Golden West Financial Releases Thirteen Month Statistical Data

    Business Editors

    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%

--30--NJ/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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