8,983,430			100	%		$	8,855,533			100	%		$	8,688,485			100	%

* Excludes covered loans

Washington Federal, Inc.

Fact Sheet

March 31, 2010

($ In Thousands)

		AS OF 9/30/09									AS OF 12/31/09									AS OF 3/31/10
		AMOUNT				%			#		AMOUNT				%			#		AMOUNT				%			#
Deposits by State
WA		$	3,612,300			46.0	%		54		$	3,639,792			45.7	%		54		$	4,416,186			49.2	%		64
ID			603,979			7.7			16			597,072			7.5			16			612,930			6.8			16
OR			1,346,837			17.2			28			1,358,302			17.0			28			1,400,498			15.6			28
UT			320,242			4.1			10			326,606			4.1			10			345,641			3.9			10
NV			162,767			2.1			4			178,040			2.2			4			195,062			2.2			4
TX			121,851			1.6			6			126,396			1.6			6			133,775			1.5			6
AZ			1,216,095			15.5			21			1,285,539			16.1			21			1,371,579			15.3			21
NM			458,239			5.8			11			459,507			5.8			11			490,981			5.5			11
Total		$	7,842,310			100	%		150		$	7,971,254			100	%		150		$	8,966,652			100	%		160
		9/09 QTR									12/09 QTR									3/10 QTR
		AMOUNT				%					AMOUNT				%					AMOUNT				%
Deposits by Type
Checking (noninterest)		$	119,654			1.5	%				$	112,041			1.4	%				$	167,050			1.9	%
NOW (interest)			406,667			5.2						442,312			5.5						513,969			5.7
Savings (passbook/stmt)			197,025			2.5						201,867			2.5						222,213			2.5
Money Market			1,214,812			15.5						1,333,251			16.7						1,483,569			16.5
CD’s			5,904,152			75.3						5,881,783			73.9						6,579,851			73.4
Total		$	7,842,310			100	%				$	7,971,254			100	%				$	8,966,652			100	%
Deposits greater than $100,000 - EOP		$	2,835,393								$	2,986,107								$	3,464,827
Brokered Deposits		$	—								$	—								$	—
		9/09 QTR									12/09 QTR									3/10 QTR
Non-Performing Assets
Restructured loans:
Single-Family Residential		$	116,988			85.4	%				$	161,156			79.6	%				$	191,807			78.4	%
Construction - Speculative			6,235			4.6						13,457			6.6						11,772			4.8
Construction - Custom			—			0.0						—			0.0						—			0.0
Land - Acquisition & Development			11,186			8.2						24,337			12.0						33,625			13.7
Land - Consumer Lot Loans			2,485			1.8						3,724			1.8						6,160			2.5
Multi-Family			—			0.0						—			0.0						1,379			0.6
Commercial Real Estate			—			0.0						—			0.0						—			0.0
Commercial & Industrial			—			0.0						—			0.0						—			0.0
HELOC			—			0.0						—			0.0						78			0.0
Consumer			—			0.0						—			0.0						—			0.0
Total restructured loans (1)			136,894			100	%					202,674			100	%					244,821			100	%
Non-accrual loans:
Single-Family Residential			116,268									134,123									132,957
Construction - Speculative			50,348									61,558									62,169
Construction - Custom			—									—									—
Land - Acquisition & Development			187,061									151,005									113,136
Land - Consumer Lot Loans			—									—									—
Multi-Family			4,368									2,587									3,703
Commercial Real Estate			2,733									908									2,309
Commercial & Industrial			18,823									18,843									19,683
HELOC			—									—									—
Consumer			656									753									915
Total non-accrual loans			380,257									369,777									334,872
Total REO			120,105									133,235									148,813
Total REHI			56,758									50,273									55,243
Total non-performing assets		$	557,120								$	553,285								$	538,928
Total non-performing assets and performing restructured loans		$	674,354								$	725,906								$	763,058
Total non-performing assets and performing restructured loans as a % of total assets			5.36	%								5.73	%								5.53	%
(1) Restructured loans were as follows:
Performing		$	117,234			85.6	%				$	172,621			85.2	%				$	224,130			91.5	%
Non-accrual *			19,660			14.4						30,053			14.8						20,691			8.5
		$	136,894			100	%				$	202,674			100	%				$	244,821			100	%

* - Included in “Total non-accrual loans” above

Washington Federal, Inc.

Fact Sheet

March 31, 2010

($ In Thousands)

		9/09 QTR			12/09 QTR			3/10 QTR
Net Charge-offs by Category
Single-Family Residential		$	8,784		$	6,083		$	9,995
Construction - Speculative			11,337			8,414			6,613
Construction - Custom			109			95			—
Land - Acquisition & Development			23,218			29,148			39,479
Land - Consumer Lot Loans			229			331			497
Multi-Family			80			—			225
Commercial Real Estate			—			—			127
Commercial & Industrial			1,149			227			868
HELOC			115			69			—
Consumer			1,638			1,670			1,615
Total net charge-offs		$	46,659		$	46,037		$	59,419

Washington Federal, Inc.

Fact Sheet

March 31, 2010

excludes covered assets

($ In Thousands)

TYPE OF LOANS		#LOANS		AVG Size		AMOUNT OF GROSS LOANS			30		60		90		Total		% based on #			Previous Year		$ Delinquent		% based on $
MARCH 31, 2010
Single-Family Residential		35,773		186,870			6,684,915,094		247		119		479		845		2.36	%		633		207,381,197		3.10	%
Construction - Speculative		670		293,639			196,737,834		13		16		107		136		20.30	%		206		45,062,504		22.90	%
Construction - Custom		725		370,215			268,406,237		2		1		3		6		0.83	%		10		3,255,789		1.21	%
Land - Acquisition & Development		511		798,490			408,028,305		11		4		75		90		17.61	%		175		97,344,748		23.86	%
Land - Consumer Lot Loans		1,870		100,789			188,474,631		13		10		41		64		3.42	%		56		8,433,874		4.47	%
Multi-Family		1,266		563,436			713,310,327		1		4		8		13		1.03	%		6		7,653,884		1.07	%
Commercial Real Estate		483		594,241			287,018,632		8		1		4		13		2.69	%		9		6,888,431		2.40	%
Commercial & Industrial		679		158,615			107,699,611		5		4		5		14		2.06	%		19		19,531,038		18.13	%
HELOC		2,251		56,969			128,237,615		6		—		6		12		0.53	%		10		901,266		0.70	%
Consumer		17,224		6,036			103,960,506		236		130		98		464		2.69	%		620		2,896,789		2.79	%
		61,452				$	9,086,788,792		542		289		826		1,657		2.70	%		1,744		399,349,519		4.39	%
DECEMBER 31, 2009
Single-Family Residential		36,119		187,028			6,755,254,617		258		168		457		883		2.44	%		459		216,110,486		3.20	%
Construction - Speculative		666		325,515			216,792,895		31		5		98		134		20.12	%		174		50,660,703		23.37	%
Construction - Custom		723		368,655			266,537,499		1		2		4		7		0.97	%		8		1,485,911		0.56	%
Land - Acquisition & Development		610		785,825			479,353,260		17		6		115		138		22.62	%		115		126,159,710		26.32	%
Land - Consumer Lot Loans		1,902		100,638			191,413,028		19		16		37		72		3.79	%		42		10,376,733		5.42	%
Multi-Family		1,259		561,155			706,494,270		6		—		5		11		0.87	%		7		5,455,570		0.77	%
Commercial Real Estate		533		566,477			301,931,994		6		1		3		10		1.88	%		7		4,147,233		1.37	%
Commercial & Industrial		704		158,177			111,356,867		11		2		4		17		2.41	%		17		20,039,678		18.00	%
HELOC		2,231		57,497			128,276,840		6		1		1		8		0.36	%		5		781,585		0.61	%
Consumer		18,237		6,134			111,868,564		283		168		136		587		3.22	%		682		3,830,829		3.42	%
		62,984				$	9,269,279,834		638		369		860		1,867		2.96	%		1,516		439,048,438		4.74	%
SEPTEMBER 30, 2009
Single-Family Residential		36,429		186,273			6,785,722,368		283		135		380		798		2.19	%		395		197,226,001		2.91	%
Construction - Speculative		861		310,604			267,430,203		16		18		112		146		16.96	%		186		53,642,250		20.06	%
Construction - Custom		698		370,829			258,838,857		3		—		5		8		1.15	%		9		1,503,175		0.58	%
Land - Acquisition & Development		644		806,102			519,129,743		20		16		111		147		22.83	%		74		163,424,692		31.48	%
Land - Consumer Lot Loans		1,921		101,932			195,811,509		17		10		28		55		2.86	%		35		7,851,088		4.01	%
Multi-Family		1,266		557,040			705,212,418		5		1		5		11		0.87	%		7		5,845,703		0.83	%
Commercial Real Estate		536		548,712			294,109,456		7		—		5		12		2.24	%		6		4,651,809		1.58	%
Commercial & Industrial		762		156,193			119,019,141		3		2		6		11		1.44	%		9		17,512,348		14.71	%
HELOC		2,188		55,843			122,184,337		5		1		2		8		0.37	%		3		665,337		0.54	%
Consumer		19,306		6,220			120,081,078		320		177		134		631		3.27	%		553		3,995,239		3.33	%
		64,611				$	9,387,539,110		679		360		788		1,827		2.83	%		1,277		456,317,641		4.86	%

Washington Federal, Inc.

Fact Sheet - Horizon Trasaction

March 31, 2010

($ In Thousands)

		Received from FDIC			Fair value adjustments				Recorded by WFSL
Assets:
Cash and cash equivalents		$	70,870,244			—			$	70,870,244
Available for sale securities			62,340,791			4,059				62,344,850
Loans receivable, net			968,433,623			(297,050,955	)			671,382,668
Interest receivable			3,730,862			—				3,730,862
Property and Equipment, net			21,982,875			—				21,982,875
Real estate held for sale			32,149,636			(2,949,045	)			29,200,591
FDIC receivable						227,500,000				227,500,000
Other assets			1,552,501			3,064,305				4,616,806
Total Assets		$	1,161,060,532		$	(69,431,636	)		$	1,091,628,896
Liabilities:
Customer accounts			819,528,221							819,528,221
FHLB advances			124,545,232			505,910				125,051,142
Avances by borrowers			217,139			—				217,139
Other liabilities			81,736,928			21,447,177				103,184,105
Total Liabilities		$	1,026,027,520		$	21,953,087			$	1,047,980,607
Net assets acquired		$	135,033,012		$	(91,384,723	)		$	43,648,289
Aggregate fair value adjustments					$	(91,384,723	)
Cash received from the FDIC									$	41,959,989
Gain on acquisition of HRZB									$	85,608,278

SOP O3-3

		1/8/2010		3/31/2010
Accretable Yield		36,731,196		33,344,964
Non-Accretable Yield		214,920,042		214,920,042
Total Contractual Payments		251,651,238		248,265,006