EXHIBIT 99.2
Golden West Financial Releases Thirteen Month Statistical Data
OAKLAND, Calif.--(BUSINESS WIRE)--Jan. 20, 2005--Golden West
Financial Corporation (NYSE:GDW), parent of World Savings Bank, today
released statistical data for the thirteen months ended December 31,
2004.
Headquartered in Oakland, California, Golden West is one of the
nation's largest financial institutions with assets over $105 billion
as of December 31, 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.
GOLDEN WEST FINANCIAL CORPORATION AND SUBSIDIARIES
MONTHLY FINANCIAL HIGHLIGHTS
December 2003 - December 2004
(Dollars in millions)
2004
----------------------------------------
DEC NOV OCT SEP
---------- --------- --------- ---------
Total Assets $106,889 $104,641 $102,759 $100,248
Cash and Investments $1,667 $1,284 $1,614 $1,203
Loans and MBS $102,669 $100,846 $98,664 $96,616
Adjustable Rate Mortgages and
MBS $99,731 $97,572 $95,580 $93,427
Loans Originated - Month $4,727 $4,135 $4,222 $4,343
Percentage ARMs - Month 99% 99% 99% 99%
Percentage Refinances -
Month 76% 75% 73% 71%
Loans Originated - YTD $48,989 $44,262 $40,127 $35,905
Percentage ARMs - YTD 99% 99% 99% 99%
Percentage Refinances - YTD 72% 71% 71% 71%
Total Deposits $52,965 $52,424 $52,215 $51,667
Total Deposit Net Activity -
Month $541 $209 $548 $800
Total Deposit Net Activity -
YTD $6,238 $5,697 $5,488 $4,940
Federal Home Loan Bank
Borrowings $33,782 $32,957 $32,263 $32,017
Other Borrowings:
Reverse Repurchases 3,900 4,150 3,900 3,650
Federal Funds Purchased 0 20 0 0
Bank Notes 2,710 2,544 2,069 869
Senior Debt 5,292 3,993 4,000 3,998
---------- --------- --------- ---------
Total Borrowings $45,684 $43,664 $42,232 $40,534
========== ========= ========= =========
Yield on Loan Portfolio 4.75% 4.71% 4.64% 4.59%
Yield on Interest-Earning
Investments 2.08 2.08 1.83 1.90
---------- --------- --------- ---------
Combined Yield on
Interest-Earning Assets 4.73% 4.69% 4.62% 4.57%
Cost of Deposits 2.08% 2.02% 2.00% 1.97%
Cost of Federal Home Loan Bank
Borrowings 2.30 2.10 1.91 1.78
Cost of Other Borrowings 2.60 2.27 2.22 2.21
---------- --------- --------- ---------
Combined Cost of Funds 2.22% 2.07% 1.99% 1.93%
---------- --------- --------- ---------
Net Interest Rate Spread
(Primary Spread) 2.51% 2.62% 2.63% 2.64%
========== ========= ========= =========
Loans Sold $33 $27 $37 $30
Loan and MBS Repayments and
Payoffs - Month $2,506 $2,114 $2,045 $2,113
As a % of Prior Month Loan
Balances (Annualized) 29.99% 25.86% 25.54% 26.96%
Nonperforming Assets and
Troubled Debt Restructured
as a % of Total Assets .33% .35% .35% .36%
2004
----------------------------
AUG JUL JUN
--------- --------- --------
Total Assets $98,553 $96,033 $93,158
Cash and Investments $1,655 $2,026 $1,836
Loans and MBS $94,521 $91,677 $89,094
Adjustable Rate Mortgages and MBS $91,201 $88,452 $85,732
Loans Originated - Month $4,873 $4,856 $4,791
Percentage ARMs - Month 99% 99% 99%
Percentage Refinances - Month 68% 68% 69%
Loans Originated - YTD $31,562 $26,689 $21,833
Percentage ARMs - YTD 99% 98% 98%
Percentage Refinances - YTD 71% 71% 72%
Total Deposits $50,867 $49,775 $48,611
Total Deposit Net Activity - Month $1,092 $1,164 $767
Total Deposit Net Activity - YTD $4,140 $3,048 $1,884
Federal Home Loan Bank Borrowings $31,775 $30,232 $28,712
Other Borrowings:
Reverse Repurchases 3,669 3,571 3,471
Federal Funds Purchased 0 0 0
Bank Notes 1,148 1,631 1,787
Senior Debt 3,001 2,993 2,990
--------- --------- --------
Total Borrowings $39,593 $38,427 $36,960
========= ========= ========
Yield on Loan Portfolio 4.54% 4.50% 4.50%
Yield on Interest-Earning Investments 1.56 1.32 1.35
--------- --------- --------
Combined Yield on Interest-Earning
Assets 4.51% 4.46% 4.46%
Cost of Deposits 1.94% 1.91% 1.88%
Cost of Federal Home Loan Bank Borrowings 1.65 1.48 1.35
Cost of Other Borrowings 1.95 1.84 1.73
--------- --------- --------
Combined Cost of Funds 1.84% 1.75% 1.69%
--------- --------- --------
Net Interest Rate Spread (Primary Spread) 2.67% 2.71% 2.77%
========= ========= ========
Loans Sold $35 $35 $79
Loan and MBS Repayments and Payoffs -
Month $2,103 $2,104 $2,308
As a % of Prior Month Loan Balances
(Annualized) 27.66% 28.47% 32.18%
Nonperforming Assets and Troubled Debt
Restructured as a % of Total Assets .37% .40% .41%
GOLDEN WEST FINANCIAL CORPORATION AND SUBSIDIARIES
MONTHLY FINANCIAL HIGHLIGHTS
December 2003 - December 2004
(Dollars in millions)
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
----------- --------- ---------
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%
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
----------- --------- ---------
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%
CONTACT: Golden West Financial Corporation
William C. Nunan, 510-446-3614