FDIC Certificate #: 22977 Status: Inactive Closing history: Corrections Acquiring institution:Washington Federal (#28088) Federal Reserve ID: 508878 Date Established: November 09, 1979 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 19 (Interstate: No) OTS Docket #: 15908 FDIC's unique #: 16078 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes State Chartered: Yes Date of Deposit Insurance: November 09, 1979 Last Structure Change Effective Date: January 08, 2010 Last Structure Change Process Date: January 12, 2010 Last Data Update: January 12, 2010 Data Source Date: April 05, 2012
Location
Address: 1500 Cornwall Avenue, Bellingham, WA 98225 County: Whatcom Quarterly Banking Profile Region: San Francisco FDIC Geographic Region: San Francisco FDIC Supervisory Region: San Francisco FDIC Field Office: Seattle Office of the Comptroller the Currency (OCC) District: Midwest Office of Thrift Supervision Region: West Metropolitan Statistical Area (MSA): Bellingham, WA (#860) Core Based Statistical Area (CBSA): Bellingham, WA (#13380) CBSA Metro Statistical Area: Bellingham, WA (#13380)
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $1,189.0 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
2000 - 2011 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 2009)
Dollar figures in thousands
223Total employees (full-time equivalent)
$1,188,956Total assets
$83,069Cash and due from depository institutions
$68,200Interest-bearing balances
$60,813Securities
$0Federal funds sold & reverse repurchase agreements
$894,701Net loans & leases
$44,374Loan loss allowance
$0Trading account assets
$24,696Bank premises and fixed assets
$31,911Other real estate owned
$144Goodwill and other intangibles
$20,789Life insurance assets
$93,622All other assets
$1,188,956Total liabilities and capital
$1,177,033Total liabilities
$1,049,063Total deposits
$1,022,888Interest-bearing deposits
$1,049,063Deposits held in domestic offices
93.73%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$124,032Other borrowed funds
$0Subordinated debt
$3,938All other liabilities
$11,923Total equity capital
$11,923Total bank equity capital
$11,838Perpetual preferred stock
$0Common stock
$1Surplus
$50,413Undivided profits
Memoranda
$-38,576Noncurrent loans and leases
$114,131Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$85Income earned, not collected on loans
$113,937Earning assets
$0Long-term assets (5+ years)
$4,250Average Assets, year-to-date
$1,023,714Average Assets, quarterly
$148,969Volatile liabilities
$1,357,808Insider loans
$1,244,471FHLB advances
$403,611Loans and leases held for sale
$3,197Unused loan commitments
$123,500Tier 1 (core) risk-based capital
$1,546Tier 2 risk-based capital
$1,904Total risk weighted assets
$114,131Total unused commitments
$25,430Restructured Loans and leases
$10,165Derivatives
Income and Expense (December 31, 2009)
Dollar figures in thousands
$57,365Total interest income
$34,665Total interest expense
$22,700Net interest income
$116,521Provision for loan and lease losses
-$869Total noninterest income
$0Fiduciary activities
$1,914Service charges on deposit accounts
$0Trading account gains & fees
-$2,783Additional noninterest income
$39,476Total noninterest expense
$13,946Salaries and employee benefits
$3,974Premises and equipment expense
$21,556Additional noninterest expense
-$134,166Pre-tax net operating income
-$238Securities gains (losses)
-$28,325Applicable income taxes
-$106,079Income before extraordinary items
$0Extraordinary gains - net
-$106,143Net income attributable to bank
$64Net charge-offs
-$106,079Cash dividends
$97,456Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2009)
Dollar figures in thousands
Performance Ratios (%, annualized)
4.74%Yield on earning assets
2.86%Cost of funding earning assets
1.88%Net interest margin
-0.07%Noninterest income to earning assets
3.26%Noninterest expense to earning assets
-7.80%Net operating income to assets
-7.82%Return on assets (ROA)
-9.90%Pretax return on assets
-188.98%Return on equity (ROE)
-188.98%Retained earnings to average equity (YTD only)
9.05%Net charge-offs to loans
119.56%Credit loss provision to net charge-offs
-0.18%Efficiency ratio
180,825Assets per employee
5.33%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
4.73%Loss allowance to noncurrent loans
38.95%Noncurrent assets plus other real estate owned to assets
12.27%Noncurrent loans to loans
12.13%Net loans and leases to deposits
85.29%Net loans and leases to core deposits
117.57%Equity capital to assets
1.00%Core capital (leverage) ratio
0.80%Tier 1 risk-based capital ratio
0.99%Total risk-based capital ratio
Memoranda
$2Average assets
$1,357,808Average earning assets
$56,167Average equity
$1,210,058Average loans
Total Fiduciary and Related Assets (December 31, 2009)
Dollar figures in thousands
$1Total fiduciary and related assets
1Number of Fiduciary Accounts and Related Asset Accounts
YesFiduciary powers granted
YesFiduciary or related activity
$8,875Managed Assets
1Number of Accounts
$8,875Personal trust and agency accounts
$0Employee benefit-defined contribution accounts
$8,867Employee benefit-defined benefit accounts
$0Other retirement accounts
$8Corporate trust and agency accounts
$0Investment management agency accounts
$0Other fiduciary accounts
$0Fiduciary accounts held in foreign offices
$0Non-managed Assets
2Number of Accounts
$0Personal trust and agency accounts
$0Employee benefit-defined contribution accounts
$0Employee benefit-defined benefit accounts
$0Other retirement accounts
$0Corporate trust and agency accounts
$0Other fiduciary accounts
$0Fiduciary accounts held in foreign offices
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