Washington Federal, Inc. (NASDAQ:WAFD)

CAPS Rating: 3 out of 5

The Company is a non-diversified unitary savings and loan holding company within the meaning of the Home Owner's Loan Act that conducts its operations through a federally insured savings and loan association subsidiary, Washington Federal Savings.

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Player Avatar TMFEnochRoot (99.78) Submitted: 1/13/2009 9:38:14 AM : Underperform Start Price: $12.85 WAFD Score: +5.19

One of a group of regional banks with high exposure to FHLB borrowings as a % of tangible common equity. Some FHLB have recently indicated they are falling below regulatory minimum capital requirements and as a result will not pay dividends, redeem or repurchase capital stock. Repercussions for FHLB's member bank/owners include higher borrowing costs, writedowns to their common stock stakes in the FHLB, and reduced NII from reduced dividends from their FHLB.

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