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Washington Federal Announces Record Quarterly Earnings Per Share Of $1.16

SEATTLE–(BUSINESS WIRE)–$WAFD #earnings–Washington Federal, Inc. (Nasdaq: WAFD) (the “Company”), parent company of Washington Federal Bank (“WaFd Bank”), today announced quarterly earnings of $79,509,000 for the quarter ended December 31, 2022, an increase of 58% from $50,281,000 for the quarter ended December 31, 2021. After the effect of dividends on preferred stock, net income available for common shareholders was $1.16 per diluted share for the quarter ended December 31, 2022, compared to $0.71 per diluted share for the quarter ended December 31, 2021, a $0.45 or 63% increase in fully diluted earnings per common share. Return on common shareholders’ equity for the quarter ended December 31, 2022 was 15.15% compared to 10.12% for the quarter ended December 31, 2021. Return on assets for the quarter ended December 31, 2022 was 1.50% compared to 1.02% for the same quarter in the prior year.

Executive Vice President, Chief Consumer Banker and acting Chief Executive Officer Cathy Cooper commented, “The first fiscal quarter of 2023 was a great start to the year. Loan growth was robust, increasing $880 million or 5.5% for the quarter. Credit quality remained strong, with yet another quarter of net recoveries and our allowance for credit losses stands at $208 million. Solid growth in our fundamental business resulted in a 36.3% increase in net interest income over the same quarter last year as the increase in the average rate earned on our interest-earning assets outpaced the increase in the average rate paid on our interest-bearing liabilities.

Our results show that the Bank continues to benefit from rising rates while we hold the line on other expenses, as reflected in our improved efficiency ratio for the quarter, even as we make additional investments in technology enhancements such as voice-authenticated banking and data-driven personalization. It’s not surprising that deposit costs are rising and liquidity in the system is tightening, for WaFd and the banking industry, which we view both as important and needed steps for economic stability

On November 13, 2022 we announced the signing of a definitive merger agreement with Luther Burbank Corporation (NASDAQ: LBC, “Luther Burbank”), creating a continuous footprint from Seattle to Austin. We believe our complementary approach to serving the needs of our clients and communities will lead to successful partnership opportunities for growth post-merger.

I’m also gratified to report that Brent Beardall, our President and CEO who is currently on leave, is recovering from multiple injuries he sustained on January 2, 2023. We expect him to soon be discharged from the hospital to focus on rehabilitation. Brent and the entire team at WaFd are grateful for the outpouring of love and support and we are overwhelmed by the response. It truly is a privilege for all of us here at WaFd Bank to continue to press forward on the bank’s strategic initiatives, including our proposed acquisition of Luther Burbank, while we await Brent’s return to his normal duties.”

Total assets were $21.7 billion as of December 31, 2022, compared to $20.8 billion at September 30, 2022, primarily due to continued growth in net loans receivable funded by increased Federal Home Loan Bank (“FHLB”) advances. Net loans increased by $880 million, or 5.5%, while FHLB advances increased $950 million, or 44.7%. Investment securities slightly decreased by $1 million during the quarter.

Customer deposits totaled $16.0 billion as of December 31, 2022, a decrease of 0.4% since September 30, 2022. Transaction accounts decreased by $144 million or 1.1% during that period, while time deposits increased $74 million or 2.2%. Our focus historically on growing transaction accounts is intended to lessen sensitivity to rising interest rates and manage interest expense. As of December 31, 2022, 78.6% of the Company’s deposits were transaction accounts, down from 79.2% at September 30, 2022. Core deposits, defined as all transaction accounts and time deposits less than $250,000, totaled 94.0% of deposits at December 31, 2022.

Borrowings from the FHLB totaled $3.08 billion as of December 31, 2022, up from $2.13 billion at September 30, 2022 driven largely by loan growth and relatively flat customer deposit balances. The effective weighted average interest rate of FHLB borrowings was 3.14% as of December 31, 2022, an increase from 2.02% at September 30, 2022.

The Company had strong loan originations of $2.04 billion for the first fiscal quarter of 2023, comparable to $2.13 billion of originations in the same quarter one year ago. Offsetting loan originations in each of these quarters were loan repayments of $1.23 billion and $1.83 billion, respectively. Commercial loans represented 84% of all loan originations during the first fiscal quarter of 2023 and consumer loans accounted for the remaining 16%. The Company views organic loan growth funded by low-cost core deposits as the highest and best use of its capital. Commercial loans are preferable as they generally have floating interest rates and shorter durations. The weighted average interest rate on the loan portfolio was 4.73% as of December 31, 2022, an increase from 4.25% as of September 30, 2022, due primarily to higher rates on adjustable rate loans and newly originated loans.

Credit quality is being monitored closely in light of the shifting economic and monetary environment. As of December 31, 2022, non-performing assets remained low from a historical perspective and totaled $38.7 million, or 0.18% of total assets, down from $44.6 million, or 0.21%, at September 30, 2022. The change fiscal year to date is due primarily to non-accrual loans decreasing by $5.4 million, or 16%, since September 30, 2022. Delinquent loans decreased to 0.16% of total loans at December 31, 2022, compared to 0.17% at September 30, 2022. The allowance for credit losses (including the reserve for unfunded commitments) totaled $208 million as of December 31, 2022, and was 1.03% of gross loans outstanding, as compared to $205 million, or 1.06% of gross loans outstanding, at September 30, 2022. Net recoveries were $0.5 million for the first fiscal quarter of 2023, compared to net recoveries of $2.1 million for the prior year same quarter. The Company has recorded net recoveries for nine consecutive years.

The Company recorded a $2.5 million provision for credit losses in the first fiscal quarter of 2023, compared to a provision for credit losses of $0.5 million in the same quarter of fiscal 2022. The provision for loan losses in the quarter ended December 31, 2022 was primarily due to growth in loans receivable largely offset by continued strong credit performance and collateral protection.

The Company paid a quarterly dividend on Series A preferred stock on October 15, 2022. On December 2, 2022, the Company paid a regular cash dividend on common stock of $0.24 per share, which represented the 159th consecutive quarterly cash dividend. Tangible common shareholders’ equity per share increased by $0.75, or 2.9%, to $26.24 since September 30, 2022. The ratio of total tangible shareholders’ equity to tangible assets was 9.44% as of December 31, 2022.

Net interest income was $183 million for the first fiscal quarter of 2023, an increase of $48.7 million or 36.3% from the same quarter in the prior year. The increase in net interest income was primarily due to an increase in the interest rate spread of 63 basis points. This was the result of the increase of 149 basis points in the average rate earned on interest-earning assets outpacing the 86 basis point increase in the average rate paid on interest-bearing liabilities. Net interest margin was 3.69% in the first fiscal quarter of 2023 compared to 3.64% for the quarter ended September 30, 2022 and 2.87% for the prior year quarter. This increase in net interest margin is directly attributable to both increasing market interest rates and the intentional shift over the last several years towards transaction deposits and commercial loans.

Total other income was $14.0 million for the first fiscal quarter of 2023 compared to $18.7 million in the prior year same quarter. The decrease in other income was primarily due to unrealized gains for certain equity investments of $5.1 million which were recorded in the quarter ended December 31, 2021. There was no similar gain in the quarter ended December 31, 2022.

Total other expense was $92.3 million in the first fiscal quarter of 2023, an increase of $2.7 million, or 3.0%, from the prior year’s quarter. Compensation and benefits costs increased by $1.6 million, or 3.5%, over the prior year quarter primarily due to annual merit increases and investments in top talent and strategic initiatives. The Company’s efficiency ratio in the first fiscal quarter of 2023 was 46.8%, compared to 58.6% for the same period one year ago due to income growth outpacing expense growth.

Income tax expense totaled $22.4 million for the first fiscal quarter of 2023, as compared to $13.0 million for the prior year same quarter. The effective tax rate for the quarter ended December 31, 2022 was 22.00% compared to 21.23% for the year ended September 30, 2022. The Company’s effective tax rate may vary from the statutory rate mainly due to state taxes, tax-exempt income and tax-credit investments.

WaFd Bank is headquartered in Seattle, Washington, and has 200 branches in eight western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. The Company uses its website to distribute financial and other material information about the Company.

Important Cautionary Statements

The foregoing information should be read in conjunction with the financial statements, notes and other information contained in the Company’s 2022 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

This press release contains statements about the Company’s future that are not statements of historical or current fact. These statements are “forward looking statements” for purposes of applicable securities laws, and are based on current information and/or management’s good faith belief as to future events. Words such as “anticipate,” “believe,” “continue,” “expect,” “goal,” “intend,” “should,” “strategy,” “will,” or similar expressions signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance. By their nature, forward-looking statements involve inherent risk and uncertainties, including the following risks and uncertainties, and those risks and uncertainties more fully discussed under “Risk Factors” in the Company’s September 30, 2022 10-K, which could cause actual performance to differ materially from that anticipated by any forward-looking statements. In particular, any forward-looking statements are subject to risks and uncertainties related to (i) the effect of COVID-19 and other infectious illness outbreaks that may arise in the future and the resulting governmental and societal responses; (ii) current and future economic conditions, including the effects of declines in the real estate market, high unemployment rates, inflationary pressures, and slowdowns in economic growth; (iii) financial stress on borrowers (consumers and businesses) as a result of higher interest rates or an uncertain economic environment; (iv) global economic trends, including developments related to Ukraine and Russia, and related negative financial impacts on our borrowers; (v) fluctuations in interest rate risk and market interest rates, including the effect on our net interest income and net interest margin; (vi) risks related to the proposed merger with Luther Burbank; and (vii) our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking” and identity theft. The Company undertakes no obligation to update or revise any forward-looking statement.

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

 

 

December 31, 2022

 

September 30, 2022

 

(In thousands, except share and ratio data)

ASSETS

 

 

 

Cash and cash equivalents

$

645,862

 

 

$

683,965

 

Available-for-sale securities, at fair value

 

2,059,837

 

 

 

2,051,037

 

Held-to-maturity securities, at amortized cost

 

453,443

 

 

 

463,299

 

Loans receivable, net of allowance for loan losses of $176,797 and $172,808

 

16,993,588

 

 

 

16,113,564

 

Interest receivable

 

75,316

 

 

 

63,872

 

Premises and equipment, net

 

240,360

 

 

 

243,062

 

Real estate owned

 

6,117

 

 

 

6,667

 

FHLB and FRB stock

 

133,073

 

 

 

95,073

 

Bank owned life insurance

 

238,370

 

 

 

237,931

 

Intangible assets, including goodwill of $303,457 and $303,457

 

308,767

 

 

 

309,009

 

Other assets

 

499,078

 

 

 

504,652

 

 

$

21,653,811

 

 

$

20,772,131

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Liabilities

 

 

 

Transaction deposits

$

12,547,832

 

 

$

12,691,527

 

Time deposits

 

3,412,203

 

 

 

3,338,043

 

Total customer deposits

 

15,960,035

 

 

 

16,029,570

 

FHLB advances

 

3,075,000

 

 

 

2,125,000

 

Advance payments by borrowers for taxes and insurance

 

17,626

 

 

 

50,051

 

Federal and state income tax liabilities, net

 

16,995

 

 

 

3,306

 

Accrued expenses and other liabilities

 

259,774

 

 

 

289,944

 

 

 

19,329,430

 

 

 

18,497,871

 

Shareholders’ equity

 

 

 

Preferred stock, $1.00 par value, 5,000,000 shares authorized; 300,000 and 300,000 shares issued; 300,000 and 300,000 shares outstanding

 

300,000

 

 

 

300,000

 

Common stock, $1.00 par value, 300,000,000 shares authorized; 136,373,350 and 136,270,886 shares issued; 65,387,745 and 65,330,126 shares outstanding

 

136,373

 

 

 

136,271

 

Additional paid-in capital

 

1,689,209

 

 

 

1,686,975

 

Accumulated other comprehensive income (loss), net of taxes

 

41,726

 

 

 

52,481

 

Treasury stock, at cost; 70,985,605 and 70,940,760 shares

 

(1,591,935

)

 

 

(1,590,207

)

Retained earnings

 

1,749,008

 

 

 

1,688,740

 

 

 

2,324,381

 

 

 

2,274,260

 

 

$

21,653,811

 

 

$

20,772,131

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

 

 

Common shareholders’ equity per share

$

30.96

 

 

$

30.22

 

Tangible common shareholders’ equity per share

 

26.24

 

 

 

25.49

 

Shareholders’ equity to total assets

 

10.73

%

 

 

10.95

%

Tangible shareholders’ equity to tangible assets

 

9.44

%

 

 

9.60

%

Tangible shareholders’ equity + allowance for credit losses to tangible assets

 

10.27

%

 

 

10.45

%

Weighted average rates at period end

 

 

 

Loans and mortgage-backed securities

 

4.59

%

 

 

4.13

%

Combined loans, mortgage-backed securities and investments

 

4.46

 

 

 

4.04

 

Customer accounts

 

0.94

 

 

 

0.51

 

Borrowings

 

3.14

 

 

 

2.02

 

Combined cost of customer accounts and borrowings

 

1.29

 

 

 

0.68

 

Net interest spread

 

3.17

 

 

 

3.36

 

 

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

 

 

As of

SUMMARY FINANCIAL DATA

December 31,

2022

 

September 30,

2022

 

June 30,

2022

 

March 31,

2022

 

December 31,

2021

 

(In thousands, except share and ratio data)

Cash

$

645,862

 

 

$

683,965

 

 

$

607,421

 

 

$

1,947,504

 

 

$

1,880,647

 

Loans receivable, net

 

16,993,588

 

 

 

16,113,564

 

 

 

15,565,165

 

 

 

15,094,926

 

 

 

14,592,202

 

Allowance for credit losses (“ACL”)

 

208,297

 

 

 

205,308

 

 

 

203,479

 

 

 

201,384

 

 

 

201,411

 

Available-for-sale securities, at fair value

 

2,059,837

 

 

 

2,051,037

 

 

 

2,150,732

 

 

 

1,909,605

 

 

 

1,946,139

 

Held-to-maturity securities, at amortized cost

 

453,443

 

 

 

463,299

 

 

 

477,884

 

 

 

301,221

 

 

 

326,387

 

Total assets

 

21,653,811

 

 

 

20,772,131

 

 

 

20,158,831

 

 

 

20,560,279

 

 

 

19,973,171

 

Transaction deposits

 

12,547,832

 

 

 

12,691,527

 

 

 

12,668,251

 

 

 

13,139,606

 

 

 

12,550,062

 

Time deposits

 

3,412,203

 

 

 

3,338,043

 

 

 

3,297,369

 

 

 

3,251,042

 

 

 

3,351,984

 

FHLB advances

 

3,075,000

 

 

 

2,125,000

 

 

 

1,700,000

 

 

 

1,720,000

 

 

 

1,720,000

 

Total shareholders’ equity

 

2,324,381

 

 

 

2,274,260

 

 

 

2,220,111

 

 

 

2,191,701

 

 

 

2,149,126

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

Common shareholders’ equity per share

 

30.96

 

 

 

30.22

 

 

 

29.39

 

 

 

28.97

 

 

 

28.33

 

Tangible common shareholders’ equity per share

 

26.24

 

 

 

25.49

 

 

 

24.66

 

 

 

24.23

 

 

 

23.59

 

Shareholders’ equity to total assets

 

10.73

%

 

 

10.95

%

 

 

11.01

%

 

 

10.66

%

 

 

10.76

%

Tangible shareholders’ equity to tangible assets

 

9.44

%

 

 

9.60

%

 

 

9.63

%

 

 

9.29

%

 

 

9.35

%

Tangible shareholders’ equity + ACL to tangible assets

 

10.27

%

 

 

10.45

%

 

 

10.65

%

 

 

10.29

%

 

 

10.38

%

Common shares outstanding

 

65,387,745

 

 

 

65,330,126

 

 

 

65,321,869

 

 

 

65,306,928

 

 

 

65,263,738

 

Preferred shares outstanding

 

300,000

 

 

 

300,000

 

 

 

300,000

 

 

 

300,000

 

 

 

300,000

 

Loans to customer deposits

 

106.48

%

 

 

100.52

%

 

 

97.49

%

 

 

92.09

%

 

 

91.76

%

 

 

 

 

 

 

 

 

 

 

CREDIT QUALITY

 

 

 

 

 

 

 

 

 

ACL to gross loans

 

1.03

%

 

 

1.06

%

 

 

1.08

%

 

 

1.13

%

 

 

1.18

%

ACL to non-accrual loans

 

713.83

%

 

 

594.51

%

 

 

554.76

%

 

 

598.66

%

 

 

447.99

%

Non-accrual loans to net loans

 

0.17

%

 

 

0.21

%

 

 

0.24

%

 

 

0.22

%

 

 

0.31

%

Non-accrual loans

 

29,180

 

 

 

34,534

 

 

 

36,679

 

 

 

33,639

 

 

 

44,959

 

Non-performing assets to total assets

 

0.18

%

 

 

0.21

%

 

 

0.25

%

 

 

0.23

%

 

 

0.27

%

Non-performing assets

 

38,650

 

 

 

44,554

 

 

 

50,430

 

 

 

47,243

 

 

 

54,790

 

 

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

Three Months Ended December 31,

 

2022

 

2021

 

(In thousands, except share and ratio data)

INTEREST INCOME

 

 

 

Loans receivable

$

203,946

 

 

$

138,509

 

Mortgage-backed securities

 

10,613

 

 

 

4,792

 

Investment securities and cash equivalents

 

18,860

 

 

 

7,139

 

 

 

233,419

 

 

 

150,440

 

INTEREST EXPENSE

 

 

 

Customer accounts

 

31,646

 

 

 

8,461

 

FHLB advances and other borrowings

 

18,974

 

 

 

7,843

 

 

 

50,620

 

 

 

16,304

 

Net interest income

 

182,799

 

 

 

134,136

 

Provision (release) for credit losses

 

2,500

 

 

 

500

 

Net interest income after provision (release)

 

180,299

 

 

 

133,636

 

OTHER INCOME

 

 

 

Gain (loss) on sale of investment securities

 

 

 

 

81

 

Loan fee income

 

1,502

 

 

 

1,921

 

Deposit fee income

 

6,353

 

 

 

6,443

 

Other Income

 

6,169

 

 

 

10,236

 

 

 

14,024

 

 

 

18,681

 

OTHER EXPENSE

 

 

 

Compensation and benefits

 

49,070

 

 

 

47,425

 

Occupancy

 

10,102

 

 

 

10,090

 

FDIC insurance premiums

 

3,675

 

 

 

3,100

 

Product delivery

 

4,621

 

 

 

4,721

 

Information technology

 

12,329

 

 

 

11,421

 

Other

 

12,481

 

 

 

12,856

 

 

 

92,278

 

 

 

89,613

 

Gain (loss) on real estate owned, net

 

(112

)

 

 

562

 

Income before income taxes

 

101,933

 

 

 

63,266

 

Income tax provision

 

22,424

 

 

 

12,985

 

Net income

 

79,509

 

 

 

50,281

 

Dividends on preferred stock

 

3,656

 

 

 

3,656

 

Net income available to common shareholders

$

75,853

 

 

$

46,625

 

PER SHARE DATA

 

 

 

Basic earnings per common share

$

1.16

 

 

$

0.72

 

Diluted earnings per common share

 

1.16

 

 

 

0.71

 

Cash dividends per common share

 

0.24

 

 

 

0.23

 

Basic weighted average shares outstanding

 

65,341,974

 

 

 

65,207,837

 

Diluted weighted average shares outstanding

 

65,430,690

 

 

 

65,350,174

 

PERFORMANCE RATIOS

 

 

 

Return on average assets

 

1.50

%

 

 

1.02

%

Return on average common equity

 

15.15

 

 

 

10.12

 

Net interest margin

 

3.69

 

 

 

2.87

 

Efficiency ratio

 

46.78

 

 

 

58.64

 

 

WASHINGTON FEDERAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

Three Months Ended

 

December 31,

2022

 

September 30,

2022

 

June 30,

2022

 

March 31,

2022

 

December 31,

2021

 

(In thousands, except share and ratio data)

INTEREST INCOME

 

 

 

 

 

 

 

 

 

Loans receivable

$

203,946

 

 

$

174,710

 

 

$

149,113

 

 

$

139,260

 

 

$

138,509

 

Mortgage-backed securities

 

10,613

 

 

 

8,263

 

 

 

8,618

 

 

 

4,659

 

 

 

4,792

 

Investment securities and cash equivalents

 

18,860

 

 

 

14,960

 

 

 

9,417

 

 

 

6,919

 

 

 

7,139

 

 

 

233,419

 

 

 

197,933

 

 

 

167,148

 

 

 

150,838

 

 

 

150,440

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

Customer accounts

 

31,646

 

 

 

17,071

 

 

 

9,284

 

 

 

8,225

 

 

 

8,461

 

FHLB advances and other borrowings

 

18,974

 

 

 

7,243

 

 

 

6,118

 

 

 

7,525

 

 

 

7,843

 

 

 

50,620

 

 

 

24,314

 

 

 

15,402

 

 

 

15,750

 

 

 

16,304

 

Net interest income

 

182,799

 

 

 

173,619

 

 

 

151,746

 

 

 

135,088

 

 

 

134,136

 

Provision (release) for credit losses

 

2,500

 

 

 

1,500

 

 

 

1,500

 

 

 

(500

)

 

 

500

 

Net interest income after provision (release)

 

180,299

 

 

 

172,119

 

 

 

150,246

 

 

 

135,588

 

 

 

133,636

 

OTHER INCOME

 

 

 

 

 

 

 

 

 

Gain (loss) on sale of investment securities

 

 

 

 

18

 

 

 

 

 

 

 

 

 

81

 

Loan fee income

 

1,502

 

 

 

1,154

 

 

 

1,618

 

 

 

2,475

 

 

 

1,921

 

Deposit fee income

 

6,353

 

 

 

6,604

 

 

 

6,613

 

 

 

6,282

 

 

 

6,443

 

Other income

 

6,169

 

 

 

6,706

 

 

 

9,319

 

 

 

6,902

 

 

 

10,236

 

 

 

14,024

 

 

 

14,482

 

 

 

17,550

 

 

 

15,659

 

 

 

18,681

 

OTHER EXPENSE

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

49,070

 

 

 

51,304

 

 

 

48,073

 

 

 

47,115

 

 

 

47,425

 

Occupancy

 

10,102

 

 

 

10,568

 

 

 

10,053

 

 

 

11,788

 

 

 

10,090

 

FDIC insurance premiums

 

3,675

 

 

 

2,231

 

 

 

2,100

 

 

 

2,100

 

 

 

3,100

 

Product delivery

 

4,621

 

 

 

5,104

 

 

 

4,667

 

 

 

5,044

 

 

 

4,721

 

Information technology

 

12,329

 

 

 

12,228

 

 

 

11,831

 

 

 

11,722

 

 

 

11,421

 

Other expense

 

12,481

 

 

 

11,707

 

 

 

10,679

 

 

 

10,648

 

 

 

12,856

 

 

 

92,278

 

 

 

93,142

 

 

 

87,403

 

 

 

88,417

 

 

 

89,613

 

Gain (loss) on real estate owned, net

 

(112

)

 

 

(488

)

 

 

448

 

 

 

129

 

 

 

562

 

Income before income taxes

 

101,933

 

 

 

92,971

 

 

 

80,841

 

 

 

62,959

 

 

 

63,266

 

Income tax provision

 

22,424

 

 

 

19,576

 

 

 

17,546

 

 

 

13,600

 

 

 

12,985

 

Net income

 

79,509

 

 

 

73,395

 

 

 

63,295

 

 

 

49,359

 

 

 

50,281

 

Dividends on preferred stock

 

3,656

 

 

 

3,656

 

 

 

3,656

 

 

 

3,656

 

 

 

3,656

 

Net income available to common shareholders

$

75,853

 

 

$

69,739

 

 

$

59,639

 

 

$

45,703

 

 

$

46,625

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

1.16

 

 

$

1.07

 

 

$

0.91

 

 

$

0.70

 

 

$

0.72

 

Diluted earnings per common share

 

1.16

 

 

 

1.07

 

 

 

0.91

 

 

 

0.70

 

 

 

0.71

 

Cash dividends per common share

 

0.24

 

 

 

0.24

 

 

 

0.24

 

 

 

0.24

 

 

 

0.23

 

Basic weighted average shares outstanding

 

65,341,974

 

 

 

65,326,706

 

 

 

65,315,481

 

 

 

65,301,171

 

 

 

65,207,837

 

Diluted weighted average shares outstanding

 

65,430,690

 

 

 

65,423,817

 

 

 

65,395,666

 

 

 

65,445,206

 

 

 

65,350,174

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

Return on average assets

 

1.50

%

 

 

1.44

%

 

 

1.25

%

 

 

0.98

%

 

 

1.02

%

Return on average common equity

 

15.15

 

 

 

14.22

 

 

 

12.50

 

 

 

9.80

 

 

 

10.12

 

Net interest margin

 

3.69

 

 

 

3.64

 

 

 

3.22

 

 

 

2.90

 

 

 

2.87

 

Efficiency ratio

 

46.78

 

 

 

49.52

 

 

 

51.63

 

 

 

58.65

 

 

 

58.64

 

 

Contacts

Washington Federal, Inc.

425 Pike Street, Seattle, WA 98101

Brad Goode, SVP, Chief Marketing Officer

206-626-8178

[email protected]

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