Golden West Financial Releases Thirteen Month Statistical Data

    Business Editors

    OAKLAND, Calif.--(BUSINESS WIRE)--Feb. 17, 2005--Golden West Financial Corporation (NYSE:GDW), parent of World Savings Bank, today released statistical data for the thirteen months ended January 31, 2005.

    Headquartered in Oakland, California, Golden West is one of the nation's largest financial institutions with assets over $105 billion as of January 31, 2005. 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 January 2004 - January 2005 (Dollars in millions)

2005 2004 ---------- -------------------------------- JAN DEC NOV OCT ---------- ---------- ---------- ---------- Total Assets $109,091 $106,889 $104,641 $102,759

Cash and Investments $2,097 $1,667 $1,284 $1,614

Loans and MBS $104,344 $102,669 $100,846 $98,664 Adjustable Rate Mortgages and MBS $101,381 $99,731 $97,572 $95,580

Loans Originated -- Month $3,399 $4,727 $4,135 $4,222 Percentage ARMs -- Month 99% 99% 99% 99% Percentage Refinances -- Month 77% 76% 75% 73% Loans Originated -- YTD $3,399 $48,989 $44,262 $40,127 Percentage ARMs -- YTD 99% 99% 99% 99% Percentage Refinances -- YTD 77% 72% 71% 71%

Total Deposits $53,657 $52,965 $52,424 $52,215

Total Deposit Net Activity -- Month $692 $541 $209 $548

Total Deposit Net Activity -- YTD $692 $6,238 $5,697 $5,488

Federal Home Loan Bank Borrowings $35,028 $33,782 $32,957 $32,263 Other Borrowings: Reverse Repurchases 3,900 3,900 4,150 3,900 Federal Funds Purchased 0 0 20 0 Bank Notes 2,681 2,710 2,544 2,069 Senior Debt 5,289 5,292 3,993 4,000 ---------- ---------- ---------- ---------- Total Borrowings $46,898 $45,684 $43,664 $42,232 ========== ========== ========== ==========

Yield on Loan Portfolio 4.84% 4.75% 4.71% 4.64% Yield on Interest-Earning Investments 2.55 2.08 2.08 1.83 ---------- ---------- ---------- ---------- Combined Yield on Interest-Earning Assets 4.81% 4.73% 4.69% 4.62%

Cost of Deposits 2.19% 2.08% 2.02% 2.00% Cost of Federal Home Loan Bank Borrowings 2.46 2.30 2.10 1.91 Cost of Other Borrowings 2.73 2.60 2.27 2.22 ---------- ---------- ---------- ---------- Combined Cost of Funds 2.35% 2.22% 2.07% 1.99% ---------- ---------- ---------- ---------- Net Interest Rate Spread (Primary Spread) 2.46% 2.51% 2.62% 2.63% ========== ========== ========== ==========

Loans Sold $29 $33 $27 $37

Loan and MBS Repayments and Payoffs -- Month $1,726 $2,506 $2,114 $2,045 As a % of Prior Month Loan Balances (Annualized) 20.29% 29.99% 25.86% 25.54%

Nonperforming Assets and Troubled Debt Restructured as a % of Total Assets .33% .33% .35% .35%

2004 -------------------------------- SEP AUG JUL ---------- ---------- ---------- Total Assets $100,248 $98,553 $96,033

Cash and Investments $1,203 $1,655 $2,026

Loans and MBS $96,616 $94,521 $91,677 Adjustable Rate Mortgages and MBS $93,427 $91,201 $88,452

Loans Originated -- Month $4,343 $4,873 $4,856 Percentage ARMs -- Month 99% 99% 99% Percentage Refinances -- Month 71% 68% 68% Loans Originated -- YTD $35,905 $31,562 $26,689 Percentage ARMs -- YTD 99% 99% 98% Percentage Refinances -- YTD 71% 71% 71%

Total Deposits $51,667 $50,867 $49,775

Total Deposit Net Activity -- Month $800 $1,092 $1,164

Total Deposit Net Activity -- YTD $4,940 $4,140 $3,048

Federal Home Loan Bank Borrowings $32,017 $31,775 $30,232 Other Borrowings: Reverse Repurchases 3,650 3,669 3,571 Federal Funds Purchased 0 0 0 Bank Notes 869 1,148 1,631 Senior Debt 3,998 3,001 2,993 ---------- ---------- ---------- Total Borrowings $40,534 $39,593 $38,427 ========== ========== ========== Yield on Loan Portfolio 4.59% 4.54% 4.50% Yield on Interest-Earning Investments 1.90 1.56 1.32 ---------- ---------- ---------- Combined Yield on Interest-Earning Assets 4.57% 4.51% 4.46%

Cost of Deposits 1.97% 1.94% 1.91% Cost of Federal Home Loan Bank Borrowings 1.78 1.65 1.48 Cost of Other Borrowings 2.21 1.95 1.84 ---------- ---------- ---------- Combined Cost of Funds 1.93% 1.84% 1.75% ---------- ---------- ---------- Net Interest Rate Spread (Primary Spread) 2.64% 2.67% 2.71% ========== ========== ==========

Loans Sold $30 $35 $35

Loan and MBS Repayments and Payoffs -- Month $2,113 $2,103 $2,104 As a % of Prior Month Loan Balances (Annualized) 26.96% 27.66% 28.47%

Nonperforming Assets and Troubled Debt Restructured as a % of Total Assets .36% .37% .40%

GOLDEN WEST FINANCIAL CORPORATION AND SUBSIDIARIES MONTHLY FINANCIAL HIGHLIGHTS January 2004 - January 2005 (Dollars in millions)

2004 ----------------------------------------------------- JUN MAY APR MAR FEB JAN -------- -------- -------- -------- -------- -------- Total Assets $93,158 $90,336 $88,499 $86,605 $84,945 $82,910

Cash and Investments $1,836 $1,706 $1,688 $1,372 $1,839 $1,216

Loans and MBS $89,094 $86,437 $84,664 $83,079 $81,003 $79,600 Adjustable Rate Mortgages and MBS $85,732 $83,278 $81,549 $79,890 $78,042 $76,769

Loans Originated -- Month $4,791 $3,853 $3,795 $3,839 $2,690 $2,865 Percentage ARMs -- Month 99% 98% 98% 98% 98% 98% Percentage Refinances -- Month 69% 72% 73% 72% 74% 71% Loans Originated -- YTD $21,833 $17,042 $13,189 $9,394 $5,555 $2,865 Percentage ARMs -- YTD 98% 98% 98% 98% 98% 98% Percentage Refinances -- YTD 72% 72% 73% 72% 72% 71%

Total Deposits $48,611 $47,844 $47,353 $47,384 $47,131 $46,875

Total Deposit Net Activity -- Month $767 $491 $(31) $253 $256 $148

Total Deposit Net Activity -- YTD $1,884 $1,117 $626 $657 $404 $148

Federal Home Loan Bank Borrowings $28,712 $27,210 $26,214 $24,806 $24,110 $22,008 Other Borrowings: Reverse Repurchases 3,471 2,872 3,072 2,672 1,971 2,571 Federal Funds Purchased 0 0 0 0 0 0 Bank Notes 1,787 2,865 2,500 2,505 3,509 3,413 Senior Debt 2,990 1,990 1,990 1,990 992 991 -------- -------- -------- -------- -------- -------- Total Borrowings $36,960 $34,937 $33,776 $31,973 $30,582 $28,983 ======== ======== ======== ======== ======== ========

Yield on Loan Portfolio 4.50% 4.52% 4.55% 4.58% 4.61% 4.60% Yield on Interest- Earning Investments 1.35 1.04 1.05 1.05 1.05 1.04 -------- -------- -------- -------- -------- -------- Combined Yield on Interest- Earning Assets 4.46% 4.47% 4.51% 4.55% 4.56% 4.57%

Cost of Deposits 1.88% 1.85% 1.85% 1.85% 1.85% 1.85% Cost of Federal Home Loan Bank Borrowings 1.35 1.24 1.22 1.23 1.25 1.28 Cost of Other Borrowings 1.73 1.61 1.61 1.64 1.68 1.66 -------- -------- -------- -------- -------- -------- Combined Cost of Funds 1.69% 1.63% 1.62% 1.63% 1.65% 1.67% -------- -------- -------- -------- -------- -------- Net Interest Rate Spread (Primary Spread) 2.77% 2.84% 2.89% 2.92% 2.91% 2.90% ======== ======== ======== ======== ======== ======== Loans Sold $79 $81 $64 $51 $31 $50

Loan and MBS Repayments and Payoffs -- Month $2,308 $2,090 $2,099 $1,949 $1,401 $1,323 As a % of Prior Month Loan Balances (Annualized) 32.18% 29.62% 30.32% 28.87% 21.13% 20.28%

Nonperforming Assets and Troubled Debt Restructured as a % of Total Assets .41% .44% .45% .48% .52% .52%

--30--JR/sf*

CONTACT: Golden West Financial Corporation William C. Nunan, 510-446-3614

KEYWORD: CALIFORNIA INDUSTRY KEYWORD: BANKING SOURCE: Golden West Financial Corporation

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