Exhibit 99.2
Golden West Financial Releases Thirteen Month Statistical Data
OAKLAND, Calif.--(BUSINESS WIRE)--Oct. 21, 2004--Golden West
Financial Corporation (NYSE:GDW) (PCX:GDW), parent of World Savings
Bank, today released statistical data for the thirteen months ended
September 30, 2004.
Headquartered in Oakland, California, Golden West is one of the
nation's largest financial institutions with assets over $100 billion
as of September 30, 2004. The Company has one of the most extensive
thrift branch systems in the country, with 276 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.
(Financial Information Attached)
GOLDEN WEST FINANCIAL CORPORATION AND SUBSIDIARIES
MONTHLY FINANCIAL HIGHLIGHTS
September 2003 - September 2004
(Dollars in millions)
2004
---------------------------------------
SEP AUG JUL JUN
--------- --------- --------- ---------
Total Assets $100,248 $ 98,553 $ 96,033 $ 93,158
Cash and Investments $ 1,203 $ 1,655 $ 2,026 $ 1,836
Loans and MBS $ 96,616 $ 94,521 $ 91,677 $ 89,094
Adjustable Rate Mortgages and
MBS $ 93,427 $ 91,201 $ 88,452 $ 85,732
Loans Originated - Month $ 4,343 $ 4,873 $ 4,856 $ 4,791
Percentage ARMs - Month 99% 99% 99% 99%
Percentage Refinances -
Month 71% 68% 68% 69%
Loans Originated - YTD $ 35,905 $ 31,562 $ 26,689 $ 21,833
Percentage ARMs - YTD 99% 99% 98% 98%
Percentage Refinances - YTD 71% 71% 71% 72%
Total Deposits $ 51,667 $ 50,867 $ 49,775 $ 48,611
Total Deposit Net Activity -
Month $ 800 $ 1,092 $ 1,164 $ 767
Total Deposit Net Activity -
YTD $ 4,940 $ 4,140 $ 3,048 $ 1,884
Federal Home Loan Bank
Borrowings $ 32,017 $ 31,775 $ 30,232 $ 28,712
Other Borrowings:
Reverse Repurchases 3,650 3,669 3,571 3,471
Federal Funds Purchased 0 0 0 0
Bank Notes 869 1,148 1,631 1,787
Senior Debt 3,998 3,001 2,993 2,990
Subordinated Notes 0 0 0 0
--------- --------- --------- ---------
Total Borrowings $ 40,534 $ 39,593 $ 38,427 $ 36,960
========= ========= ========= =========
Yield on Loan Portfolio 4.59% 4.54% 4.50% 4.50%
Yield on Interest-Earning
Investments 1.90 1.56 1.32 1.35
--------- --------- --------- ---------
Combined Yield on
Interest-Earning Assets 4.57% 4.51% 4.46% 4.46%
Cost of Deposits 1.97% 1.94% 1.91% 1.88%
Cost of Federal Home Loan
Bank Borrowings 1.78 1.65 1.48 1.35
Cost of Other Borrowings 2.21 1.95 1.84 1.73
--------- --------- --------- ---------
Combined Cost of Funds 1.93% 1.84% 1.75% 1.69%
--------- --------- --------- ---------
Net Interest Rate Spread
(Primary Spread) 2.64% 2.67% 2.71% 2.77%
========= ========= ========= =========
Loans Sold $ 30 $ 35 $ 35 $ 79
Loan and MBS Repayments and
Payoffs - Month $ 2,113 $ 2,103 $ 2,104 $ 2,308
As a % of Prior Month Loan
Balances (Annualized) 26.96% 27.66% 28.47% 32.18%
Nonperforming Assets and
Troubled Debt Restructured
as a % of Total Assets .36% .37% .40% .41%
2004
-----------------------------
MAY APR MAR
--------- --------- ---------
Total Assets $ 90,336 $ 88,499 $ 86,605
Cash and Investments $ 1,706 $ 1,688 $ 1,372
Loans and MBS $ 86,437 $ 84,664 $ 83,079
Adjustable Rate Mortgages and MBS $ 83,278 $ 81,549 $ 79,890
Loans Originated - Month $ 3,853 $ 3,795 $ 3,839
Percentage ARMs - Month 98% 98% 98%
Percentage Refinances - Month 72% 73% 72%
Loans Originated - YTD $ 17,042 $ 13,189 $ 9,394
Percentage ARMs - YTD 98% 98% 98%
Percentage Refinances - YTD 72% 73% 72%
Total Deposits $ 47,844 $ 47,353 $ 47,384
Total Deposit Net Activity - Month $ 491 $ (31) $ 253
Total Deposit Net Activity - YTD $ 1,117 $ 626 $ 657
Federal Home Loan Bank Borrowings $ 27,210 $ 26,214 $ 24,806
Other Borrowings:
Reverse Repurchases 2,872 3,072 2,672
Federal Funds Purchased 0 0 0
Bank Notes 2,865 2,500 2,505
Senior Debt 1,990 1,990 1,990
Subordinated Notes 0 0 0
--------- --------- ---------
Total Borrowings $ 34,937 $ 33,776 $ 31,973
========= ========= =========
Yield on Loan Portfolio 4.52% 4.55% 4.58%
Yield on Interest-Earning Investments 1.04 1.05 1.05
--------- --------- ---------
Combined Yield on Interest-Earning
Assets 4.47% 4.51% 4.55%
Cost of Deposits 1.85% 1.85% 1.85%
Cost of Federal Home Loan Bank
Borrowings 1.24 1.22 1.23
Cost of Other Borrowings 1.61 1.61 1.64
--------- --------- ---------
Combined Cost of Funds 1.63% 1.62% 1.63%
--------- --------- ---------
Net Interest Rate Spread (Primary
Spread) 2.84% 2.89% 2.92%
========= ========= =========
Loans Sold $ 81 $ 64 $ 51
Loan and MBS Repayments and Payoffs -
Month $ 2,090 $ 2,099 $ 1,949
As a % of Prior Month Loan Balances
(Annualized) 29.62% 30.32% 28.87%
Nonperforming Assets and Troubled Debt
Restructured as a % of Total Assets .44% .45% .48%
GOLDEN WEST FINANCIAL CORPORATION AND SUBSIDIARIES
MONTHLY FINANCIAL HIGHLIGHTS
September 2003 - September 2004
(Dollars in millions)
2004
---------------------
FEB JAN
--------- ---------
Total Assets $ 84,945 $ 82,910
Cash and Investments $ 1,839 $ 1,216
Loans and MBS $ 81,003 $ 79,600
Adjustable Rate Mortgages and MBS $ 78,042 $ 76,769
Loans Originated - Month $ 2,690 $ 2,865
Percentage ARMs - Month 98% 98%
Percentage Refinances - Month 74% 71%
Loans Originated - YTD $ 5,555 $ 2,865
Percentage ARMs - YTD 98% 98%
Percentage Refinances - YTD 72% 71%
Total Deposits $ 47,131 $ 46,875
Total Deposit Net Activity - Month $ 256 $ 148
Total Deposit Net Activity - YTD $ 404 $ 148
Federal Home Loan Bank Borrowings $ 24,110 $ 22,008
Other Borrowings:
Reverse Repurchases 1,971 2,571
Federal Funds Purchased 0 0
Bank Notes 3,509 3,413
Senior Debt 992 991
Subordinated Notes 0 0
--------- ---------
Total Borrowings $ 30,582 $ 28,983
========= =========
Yield on Loan Portfolio 4.61% 4.60%
Yield on Interest-Earning Investments 1.05 1.04
--------- ---------
Combined Yield on Interest-Earning Assets 4.56% 4.57%
Cost of Deposits 1.85% 1.85%
Cost of Federal Home Loan Bank Borrowings 1.25 1.28
Cost of Other Borrowings 1.68 1.66
--------- ---------
Combined Cost of Funds 1.65% 1.67%
--------- ---------
Net Interest Rate Spread (Primary Spread) 2.91% 2.90%
========= =========
Loans Sold $ 31 $ 50
Loan and MBS Repayments and Payoffs - Month $ 1,401 $ 1,323
As a % of Prior Month Loan Balances
(Annualized) 21.13% 20.28%
Nonperforming Assets and Troubled Debt
Restructured as a % of Total Assets .52% .52%
2003
------------------------------------------
DEC NOV OCT SEP
--------- --------- --------- ---------
Total Assets $ 82,550 $ 79,661 $ 77,748 $ 76,158
Cash and Investments $ 2,140 $ 1,285 $ 1,045 $ 1,169
Loans and MBS $ 78,311 $ 76,272 $ 74,645 $ 72,949
Adjustable Rate Mortgages
and MBS $ 75,239 $ 73,222 $ 71,521 $ 69,528
Loans Originated - Month $ 3,761 $ 3,276 $ 3,869 $ 3,698
Percentage ARMs - Month 98% 98% 98% 97%
Percentage Refinances -
Month 71% 70% 69% 67%
Loans Originated - YTD $ 35,985 $ 32,224 $ 28,948 $ 25,079
Percentage ARMs - YTD 94% 93% 92% 92%
Percentage Refinances -
YTD 70% 70% 70% 71%
Total Deposits $ 46,727 $ 46,489 $ 46,434 $ 46,145
Total Deposit Net
Activity - Month $ 238 $ 55 $ 289 $ 384
Total Deposit Net
Activity - YTD $ 5,688 $ 5,450 $ 5,395 $ 5,106
Federal Home Loan Bank
Borrowings $ 22,000 $ 20,689 $ 20,190 $ 19,690
Other Borrowings:
Reverse Repurchases 3,021 2,572 1,372 722
Federal Funds Purchased 0 0 100 300
Bank Notes 3,016 1,971 1,837 1,490
Senior Debt 991 991 991 991
Subordinated Notes 0 0 0 200
--------- --------- --------- ---------
Total Borrowings $ 29,028 $ 26,223 $ 24,490 $ 23,393
========= ========= ========= =========
Yield on Loan Portfolio 4.61% 4.64% 4.68% 4.73%
Yield on Interest-Earning
Investments .93 1.03 1.04 1.10
--------- --------- --------- ---------
Combined Yield on
Interest-Earning
Assets 4.54% 4.61% 4.65% 4.70%
Cost of Deposits 1.85% 1.86% 1.87% 1.95%
Cost of Federal Home Loan
Bank Borrowings 1.28 1.28 1.28 1.27
Cost of Other Borrowings 1.66 1.80 1.97 2.38
--------- --------- --------- ---------
Combined Cost of Funds 1.67% 1.69% 1.71% 1.78%
--------- --------- --------- ---------
Net Interest Rate Spread
(Primary Spread) 2.87% 2.92% 2.94% 2.92%
========= ========= ========= =========
Loans Sold $113 $83 $205 $231
Loan and MBS Repayments
and Payoffs - Month $1,717 $1,543 $1,845 $1,918
As a % of Prior Month
Loan Balances (Annualized) 27.02% 24.81% 30.35% 32.30%
Nonperforming Assets and
Troubled Debt Restructured
as a % of Total Assets .51% .52% .54% .56%
CONTACT: Golden West Financial Corporation
William C. Nunan, 510-446-3614