Washington Federal, Inc. operates as the bank holding company for Washington Federal, National Association. The company has 251 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico and Texas. Lending Activities The company’s lending activity focuses on the origination of loans secured by real estate, including long-term fixed-rate and adjustable-rate mortgage loans, adjustable-rate construction loans, adjustable-rate land development loans, fixed-rate and adjustable rate multi-family loans and fixed-rate and adjustable rate business loans. Single-family residential loans: The company primarily originates 30 year fixed-rate loans secured by single-family residences. Property valuations are required on all real estate loans. Construction loans: The company originates construction loans to finance construction of single-family and multi-family residences, as well as commercial properties. These loans to builders are indexed to the ‘prime rate’ and normally have maturities of two years or less. Loans made to individuals for construction of their home generally are 30 year fixed rate loans. Land loans: The company’s land development loans are of a short-term nature and are made for 75% or less of the appraised value of the unimproved property. Funds are disbursed periodically at various stages of completion as authorized by the company's personnel. Land development loans involve a higher degree of credit risk than long-term financing on owner-occupied real estate. The company’s permanent land loans (also called consumer lot loans) are made on improved land, with the intent of building a primary or secondary residence. Multi-family residential loans: Multi-family residential (five or more dwelling units) loans are secured by multi-family rental properties, such as apartment buildings. Multi-family residential loans are originated in amounts up to 80% of the appraised value of the property securing the loan. Commercial and industrial loans: The company makes various types of business loans to customers in its market area for working capital, acquiring real estate, equipment or other business purposes, such as acquisitions. The terms of these loans range from less than 1 year to a maximum of 10 years. The company provides a line of treasury management products to support the depository needs of its clients. Consumer loans: The company’s consumer loan portfolio consists of prime quality student loans acquired from an independent financial investment firm that retains 1% of each loan, plus various other consumer loans acquired through acquisitions. The remainder of these consumer loans is primarily home improvement loans made through third party originators that bear interest at rates of 10% and higher. Home equity loans: The company extends revolving lines of credit to consumers that are secured by a first or second mortgage on a single family residence. Investment Portfolio The company’s investment portfolio includes U.S. government and agency obligations, Mutual Fund Investments, Corporate Bonds, securities of state and political subdivisions, Agency pass-through certificates, and other commercial MBS. Deposits The company offers following types of deposit products: business and personal checking accounts, term certificates of deposit, and other savings deposit alternatives that have no fixed term, such as money market accounts and passbook savings accounts. It offers consumer checking account products, both interest bearing and non-interest bearing. Three business checking accounts are offered. Two are targeted to small businesses with relatively simple and straightforward banking needs. The company’s deposits are obtained primarily from residents of Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico and Texas. Subsidiaries The bank has four active wholly owned subsidiaries which are as follows: WAFD Insurance Group, Inc. is incorporated under the laws of the state of Washington and is an insurance agency that offers a line of individual and business insurance policies to customers of the company, as well as to the general public. Statewide Mortgage Services Company is incorporated under the laws of the state of Washington. It holds and markets real estate held for investment. Washington Services, Inc. is incorporated under the laws of the state of Washington. It holds certain branch properties and equipment and also acts as a trustee under deeds of trust as to which the bank is beneficiary. First Mutual Sales Finance, Inc. is incorporated under the laws of the state of Delaware. It services consumer loans. Regulations The company is registered as a bank holding company and is subject to the Board of Governors of the Federal Reserve System regulation, examination, supervision, and reporting requirements. The bank is subject to extensive regulation, supervision, and examination by the Office of the Comptroller of the Currency, its primary federal regulator; the Bureau of Consumer Financial Protection; and the Federal Deposit Insurance Corporation, which insures its deposits up to applicable limits. The bank is a member of the Federal Deposit Insurance Corporation and its deposits are insured up to applicable limits of the Depository Insurance Fund, which is administered by the Federal Deposit Insurance Corporation. As a national bank, the bank is required to be a member of the Board of Governors of the Federal Reserve System. The bank is a member of the Federal Home Loan Bank of Seattle. History Washington Federal, Inc. was founded in 1917.
washington federal inc (WAFD:NASDAQ GS)
425 Pike Street
Seattle, WA 98101
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