EXHIBIT 99.2
Golden West Financial Releases Thirteen Month Statistical Data
OAKLAND, Calif.--(BUSINESS WIRE)--July 20, 2004--Golden West
Financial Corporation (NYSE:GDW), parent of World Savings Bank, today
released statistical data for the thirteen months ended June 30, 2004.
Headquartered in Oakland, California, Golden West is one of the
nation's largest financial institutions with assets over $90 billion
as of June 30, 2004. The Company has one of the most extensive thrift
branch systems in the country, with 274 savings branches in 10 states
and lending operations in 38 states. Golden West's stock is listed on
the New York Stock and Pacific Exchanges under the ticker symbol GDW.
Golden West investor information is available at www.gdw.com.
GOLDEN WEST FINANCIAL CORPORATION AND SUBSIDIARIES
MONTHLY FINANCIAL HIGHLIGHTS
June 2003 - June 2004
(Dollars in millions)
2004
------------------------------------
JUN MAY APR MAR
-------- -------- -------- --------
Total Assets $93,158 $90,336 $88,499 $86,605
Cash and Investments $1,836 $1,706 $1,688 $1,372
Loans and MBS $89,094 $86,437 $84,664 $83,079
Adjustable Rate Mortgages and MBS $85,732 $83,278 $81,549 $79,890
Loans Originated - Month $4,791 $3,853 $3,795 $3,839
Percentage ARMs - Month 99% 98% 98% 98%
Percentage Refinances - Month 69% 72% 73% 72%
Loans Originated - YTD $21,833 $17,042 $13,189 $9,394
Percentage ARMs - YTD 98% 98% 98% 98%
Percentage Refinances - YTD 72% 72% 73% 72%
Total Deposits $48,611 $47,844 $47,353 $47,384
Total Deposit Net Activity -
Month $767 $491 $(31) $253
Total Deposit Net Activity - YTD $1,884 $1,117 $626 $657
Federal Home Loan Bank Borrowings $28,712 $27,210 $26,214 $24,806
Other Borrowings:
Reverse Repurchases 3,471 2,872 3,072 2,672
Federal Funds Purchased 0 0 0 0
Bank Notes 1,787 2,865 2,500 2,505
Senior Debt 2,990 1,990 1,990 1,990
Subordinated Notes 0 0 0 0
-------- -------- -------- --------
Total Borrowings $36,960 $34,937 $33,776 $31,973
======== ======== ======== ========
Yield on Loan Portfolio 4.50% 4.52% 4.55% 4.58%
Yield on Interest-Earning
Investments 1.35 1.04 1.05 1.05
-------- -------- -------- --------
Combined Yield on Interest-
Earning Assets 4.46% 4.47% 4.51% 4.55%
Cost of Deposits 1.88% 1.85% 1.85% 1.85%
Cost of Federal Home Loan Bank
Borrowings 1.35 1.24 1.22 1.23
Cost of Other Borrowings 1.73 1.61 1.61 1.64
-------- -------- -------- --------
Combined Cost of Funds 1.69% 1.63% 1.62% 1.63%
-------- -------- -------- --------
Net Interest Rate Spread (Primary
Spread) 2.77% 2.84% 2.89% 2.92%
======== ======== ======== ========
Loans Sold $79 $81 $64 $51
Loan and MBS Repayments and
Payoffs - Month $2,308 $2,090 $2,099 $1,949
As a % of Prior Month Loan
Balances (Annualized) 32.18% 29.62% 30.32% 28.87%
Nonperforming Assets and Troubled
Debt
Restructured as a % of Total
Assets .41% .44% .45% .48%
2004 2003
----------------- --------
FEB JAN DEC
-------- -------- --------
Total Assets $84,945 $82,910 $82,550
Cash and Investments $1,839 $1,216 $2,140
Loans and MBS $81,003 $79,600 $78,311
Adjustable Rate Mortgages and MBS $78,042 $76,769 $75,239
Loans Originated - Month $2,690 $2,865 $3,761
Percentage ARMs - Month 98% 98% 98%
Percentage Refinances - Month 74% 71% 71%
Loans Originated - YTD $5,555 $2,865 $35,985
Percentage ARMs - YTD 98% 98% 94%
Percentage Refinances - YTD 72% 71% 70%
Total Deposits $47,131 $46,875 $46,727
Total Deposit Net Activity - Month $256 $148 $238
Total Deposit Net Activity - YTD $404 $148 $5,688
Federal Home Loan Bank Borrowings $24,110 $22,008 $22,000
Other Borrowings:
Reverse Repurchases 1,971 2,571 3,021
Federal Funds Purchased 0 0 0
Bank Notes 3,509 3,413 3,016
Senior Debt 992 991 991
Subordinated Notes 0 0 0
-------- -------- --------
Total Borrowings $30,582 $28,983 $29,028
======== ======== ========
Yield on Loan Portfolio 4.61% 4.60% 4.61%
Yield on Interest-Earning Investments 1.05 1.04 .93
-------- -------- --------
Combined Yield on Interest-Earning
Assets 4.56% 4.57% 4.54%
Cost of Deposits 1.85% 1.85% 1.85%
Cost of Federal Home Loan Bank Borrowings 1.25 1.28 1.28
Cost of Other Borrowings 1.68 1.66 1.66
-------- -------- --------
Combined Cost of Funds 1.65% 1.67% 1.67%
-------- -------- --------
Net Interest Rate Spread (Primary Spread) 2.91% 2.90% 2.87%
======== ======== ========
Loans Sold $31 $50 $113
Loan and MBS Repayments and Payoffs - Month $1,401 $1,323 $1,717
As a % of Prior Month Loan Balances
(Annualized) 21.13% 20.28% 27.02%
Nonperforming Assets and Troubled Debt
Restructured as a % of Total Assets .52% .52% .51%
GOLDEN WEST FINANCIAL CORPORATION AND SUBSIDIARIES
MONTHLY FINANCIAL HIGHLIGHTS
June 2003 - June 2004
(Dollars in millions)
2003
---------------------------
NOV OCT SEP
-------- -------- --------
Total Assets $79,661 $77,748 $76,158
Cash and Investments $1,285 $1,045 $1,169
Loans and MBS $76,272 $74,645 $72,949
Adjustable Rate Mortgages and MBS $73,222 $71,521 $69,528
Loans Originated - Month $3,276 $3,869 $3,698
Percentage ARMs - Month 98% 98% 97%
Percentage Refinances - Month 70% 69% 67%
Loans Originated - YTD $32,224 $28,948 $25,079
Percentage ARMs - YTD 93% 92% 92%
Percentage Refinances - YTD 70% 70% 71%
Total Deposits $46,489 $46,434 $46,145
Total Deposit Net Activity - Month $55 $289 $384
Total Deposit Net Activity - YTD $5,450 $5,395 $5,106
Federal Home Loan Bank Borrowings $20,689 $20,190 $19,690
Other Borrowings:
Reverse Repurchases 2,572 1,372 722
Federal Funds Purchased 0 100 300
Bank Notes 1,971 1,837 1,490
Senior Debt 991 991 991
Subordinated Notes 0 0 200
-------- -------- --------
Total Borrowings $26,223 $24,490 $23,393
======== ======== ========
Yield on Loan Portfolio 4.64% 4.68% 4.73%
Yield on Interest-Earning Investments 1.03 1.04 1.10
-------- -------- --------
Combined Yield on Interest-Earning
Assets 4.61% 4.65% 4.70%
Cost of Deposits 1.86% 1.87% 1.95%
Cost of Federal Home Loan Bank Borrowings 1.28 1.28 1.27
Cost of Other Borrowings 1.80 1.97 2.38
-------- -------- --------
Combined Cost of Funds 1.69% 1.71% 1.78%
-------- -------- --------
Net Interest Rate Spread (Primary Spread) 2.92% 2.94% 2.92%
======== ======== ========
Loans Sold $83 $205 $231
Loan and MBS Repayments and Payoffs -
Month $1,543 $1,845 $1,918
As a % of Prior Month Loan Balances
(Annualized) 24.81% 30.35% 32.30%
Nonperforming Assets and Troubled Debt
Restructured as a % of Total Assets .52% .54% .56%
2003
--------------------------
AUG JUL JUN
-------- -------- --------
Total Assets $75,028 $73,395 $72,198
Cash and Investments $1,693 $1,365 $873
Loans and MBS $71,270 $70,038 $69,295
Adjustable Rate Mortgages and MBS $67,843 $66,868 $66,078
Loans Originated - Month $3,237 $3,157 $2,786
Percentage ARMs - Month 92% 90% 92%
Percentage Refinances - Month 71% 71% 70%
Loans Originated - YTD $21,381 $18,144 $14,987
Percentage ARMs - YTD 91% 91% 91%
Percentage Refinances - YTD 71% 71% 71%
Total Deposits $45,761 $44,968 $44,386
Total Deposit Net Activity - Month $793 $582 $303
Total Deposit Net Activity - YTD $4,722 $3,929 $3,347
Federal Home Loan Bank Borrowings $19,131 $18,923 $19,927
Other Borrowings:
Reverse Repurchases 623 723 21
Federal Funds Purchased 0 0 265
Bank Notes 1,590 1,090 100
Senior Debt 991 991 990
Subordinated Notes 200 200 200
-------- -------- --------
Total Borrowings $22,535 $21,927 $21,503
======== ======== ========
Yield on Loan Portfolio 4.80% 4.86% 4.92%
Yield on Interest-Earning Investments 1.03 1.06 1.27
-------- -------- --------
Combined Yield on Interest-Earning
Assets 4.74% 4.81% 4.90%
Cost of Deposits 2.03% 2.06% 2.12%
Cost of Federal Home Loan Bank Borrowings 1.29 1.32 1.37
Cost of Other Borrowings 2.49 2.67 4.17
-------- -------- --------
Combined Cost of Funds 1.84% 1.88% 1.94%
-------- -------- --------
Net Interest Rate Spread (Primary Spread) 2.90% 2.93% 2.96%
======== ======== ========
Loans Sold $431 $456 $336
Loan and MBS Repayments and Payoffs - Month $1,920 $1,949 $1,728
As a % of Prior Month Loan Balances
(Annualized) 32.90% 33.75% 30.28%
Nonperforming Assets and Troubled Debt
Restructured as a % of Total Assets .57% .60% .62%
CONTACT: Golden West Financial Corporation
William C. Nunan, 510-446-3614