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Washington Mutual Announces Record Quarterly Earnings and Continued Strong Operating Fundamentals;
Board of Directors Declares 3-for-2 Stock Split and Increases Cash Dividend

SEATTLE--(BUSINESS WIRE)--April 17, 2001--Washington Mutual, Inc. (NYSE:WM - news) today announced record quarterly earnings of $641.0 million or $1.15 per diluted share, up 40 percent from first-quarter 2000 earnings of $458.5 million or 83 cents per diluted share.

Earnings for the first quarter of 2001 include partial quarter results from the former mortgage operations of The PNC Financial Services Group, Inc. and Bank United Corp., which were acquired this year by Washington Mutual on Jan. 31 and Feb. 9, respectively. Both acquisitions were accounted for as purchase transactions, therefore the results of those operations are not included in previous periods.

Highlights of the recent quarter include:

A return on common equity of 22.34 percent; A substantially improved net interest margin, which produced a 25 percent increase in net interest income over last year; Record noninterest income, including a 32 percent increase in depositor and other retail banking fees, as well as a significant increase in gain from loans activity resulting from strong growth in residential mortgage volume and the company's adoption of Financial Accounting Standard (FAS) No. 133; Record loan volume of $24.38 billion, including a 100 percent increase in single-family residential (SFR) loan volume and a 57 percent increase in other loan volume; Record checking account growth of 159,271, net of accounts acquired from Bank United; An operating efficiency ratio of 46.33 percent. ''Washington Mutual has entered 2001 on a very successful note,'' said Kerry Killinger, the company's chairman, president and CEO. ''By all key measures -- for both top line growth and bottom line results -- our company produced excellent results in the first quarter. We look forward to building on that momentum and continuing to profitably grow our national franchises.''

Board Declares Stock Split; Increases Cash Dividend

Based on the company's continued strong operating fundamentals and financial performance, Washington Mutual's Board of Directors declared a 3-for-2 stock split, which will be paid in the form of a 50 percent stock dividend. The stock split is payable on May 15 of this year to shareholders of record as of April 30, 2001. The stock price will adjust to reflect the split effective May 16, 2001.

In addition, the board declared a cash dividend of 22 cents on the company's common stock, payable on all shares of common stock including those resulting from the stock split, up from an adjusted 20.67 cents in the previous quarter. Dividends on the common stock are payable May 15, 2001 to shareholders of record as of April 30, 2001. The board also declared a $0.90625 dividend on Washington Mutual's Series H Preferred Stock payable on May 16, 2001.

First Quarter Results Net Interest and Noninterest Income Grow

Reflecting the improved net interest margin, which was driven primarily by a 150-basis-point reduction in the Federal funds rate during the period, net interest income increased 25 percent to $1.36 billion in the first quarter versus $1.08 billion a year earlier.

The net interest spread for the quarter improved to 2.59 percent, compared with 2.25 percent for the same period last year, reflecting the company's higher yield on interest-earning assets. Likewise, the margin was 2.65 percent in the most recent quarter versus 2.38 percent for first quarter 2000.

Depositor and other retail banking fees were a record $278.8 million, up 32 percent from $211.0 million a year earlier. During the first quarter, the company added 430,454 net new retail checking accounts, including 271,183 checking accounts acquired from Bank United.

Reflecting the weakening stock market, securities fees and commissions were $72.2 million for the first quarter of 2001, versus $82.6 million for the same period one year ago.

A significant pick up in fixed-rate loan volume -- particularly in the second half of the quarter -- and the addition of the mortgage operations acquired from The PNC Financial Services Group, Inc. contributed to gain from loans of $187.0 million, up sharply from the gain of $61.2 million a year ago. The company's adoption of FAS 133 accelerated recognition of approximately $102 million of the gain from loans, which otherwise would have been recorded in the second quarter. Anticipated strong fixed-rate loan volume in the second quarter is expected to generate above-average gain from loans, the company said.

During the quarter, the company recorded a $62.8 million impairment of mortgage servicing rights. However, as part of Washington Mutual's macro-hedging strategy, this impairment was offset by realized net gains of $70.3 million on the sale of securities.

Lending

Robust refinancing activity, combined with the company's recent acquisitions previously noted, contributed to record total loan volume of $24.38 billion for the quarter, up 90 percent from $12.80 billion one year ago.

Single-family residential (SFR) loan volume (excluding residential construction) was $19.93 billion, up 100 percent from $9.97 billion one year ago. Reflecting the current interest rate environment, 52 percent of the first-quarter's SFR volume represented fixed-rate mortgages versus last year's 7 percent. In addition, 53 percent of the SFR mortgage loan volume represented refinance activity, versus last year's 32 percent.

Lending volume for loans other than SFR totaled $4.45 billion for the most recent quarter, up 57 percent over $2.84 billion in the first quarter of 2000.

Efficiency Ratio Improves

The efficiency ratio (defined as noninterest expense, excluding amortization of goodwill and other intangible assets, as a percentage of net interest income and noninterest income) improved to 46.33 percent in the most recent quarter compared with 47.61 percent in the first quarter of last year.

Including the operations of the recently-acquired companies, noninterest expense totaled $1.01 billion in the first quarter of 2001, compared with first-quarter 2000's figure of $744.6 million. This increase was more than offset, however, by the strong growth in noninterest income.

Credit Quality Remains Steady

Killinger said that credit quality, a key focus for Washington Mutual, remains strong and that the company continues to closely monitor it given the signs of a slowing national economy. While total nonperforming assets (NPAs) were $1.45 billion at March 31, 2001, versus $1.04 billion at Dec. 31, 2000, approximately 67 percent of this increase was due to the acquisition of the NPA portfolios of Bank United and the mortgage operations of The PNC Financial Services Group, Inc.. Total NPAs represented just 0.66 percent of total assets at the end of the first quarter of 2001, well below the company's target of less than 1.00 percent. ''Credit quality remains in line with what our expectations were prior to the Bank United acquisition,'' Killinger noted.

Reflecting the company's larger and more diversified balance sheet, including Bank United's commercial loan portfolio, the provision for loan and lease losses was $82.3 million, versus $41.2 million for the same period in the previous year. Net loan charge-offs for the first quarter were $57.7 million, compared with $41.0 million a year earlier, but remained comparable to the fourth quarter level as an annualized percentage of average loans. At March 31, 2001, the allowance for loan and lease losses totaled $1.16 billion, and represented 91 percent of nonaccrual loans, as compared with 114 percent at Dec. 31, 2000.

Balance Sheet and Capital Management

Consolidated assets at March 31, 2001 were $219.93 billion, compared with $194.72 billion at Dec. 31, 2000 and $188.61 billion at March 31, 2000. The previously noted acquisitions added approximately $26.34 billion of assets to Washington Mutual's balance sheet.

At March 31, 2001, transaction account balances, including checking, savings and money market deposits, represented 62 percent of total deposits, compared with 57 percent at Dec. 31, 2000. Total deposits were $93.34 billion at the end of the first quarter, up from $79.57 billion at Dec. 31, 2000. The company's recent acquisitions contributed 76 percent of this growth, while organic growth contributed 24 percent.

Stockholders' equity at March 31, 2001 was $12.34 billion and the capital ratios of Washington Mutual's banking subsidiaries continued to exceed regulatory requirements for classification as ''well-capitalized,'' the highest regulatory standard.

Company Updates

In addition to completing the acquisitions of Bank United Corp. and the mortgage operations of The PNC Financial Services Group, Inc., the company announced on April 2, 2001, its plans to acquire Fleet Mortgage Corp., a unit of FleetBoston Financial Corp. (NYSE:FBF - news). The transaction would increase Washington Mutual's residential mortgage servicing portfolio to $451.5 billion, on a pro forma basis at Dec. 31, 2000, making it the nation's second largest mortgage servicing business. In addition, the company would become the nation's leading mortgage loan originator, on a pro forma basis.

The assets Washington Mutual will acquire from Fleet total approximately $6 billion. The transaction, which will be accounted for as a purchase, is expected to be modestly accretive to earnings per share in 2001 without revenue enhancements. Annual cost savings are anticipated to be approximately 30 percent of the acquired Fleet Mortgage expense base.

The transaction has been approved by the Boards of Directors of both companies, and is anticipated to close in the second quarter of 2001, subject to regulatory notifications, including the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, and Hart-Scott-Rodino, as well as other closing conditions.

The company announced today that Atlanta has been selected as the newest site for its successful Occasio financial stores. Washington Mutual, which currently has no retail banking presence in the area, plans to open approximately 60 - 80 financial stores in the greater Atlanta area within the next few years.

''We're setting a new standard in retail banking by combining WaMu's proven sales and service culture with a contemporary retail look and feel,'' said Deanna Oppenheimer, president of the company's Banking and Financial Services Group. ''Our innovative use of people, technology and design elements unite to provide something that banks have never consistently delivered: an inviting customer experience.''

Outlook

''In all areas of our business, our employees continue to drive very impressive results, profitably growing accounts, generating loans and expanding the number of new households served by Washington Mutual,'' Killinger said. ''Looking to the remainder of this year, we expect to further benefit from the more favorable interest rate environment while generating strong growth in noninterest income. We further expect credit quality to remain within our target levels. In short, we expect a very solid 2001.''

With a history dating back to 1889, Washington Mutual is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At March 31, 2001, Washington Mutual and its subsidiaries had consolidated assets of $219.93 billion. Washington Mutual currently operates more than 2,000 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamu.com.

A live webcast of the company's quarterly earnings conference call will be held on Wed., Apr. 18 at 10:30 a.m. Eastern Time at www.wamu.com or via phone at 1.800.946.0705.

Editor's Note: Washington Mutual's news releases are available at no charge through the company's News On Demand Plus System. For a menu of Washington Mutual news releases or to retrieve a specific release, call 1-800-329-6236.


WM-7

                         Washington Mutual, Inc.
                    Consolidated Statements of Income
               (dollars in millions, except per share data)
                               (unaudited)

                                            Quarter Ended
----------------------------------------------------------------------
                              Mar. 31,       Dec. 31,        Mar. 31,
                               2001           2000            2000
----------------------------------------------------------------------
Interest Income
 Loans                        $2,811.1        $2,533.3       $2,221.2
 Available-for-sale ("AFS")
  securities                   1,031.7           712.1          692.2
 Held-to-maturity ("HTM")
  securities                         -           320.8          339.1
 Other interest and dividend
  income                          70.9            66.2           51.1
----------------------------------------------------------------------
   Total interest income       3,913.7         3,632.4        3,303.6
----------------------------------------------------------------------
Interest Expense
 Deposits                        886.8           854.0          787.8
 Borrowings                    1,667.9         1,677.4        1,431.1
----------------------------------------------------------------------
   Total interest expense      2,554.7         2,531.4        2,218.9
----------------------------------------------------------------------
   Net interest income         1,359.0         1,101.0        1,084.7
Provision for loan and lease
 losses                           82.3            52.5           41.2
----------------------------------------------------------------------
   Net interest income after
    provision for loan and
    lease losses               1,276.7         1,048.5        1,043.5

Noninterest Income
 Depositor and other retail
  banking fees                   278.8           269.1          211.0
 Securities fees and commissions  72.2            73.8           82.6
 Insurance fees and commissions   12.3            11.0           11.5
  Loan servicing income (expense) (7.2)           36.7           33.3
  Loan related income             55.6            33.7           24.0
  Gain from loans                187.0            64.2           61.2
  Gain (loss) from securities     70.3            13.1          (21.6)
  Other income                    80.8            47.8           21.1
----------------------------------------------------------------------
    Total noninterest income     749.8           549.4          423.1

Noninterest Expense
  Compensation and benefits      416.0           342.9          330.4
  Occupancy and equipment        183.7           157.3          152.5
  Telecommunications and
   outsourced information
   services                      106.4            86.8           76.9
  Depositor and other retail
   banking losses                 29.5            28.9           25.5
  Amortization of goodwill and
   other intangible assets        36.0            25.7           26.7
  Other expense                  241.4           179.9          132.6
----------------------------------------------------------------------
   Total noninterest expense   1,013.0           821.5          744.6
----------------------------------------------------------------------
    Income before income taxes 1,013.5           776.4          722.0
Income taxes                     372.5           279.5          263.5
----------------------------------------------------------------------
Net Income                     $ 641.0         $ 496.9        $ 458.5
======================================================================
Net Income Attributable to
 Common Stock                  $ 639.8         $ 496.9        $ 458.5
======================================================================

Net income per common share:
  Basic                          $1.16           $0.94          $0.83
  Diluted                         1.15            0.94           0.83

Basic weighted average number
 of common shares outstanding
  (in thousands)               551,426         525,859        551,787
Diluted weighted average number
 of common shares outstanding
  (in thousands)               558,083         530,977        552,659



WM-8
                        Washington Mutual, Inc.
                    Selected Financial Information
               (dollars in millions, except share data)
                              (unaudited)

                                     Quarter Ended
----------------------------------------------------------------------
                    Mar. 31, 2001     Dec. 31, 2000     Mar. 31, 2000
                  Balance     Rate  Balance     Rate  Balance     Rate
----------------------------------------------------------------------

Average Balances
and Weighted
Average Interest
Rates

 Loans            $136,856.9  8.22% $122,619.0  8.26% $116,289.7 7.64%
 Mortgage-backed
 securities ("MBS") 53,908.6  7.10    56,230.1  7.20    60,046.7 6.81
 Investment securities
  and other          9,552.2  6.14     5,196.8  6.67     4,120.5 5.88
----------------------------------------------------------------------
 Total
 interest-earning
 assets            200,317.7  7.82   184,045.9  7.89   180,456.9 7.33

Deposits:
 Checking accounts  17,108.1          14,299.3          13,515.5
 Savings accounts
  and money market
  deposit accounts
  ("MMDAs")         34,929.5          30,242.5          29,853.9
 Time deposit
  accounts          35,608.5          35,315.2          37,598.5
----------------------------------------------------------------------
Total deposits      87,646.1  4.10    79,857.0  4.25    80,967.9 3.91
Borrowings         110,254.0  6.14    99,852.9  6.68    94,727.5 6.08
----------------------------------------------------------------------
 Total interest-bearing
  liabilities      197,900.1  5.23   179,709.9  5.60   175,695.4 5.08

 Net interest spread          2.59              2.29             2.25
 Net interest margin          2.65              2.42             2.38

 Total assets      212,764.0         192,127.8         186,376.9
 Stockholders'
  equity            11,456.4           9,668.3           8,885.5

----------------------------------------------------------------------
                                                         Quarter Ended
                                                         Mar. 31, 2001
----------------------------------------------------------------------
Stockholders' Equity Rollforward
Balance, Dec. 31, 2000                                   $10,165.5
Net income                                                   641.0
Cash dividends declared on common stock                     (167.6)
Cash dividends declared on reedemable preferred stock         (1.2)
Common stock issued to acquire Bank United Corp.           1,389.0
Common stock issued through employee stock plans,
  including tax benefit                                       83.9
Other comprehensive income, net of tax                       225.0
----------------------------------------------------------------------
Balance, Mar. 31, 2001                                   $12,335.6
======================================================================


WM-9
                        Washington Mutual, Inc.
            Consolidated Statements of Financial Condition
             (dollars in millions, except per share data)
                              (unaudited)

                                 Mar. 31,       Dec. 31,     Mar. 31,
                                   2001           2000         2000
----------------------------------------------------------------------
Assets
  Cash and cash equivalents   $  2,962.7    $  2,621.8    $  2,818.0
  AFS securities:
      MBS                       46,483.5      40,348.4      40,704.6
      Investment securities      9,198.8       1,810.4         444.4
  HTM securities:
      MBS                              -      16,428.1      18,596.7
      Investment securities            -         136.5         138.0
  Loans held for sale           13,850.3       3,403.9         362.2
  Loans:
      Loans held in portfolio  132,459.6     119,626.1     110,860.0
      Allowance for loan and
       lease losses             (1,157.8)     (1,013.8)     (1,025.2)
----------------------------------------------------------------------
        Total loans, net of
         allowance for loan
          and lease losses     131,301.8     118,612.3     109,834.8
  Mortgage servicing rights
   ("MSR")                       3,456.4       1,017.3         767.6
  Investment in Federal Home
   Loan Banks ("FHLBs")          3,706.8       3,260.1       3,091.9
  Goodwill and other
   intangible assets             2,192.2       1,083.7       1,165.2
  Other assets                   6,772.8       5,993.5      10,681.8
----------------------------------------------------------------------
       Total assets           $219,925.3    $194,716.0    $188,605.2
======================================================================

Liabilities
  Deposits:
     Checking accounts        $ 19,236.8    $ 14,499.8    $ 15,553.9
     Savings accounts and
      MMDAs                     38,792.1      30,655.8      29,702.4
     Time deposit accounts      35,306.4      34,418.2      37,256.7
----------------------------------------------------------------------
       Total deposits           93,335.3      79,573.8      82,513.0
  Federal funds purchased and
   commercial paper              4,029.5       4,114.7       2,410.7
  Securities sold under
   agreements to repurchase
    ("repurchase agreements")   29,513.9      29,756.1      28,467.7
  Advances from FHLBs           66,779.5      57,854.9      57,853.0
  Other borrowings              10,318.2       9,930.3       6,832.1
  Other liabilities              3,613.3       3,320.7       1,823.1
----------------------------------------------------------------------
       Total liabilities       207,589.7     184,550.5     179,899.6
Stockholders' equity            12,335.6      10,165.5       8,705.6
----------------------------------------------------------------------
       Total liabilities and
        stockholders' equity  $219,925.3    $194,716.0    $188,605.2
======================================================================

Common shares outstanding at
 end of period
  (in thousands)(1)              584,754       539,856       552,626
Book value per common share       $21.54        $19.26        $16.10
Tangible book value per
 common share                      18.21         17.49         14.24

Full-time equivalent employees
 at end of period                 33,525        28,798        28,205

    (1) Includes 12 million shares held in escrow that were not
included in the book value per share calculations.


WM-10
                         Washington Mutual, Inc.
                      Selected Financial Information
             (dollars in millions, except per share amounts)
                               (unaudited)

    Note: The following analysis of reported and operating earnings is
based upon the Company's opinion and is intended to provide the user
additional information about the Company's operations. It is not
intended to replace traditional financial statement disclosures in
accordance with generally accepted accounting principles and may not
be comparable to similarly titled measures reported by other
companies.

                                               Quarter Ended
----------------------------------------------------------------------
                                      Mar. 31,    Dec. 31,    Mar. 31,
                                        2001        2000        2000
----------------------------------------------------------------------

Reported Financial Results
 Net income                           $641.0      $496.9      $458.5
 Net income per basic common share    $ 1.16      $ 0.94      $ 0.83
 Net income per diluted common share    1.15        0.94        0.83

 Financial ratios on reported
  financial results:
  Return on average assets              1.21%       1.03%       0.98%
  Return on average common equity      22.34       20.56        20.64
  Efficiency ratio, excluding
   amortization of goodwill and
   other intangible assets             46.33       48.22        47.61
  Efficiency ratio, including
   amortization of goodwill and
   other intangible assets             48.04       49.78        49.38

Earnings from Operations, Excluding
 Amortization of Goodwill and Other
 Intangible Assets
Net income attributable
 to common stock                      $639.8      $496.9      $458.5
Total amortization of goodwill
 and other intangible assets            36.0        25.7        26.7
Income tax expense                      (6.6)       (6.0)       (6.0)
----------------------------------------------------------------------
Amortization of goodwill and
 other intangible assets,
 net of tax                             29.4        19.7        20.7
----------------------------------------------------------------------
 Earnings from operations, excluding
  amortization of goodwill and other
  intangible assets                   $669.2      $516.6      $479.2
======================================================================
 Earnings per diluted common share,
  excluding amortization of goodwill
  and other intangible assets         $ 1.20      $ 0.97      $ 0.87

Financial ratios on earnings from operations:
 Return on average assets               1.26%       1.08%      1.03%
 Return on average common equity       23.37       21.37      21.57

Pro Forma (1)
Income before income tax expense
 and amortization of goodwill                               1,042.9
Income tax expense                                           (374.2)
----------------------------------------------------------------------
Net income, exluding amortization
 of goodwill                                                  668.7
Redeemable preferred stock dividends                           (1.2)
----------------------------------------------------------------------
Net income attributable to
 common stock, excluding
 amortization of goodwill                                    $667.5
======================================================================
Earnings per diluted common share,
 exluding amortization of goodwill                            $1.20

    (1) Represents pro forma impact to year-to-date March 31, 2001 net
income assuming application of the proposed business combinations
accounting standard, which eliminates the amortization of goodwill
from net income.

WM-11
                        Washington Mutual, Inc.
                    Selected Financial Information
                              (unaudited)

                                              Mar. 31,       Dec. 31,
                                                 2001           2000
----------------------------------------------------------------------
Capital Adequacy
 Stockholders' equity/total assets               5.61%          5.22%
 Stockholders' equity (1)/total assets (1)       5.54           5.24
 Estimated total risk-based capital (2)         10.91          11.07

    (1) Excludes unrealized net gain/loss on available-for-sale
securities and derivatives.
    (2) Estimate of what WMI's total risk-based capital ratio would be
if it was a bank holding company that complies with Federal Reserve
Board capital requirements.

                                  Mar. 31,     Dec. 31,      Mar. 31,
                                  2001         2000          2000
----------------------------------------------------------------------
Retail Checking Accounts(3)
 WMB and WMBfsb                  1,079,569     1,064,780     1,026,450
 WMB, FA                         4,159,860(4)  3,744,195     3,401,775
----------------------------------------------------------------------
  Total retail checking accounts 5,239,429     4,808,975     4,428,225
======================================================================
Retail Checking Account
 Activity(3)
 Net accounts opened during the
  quarter:
  WMB and WMBfsb                    14,789         7,656        19,701
  WMB, FA                          415,665(4)     98,384       113,591
----------------------------------------------------------------------
  Net new retail checking accounts 430,454       106,040       133,292
======================================================================

    (3) Retail checking accounts exclude commercial business accounts.
The information provided refers to the number of accounts, not dollar
volume.
    (4) Includes 271,183 checking accounts acquired from Bank United
Corp.


WM-12
                       Washington Mutual, Inc.
                    Selected Financial Information
                         (dollars in millions)
                              (unaudited)

                                              Quarter Ended
---------------------------------------------------------------------
                                     Mar. 31,    Dec. 31,    Mar. 31,
                                       2001        2000        2000
---------------------------------------------------------------------
Loan Volume
 Single-family residential ("SFR"):
  Adjustable rate ("ARMs")          $ 7,374.4   $ 8,766.8   $ 7,970.5
  Fixed rate                         10,418.0     2,860.4       738.9
  Specialty mortgage finance          2,138.4     1,913.4     1,256.5
---------------------------------------------------------------------
  Total SFR Loan Volume              19,930.8    13,540.6     9,965.9

 SFR -- construction                  1,197.2       413.9       427.9
 Second mortgage and other consumer:
  Banking subsidiaries                1,335.0     1,426.1       896.2
  Washington Mutual Finance             500.8       587.9       513.0
 Commercial business                    756.2       806.3       445.6
 Commercial real estate:
  Apartment buildings                   480.3       410.9       471.9
  Other commercial real estate          180.0       124.0        83.4
---------------------------------------------------------------------
  Total loan volume                 $24,380.3   $17,309.7   $12,803.9
=====================================================================

Loan Volume by Channel
 Originated                         $20,408.6   $15,665.9   $12,164.8
 Purchased                            1,228.6       959.3       435.7
 Correspondent                        2,743.1       684.5       203.4
---------------------------------------------------------------------
  Total loan volume by channel      $24,380.3   $17,309.7   $12,803.9
=====================================================================

Refinancing Activity
 SFR:
   ARMs                              $4,321.1    $3,824.1    $2,969.9
   Fixed rate                         6,290.6       787.4       200.5
 SFR -- construction                      6.2         6.2         4.9
 Commercial real estate:
  Apartment buildings                   194.7       154.4       175.7
  Other commercial real estate           58.5        68.1       114.0
---------------------------------------------------------------------
    Total refinances                $10,871.1    $4,840.2    $3,465.0
=====================================================================

SFR Loan Originations (1)
 Short-term ARMs:
  Treasury indices                  $5,228.0     $6,451.5    $5,326.4
  COFI                                 513.7      1,434.4       378.6
  Other                                  2.5          1.9         2.3
---------------------------------------------------------------------
   Total short-term ARMs             5,744.2      7,887.8     5,707.3
  Medium-term ARMs                   1,311.6        434.9     2,059.9
  Fixed-rate mortgages               7,977.2      2,664.2       732.4
---------------------------------------------------------------------
    Total SFR loan originations    $15,033.0    $10,986.9    $8,499.6
=====================================================================

(1) Does not include purchased and correspondent SFR loans and
specialty mortgage finance loans.

WM-13
                        Washington Mutual, Inc.
                    Selected Financial Information
                         (dollars in millions)
                              (unaudited)

                      Change from
                     Dec. 31, 2000    Mar. 31,   Dec. 31,    Mar. 31,
                    to Mar. 31, 2001   2001       2000        2000
----------------------------------------------------------------------
Loans and MBS
 by Property Type
Loans held in
 portfolio:
 SFR                   $3,353.3    $ 83,534.0  $ 80,180.7  $ 77,245.9
 SFR - construction     1,569.7       3,000.4     1,430.7     1,277.1
 Second mortgage and
  other consumer:
  Banking subsidiaries  1,234.2       9,225.9     7,991.7     6,534.8
  Washington Mutual
   Finance                 81.6       2,568.1     2,486.5     2,131.1
 Specialty mortgage
  finance                 616.2       7,399.4     6,783.2     3,772.9
 Commercial business    2,589.0       4,862.6     2,273.6     1,522.6
 Commercial real estate:
  Apartment buildings   1,432.0      17,089.6    15,657.6    15,442.6
  Other commercial
   real estate          1,957.5       4,779.6     2,822.1     2,933.0
----------------------------------------------------------------------
Total loans held
 in portfolio          12,833.5     132,459.6   119,626.1   110,860.0
Less: allowance for
 loan and lease losses   (144.0)     (1,157.8)   (1,013.8)   (1,025.2)
Loans securitized and
 retained as MBS       (5,653.3)     29,115.5    34,768.8    34,179.3
----------------------------------------------------------------------
 Total loans held in
  portfolio and loans
  securitized and
  retained as MBS       7,036.2     160,417.3   153,381.1   144,014.1
 Loans held for sale   10,446.4      13,850.3     3,403.9       362.2
----------------------------------------------------------------------
 Total loans and loans
  securitized and
  retained as MBS      17,482.6     174,267.6   156,785.0   144,376.3
Purchased MBS          (4,639.7)     17,368.0    22,007.7    25,122.0
----------------------------------------------------------------------
Total loans and MBS   $12,842.9    $191,635.6  $178,792.7  $169,498.3
======================================================================


                   Mar. 31, 2001      Dec. 31, 2000     Mar. 31, 2000
----------------------------------------------------------------------
MBS Balances by
 Originated and
 Purchased:
  AFS MBS:
   Originated         $29,115.5         $18,434.6         $15,729.7
   Purchased           17,368.0          21,913.8          24,974.9
----------------------------------------------------------------------
                      $46,483.5         $40,348.4         $40,704.6
======================================================================
   HTM MBS:
      Originated             $-         $16,334.2         $18,449.6
      Purchased               -              93.9             147.1
----------------------------------------------------------------------
                             $-         $16,428.1         $18,596.7
======================================================================


WM-14
                        Washington Mutual, Inc.
                    Selected Financial Information
                        (dollars in millions)
                              (unaudited)
                                                       Dec. 31, 2000
                                                    to Mar. 31, 2001
----------------------------------------------------------------------
Rollforward of Loans Held for Sale
  Balance, beginning of period                           $3,403.9
     Loans added through acquisitions                     6,005.4
     Loans originated and purchased                      14,931.7
     Loans sold or securitized                          (10,052.5)
     Loan payments and other                               (438.2)
----------------------------------------------------------------------
  Change in loans                                        10,446.4
----------------------------------------------------------------------
  Balance, end of period                                $13,850.3
======================================================================

Rollforward of Loans Held in Portfolio
  Balance, beginning of period                         $119,626.1
     Loans added through acquisitions                    12,333.7
     Loans originated and purchased                       9,448.6
     Loans securitized                                          -
     Loan payments and other                             (8,948.8)
----------------------------------------------------------------------
  Change in loans                                        12,833.5
----------------------------------------------------------------------
  Balance, end of period                               $132,459.6
======================================================================

Rollforward of Mortgage Servicing Rights ("MSR")
  Balance, beginning of period                           $1,017.3
     Additions through acquisitions                       2,143.0
     Additions                                              483.1
     Amortization                                          (124.2)
     Impairment adjustment                                  (62.8)
----------------------------------------------------------------------
  Balance, end of period(1)                              $3,456.4
======================================================================

Rollforward of Loan Servicing Portfolio with MSR
  Balance, beginning of period                          $79,335.3
     Additions through acquisitions                     112,792.6
     Additions                                           19,005.3
     Loan payments and other                             (9,832.8)
----------------------------------------------------------------------
  Balance, end of period                               $201,300.4
======================================================================

                                                     Mar. 31, 2001
                                                        Balance
----------------------------------------------------------------------
Total Servicing Portfolio
     Loan servicing portfolio with MSR                 $201,300.4
     Loan servicing portfolio without MSR                 6,428.2
     Servicing on retained MBS without MSR               12,677.3
     Servicing on owned loans                           136,361.8
----------------------------------------------------------------------
  Total servicing portfolio                            $356,767.7
======================================================================

                                          Mar. 31, 2001
----------------------------------------------------------------------
                            Unpaid Principal         Weighted Average
                               Balance                Servicing Fee
----------------------------------------------------------------------
Total Servicing Portfolio,                          (in basis points,
 Excluding Retained MBS                                 annualized)
 without MSR and Owned Loans
     Government                 $13,704.2                  51
     Agency                     126,595.9                  45
     Private                     61,377.7                  45
     Long Beach                   6,050.8                  50
----------------------------------------------------------------------
  Total servicing portfolio,
   excluding retained MBS
   without MSR and owned loans $207,728.6                  46
======================================================================

(1)  At March 31, 2001, aggregate MSR fair value was $3.60 billion.


 WM-15
                        Washington Mutual, Inc.
                    Selected Financial Information
                         (dollars in millions)
                              (unaudited)

       Change from
     Dec. 31, 2000  Mar. 31,  % of   Dec. 31,   % of   Mar. 31,  % of
  to Mar. 31, 2001     2001   total     2000    total     2000   total
----------------------------------------------------------------------
Real Estate Loans and MBS

Short-term ARMs:

 COFI  $ (1,383.6)  41,174.1   25% $ 42,557.7   27%  $ 49,532.0   32%

 Treasury
 indices (1,162.5)  43,589.5   26    44,752.0   28     33,351.6   21

 Other    4,929.1   13,482.6(1) 8     8,553.5(1) 5      7,742.6    5
----------------------------------------------------------------------
 Total
 short-term
 ARMs     2,383.0   98,246.2   59    95,863.2   60     90,626.2   58

 Medium-term
 ARMs     3,561.5   32,553.0   19    28,991.5   18     29,520.8   19

 Fixed-rate
 loans    7,996.0   20,831.8   12    12,835.8    8     11,922.4    7

 Fixed-rate
 MBS     (5,474.6)  17,106.4   10    22,581.0   14     24,492.7   16
----------------------------------------------------------------------
 Total real
 estate
 loans
 and
 MBS     $8,465.9 $168,737.4  100% $160,271.5  100%  $156,562.1  100%
======================================================================

(1) At March 31, 2001, the balance included $2.68 billion of
    securities retained which bear COFI to LIBOR basis risk.
    At December 31, 2000, the balance included $ 2.75 billion of
    securities retained which bear COFI to LIBOR basis risk.


                                        Quarter Ended
----------------------------------------------------------------------
                        Mar. 31,           Dec. 31,           Mar. 31,
                           2001               2000               2000
----------------------------------------------------------------------
Mortgage Banking Income
 Loan servicing income   $199.3              $94.7              $65.2
   Amortization of MSR   (124.2)             (41.7)             (26.0)
   Impairment of MSR      (62.8)              (8.7)                 -
   Other                  (19.5)              (7.6)              (5.9)
----------------------------------------------------------------------
   Net loan servicing
    income (expense)       (7.2)              36.7               33.3
 Mortgage related income   48.1               31.7               22.9
 Gain from mortgage loans:
  Realized                 84.4               64.0               58.6
  Unrealized              102.4                  -                  -
----------------------------------------------------------------------
 Total gain
  from mortgage loans     186.8               64.0               58.6

 Gain on sale
  of originated MBS        48.7                2.4                  -
----------------------------------------------------------------------
Total mortgage
 banking income          $276.4             $134.8             $114.8
======================================================================


 WM-16
                        Washington Mutual, Inc.
                    Selected Financial Information
                         (dollars in millions)
                              (unaudited)

                          Mar. 31, 2001             Dec. 31, 2000
----------------------------------------------------------------------
                      Balance       Term (1)     Balance      Term (1)
----------------------------------------------------------------------
Deposits, Borrowings             (in months)               (in months)
 and Derivatives
 Outstanding

Deposits:
 Noninterest-bearing
  checking accounts,
  savings accounts,
  MMDAs and time
  deposit accounts $ 13,527.5           N/A    $ 8,754.8           NA

  Interest-bearing
   checking accounts,
   savings accounts
   and MMDAs         44,501.6           N/A     36,401.5           NA

  Interest-bearing
   time deposit
   accounts          35,306.2             7     34,417.5            7
----------------------------------------------------------------------
   Total deposits    93,335.3                   79,573.8

Borrowings:
  Adjustable (2)     58,437.5             1     57,219.1            1
  Short-term fixed   38,990.1             2     30,456.6            2
  Long-term fixed    13,213.5            49     13,980.3           48
----------------------------------------------------------------------
   Total borrowings 110,641.1                  101,656.0
----------------------------------------------------------------------
Total deposits and
 borrowings        $203,976.4                 $181,229.8
======================================================================

                       Mar. 31, 2001               Dec. 31, 2000
----------------------------------------------------------------------
                Notional     Fair          Notional    Fair
                  Amount    Value  Term(1)   Amount   Value    Term(1)
----------------------------------------------------------------------
Derivatives:                     (in months)               (in months)
 WM pay rate
  swaps:
   Fixed rate  $ 8,461.0 $(112.0)     9   $11,008.1  $(46.4)      9
   Variable
    rate         3,680.0   189.4      1     2,890.0   140.0       2
----------------------------------------------------------------------
 Total swaps    12,141.0    77.4           13,898.1    93.6

 Caps\Collars  Corridors  Swaptions      7,086.2    41.9      6     8,286.2    16.4       1
----------------------------------------------------------------------
  Total
   derivatives $19,227.2  $119.3          $22,184.3  $110.0
======================================================================

(1) Terms used are remaining term for deposits and term to reprice
    for borrowings and notional amount of derivatives.

(2)  Adjustable-rate borrowings included notional values of $13.20
     billion of embedded purchased interest rate floors at March 31,
     2001 and December 31, 2000. At March 31, 2001, $7.10 billion of
     these contracts were effective. Contractual start dates for the
     remaining floors range from April 2001 to July 2003. Once
     effective, the floors reprice every three months.


WM-17
                       Washington Mutual, Inc.
                    Selected Financial Information
                         (dollars in millions)
                              (unaudited)

                                       Quarter Ended
---------------------------------------------------------------------
                      Mar. 31,  Dec. 31,  Sept. 30, June 30, Mar. 31,
                        2001      2000       2000     2000     2000
---------------------------------------------------------------------
Allowance for Loan and Lease Losses
 Balance, beginning
  of quarter         $1,013.8  $1,011.8  $1,009.7  $1,025.2  $1,041.9
 Provision for loan
  and lease losses       82.3      52.5      47.6      44.1      41.2
 Identified allowance
  for loans sold or
  securitized (1)          -         -       (2.6)    (17.1)    (16.9)
 Allowance acquired
  through business
  combinations          119.4        -         -         -         -
---------------------------------------------------------------------
                      1,215.5   1,064.3   1,054.7   1,052.2   1,066.2
Loans charged off:
 SFR and SFR
  construction           (5.7)     (5.2)     (3.1)     (5.6)     (6.8)
 Second mortgage and
  other consumer:
   Banking subsidiaries (12.0)    (10.8)     (11.6)    (9.9)    (10.6)
   Washington Mutual
    Finance             (33.4)    (34.1)     (30.2)   (28.2)    (27.1)
  Specialty mortgage
   finance               (7.2)     (2.5)      (0.8)    (0.8)     (0.6)
  Commercial business    (3.7)     (3.0)      (3.4)    (3.7)     (0.8)
  Commercial real estate:
    Apartment buildings  (0.2)     (0.3)      (0.3)    (0.5)     (1.2)
    Other commercial
     real estate         (2.5)     (0.3)      (0.4)    (0.6)     (0.4)
---------------------------------------------------------------------
Total loans charged off (64.7)    (56.2)     (49.8)   (49.3)    (47.5)
Recoveries of loans
 previously charged off:
  SFR and SFR
   construction           0.7       0.2        0.3      0.8       0.1
  Second mortgage and
   other consumer:
      Banking
       subsidiaries       0.9       0.9        0.7      1.0       0.8
      Washington Mutual
       Finance            5.0       3.9        4.4      4.3       4.4
  Specialty mortgage
   finance                 -         -          -        -        0.5
  Commercial business     0.3       0.3        0.3      0.4       0.2
  Commercial real estate:
   Apartment buildings     -         -         0.8       -        0.5
   Other commercial real
    estate                0.1       0.4        0.4      0.3        -
---------------------------------------------------------------------
  Total recoveries of
   loans previously
   charged off            7.0       5.7        6.9      6.8       6.5
---------------------------------------------------------------------
  Net charge offs       (57.7)    (50.5)     (42.9)   (42.5)    (41.0)
----------------------------------------------------------------------
  Balance, end
   of quarter        $1,157.8  $1,013.8   $1,011.8 $1,009.7  $1,025.2
=====================================================================
  Net charge offs (annualized)
   as a percentage of
   average loans        0.17%     0.16%      0.14%    0.15%     0.14%

(1) Allowance is due to loan sales and securitizations during the
    applicable quarters.


WM-18
                       Washington Mutual, Inc.
                    Selected Financial Information
                         (dollars in millions)
                              (unaudited)


                            Mar. 31,         Dec. 31,        Mar. 31,
                              2001             2000            2000
---------------------------------------------------------------------
Allowance for loan and lease
 losses as a percentage of:
  Nonaccrual loans             91%              114%           128%
  Nonperforming assets         80                98            104

Changes in the liability for losses on loans securitized with recourse
  and retained or sold, included in "Other liabilities," were as
  follows:

Allowance for recourse obligations:
  Balance, beginning of
   quarter                   $104.3            $106.1         $113.1
  Acquisitions                  4.1                -              -
  Charge offs, net of
   provision for recourse
   losses                      (2.9)             (1.8)          (3.6)
---------------------------------------------------------------------
  Balance, end of quarter    $105.5            $104.3         $109.5
=====================================================================

The total loss coverage represents the allowance for loan and lease
losses and allowance for recourse obligations as a percentage of
nonaccrual loans:

 Total loss coverage
  percentage                   99%              126%           142%


WM-19
                        Washington Mutual, Inc.
                    Selected Financial Information
                         (dollars in millions)
                              (unaudited)

                                       Mar. 31,   Dec. 31,   Mar. 31,
                                         2001       2000       2000
---------------------------------------------------------------------
Nonperforming Assets ("NPAs")
 Nonaccrual loans:
   SFR and SFR construction             $709.3    $ 547.0     $584.7
   Second mortgage and other consumer:
    Banking subsidiaries                  46.2       51.2       37.6
    Washington Mutual Finance             66.2       65.6       53.9
   Specialty mortgage finance            261.4      178.5       75.5
   Commercial business                    58.2       12.3       15.6
   Commercial real estate:
    Apartment buildings                   19.6       10.1       16.5
    Other commercial real estate         110.4       21.0       15.1
---------------------------------------------------------------------
    Total nonaccrual loans             1,271.3      885.7      798.9
Foreclosed assets:
  SFR and SFR construction               111.0       96.8      137.2
  Second mortgage and other consumer:
   Banking subsidiaries                   19.5       16.2       16.7
   Washington Mutual Finance               7.1        6.0        4.0
  Specialty mortgage finance              31.0       23.9        3.1
  Commercial real estate:
   Apartment buildings                     1.4        0.7        3.7
   Other commercial real estate           13.3        9.6       25.3
---------------------------------------------------------------------
   Foreclosed assets                     183.3      153.2      190.0
---------------------------------------------------------------------
   Total NPAs                         $1,454.6   $1,038.9     $988.9
=====================================================================

NPAs by property type:
  SFR and SFR construction            $820.3      $ 643.8     $721.9
  Second mortgage and other consumer:
   Banking subsidiaries                 65.7         67.4       54.3
   Washington Mutual Finance            73.3         71.6       57.9
  Specialty mortgage finance           292.4        202.4       78.6
  Commercial business                   58.2         12.3       15.6
  Commercial real estate:
   Apartment buildings                  21.0         10.8       20.2
   Other commercial real estate        123.7         30.6       40.4
---------------------------------------------------------------------
     Total NPAs                     $1,454.6     $1,038.9     $988.9
=====================================================================

NPAs as a percentage of:
 Total loans held in portfolio         1.10%        0.87%       0.89%
 Total loans held in portfolio
  and recourse loans and recourse MBS  0.95         0.74        0.74
 Total assets                          0.66         0.53        0.52


--------------------------------------------------------------------------------
To view a downloadable version of the first quarter earnings financial supplement click here.

Contact:
Washington Mutual, Inc.
Media Contact
Libby Hutchinson, 800/228-9268 or 206/461-2484
libby.hutchinson@wamu.net
OR
Investor Contacts
JoAnn DeGrande, 206/461-3186
joann.degrande@wamu.net
Ruthanne King 206/461-6421
ruthanne.king@wamu.net