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Business Description
Washington Mutual Inc. is a financial services company that serves consumers and small to mid-sized businesses. Through its subsidiaries, Washington Mutual engages in consumer banking, mortgage banking, commercial banking, financial services and consumer finance. The Company's principal banking subsidiaries are Washington Mutual Bank, FA, Washington Mutual Bank and Washington Mutual Bank fsb. The banking subsidiaries accept deposits from the general public, make, buy and sell residential loans, consumer loans, and commercial loans and engage in certain commercial banking activities. The Company originates, purchases, sells and services specialty mortgage finance loans through its subsidiaries, Washington Mutual Finance Corporation and Long Beach Mortgage Company. In January 2002, the Company acquired Dime Bancorp, Inc. On March 1, 2002, the Company acquired certain operating assets of HomeSide Lending, Inc., the United States mortgage unit of the National Australia Bank Limited.

Financial Information
Washington Mutual is a regional financial services company committed to serving consumers and small to mid-sized businesses. For the six months ended 6/30/02, interest income fell 5% to $7.47 billion. Net interest income after LLP rose 46% to $4.16 billion. Net income applicable to Common rose 34% to $1.93 billion. Net interest income reflects decreased earning assets, offset by a lower cost of funds. Earnings were partially offset by higher loan servicing costs.