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At June 30, 2007, the Bank's retained earnings were $71.8 million (representing 11.4% of total assets). The Bank in fiscal year 2007 again exhibited its commitment to remaining financially strong and independent.
Strength, safety and the security of your deposits have always been of major importance to us. Washington Federal has traditionally preserved a very strong capital position, and fiscal 2007 results confirm our strength. Our ratios for tangible, core and risk-based capital significantly exceed all federal requirements.
Fiscal year loan growth of over $80 million brought total loans to $448 million at June 30, 2007. This was a 22% growth rate. As always, we reinvest your deposit dollars back into your communities through home financing, auto, personal and business loans.
For more than a century, Washington Federal has demonstrated financial strength, growth and stability. We will continue our successful strategy of balancing growth, profitability and risk.
| Assets |
June 30, 2007 |
| Cash on hand and in banks |
$11,509,278 |
| Investments and securities |
$129,094,828 |
| Loans receivable |
$447,745,686 |
| Real estate owned |
$274,668 |
| Fixed assets less depreciation |
$11,741,854 |
| Federal Home Loan Bank stock |
$4,109,100 |
| Other assets |
$23,247,909 |
| Total Assets |
$627,723,323 |
| Liabilities And Retained Earnings |
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| Deposits |
$500,531,250 |
| Borrowed funds |
$49,914,413 |
| Other liabilities |
$5,510,199 |
| Retained earnings |
$71,767,461 |
| Total Liabilities and Retained Earnings |
$627,723,323 |
The SAIF, an agency of the United States Government, insures all depositors up to $100,000 in accordance with the rules and regulations of the Federal Deposit Insurance Corporation (FDIC).
This statement has been prepared in accordance with the regulatory reporting requirements of the Office of Thrift Supervision (OTS). Tangible, core and risk-based capital are the elements of regulatory capital determined under such reporting requirements. Regulatory capital is the basis by which the OTS determines whether a savings association is operating in a safe and sound manner.
At June 30, 2007, Washington Federal Savings Bank was required to have tangible, core and risk-based regulatory capital of $9,477,741, $18,955,482 and $34,828,718, respectively. The actual tangible, core and risk-based regulatory capital on this date was $74,261,249, $74,261,249 and $77,759,427, respectively.
Washington Federal Savings Bank exceeds all regulatory capital requirements.
Copies of the annual audited financial statements are available to the public by writing to: Administrative Services, Washington Federal Savings Bank, 190 North Main Street, Washington, PA 15301.
I, Brian J. Smith, President and Chief Executive Officer of the above-named savings association, do hereby declare that this statement of condition has been prepared in conformance with the instructions issued by the OTS and is true to the best of my knowledge and belief.
Brian J. Smith
President and CEO
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