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Home > Fortune 500 Companies > Golden West Finl
Golden West Finl
Golden West Finl is a publicly traded company having a good stock performance result. Golden West Finl is a fortune 500 stock listed company trading under GDW. Golden West Financial Corporation .The Group's principal activities are to attract funds from the investing public and capital markets and investing those funds in loans.
The Group offers loans secured by residential real estate and mortgage backed securities. The Group also accepts deposits. Various categories of deposits accepted by the Group include passbook, checking, certificates of deposit and money market deposit accounts from which funds may be withdrawn at any time without penalty and certificate accounts with varying maturities ranging up to five years.
It also borrows funds from a variety of sources to fund their loan origination activities. As of 24 Jan 2006, the Group operated 283 savings branches in ten states and had lending operations in 39 states in the United States.
They had a strong year in 2005 with substantial growth in net interest income driven primarily by the 16 percent expansion of their loan portfolio. Their volume of ARM originations reached record levels. Partially offsetting the benefit to net interest income of a larger average earning asset balance in 2005 was a decrease in their average primary spread. The average primary spread decreased because short-term interest rates continued to increase in 2005 and the yield on the Company's earning assets responded more slowly than interest rates on their deposits and borrowings.
Their financial highlights includes diluted earnings per share reached a record of 4.77 dollars, up 15 percent from the 4.13 dollars reported in 2004, net interest income grew 12 percent to a record high of 2.9 billion dollars, despite an average primary spread that compressed from 2.76 percent during 2004 to 2.38 percent in 2005.
Their general and administrative expense to average assets ratio fell from0 .90 percent to 0.82percent, their general and administrative expense divided by the sum of net interest income and non interest income. Efficiency ratio was 28.33 percent compared to 28.85 percent in 2004, their loan portfolio increased to 119.4 billion dollars, up 16 percent from 102.7 billion dollars at December 31, 2004. They had record originations of 51.5 billion dollars as compared to 49.0 billion dollars for 2004, 99 percent of originations in 2005 were ARMs.
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