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Washington Federal Announces Quarterly Earnings Per Share Of $0.63

Washington Federal, Inc. (Nasdaq: WAFD) (the "Company"), parent company
of Washington Federal, National Association, today announced quarterly
earnings of $51,098,000 or $0.63 per diluted share for the quarter ended
MarchA 31, 2019, compared to $49,271,000 or $0.57 per diluted share for
the quarter ended MarchA 31, 2018, a $0.06 or 11% increase in fully
diluted earnings per share. Return on equity for the quarter ended
MarchA 31, 2019 was 10.20% compared to 9.81% for the quarter ended
MarchA 31, 2018. Return on assets for the quarter ended MarchA 31, 2019
was 1.24% compared to 1.26% for the same quarter in the prior year.


President and Chief Executive Officer Brent J. Beardall commented, "We
are pleased to report another solid quarter of growth in core earnings,
loans and deposits. Credit quality continues to improve with the
economic expansion. We acknowledge that this is a challenging interest
rate environment. Over the past three and a half years, the Federal
Reserve Bank has increased short-term interest rates from 0.25% to 2.50%
while long-term rates remained relatively flat at around 2.50%. Despite
this flattening of the yield curve, Washington Federala??s net interest
margin declined only 3 basis points from 3.18% to 3.15% and net interest
income grew by 12%1. Those results were possible due
to the progress we have made in growing our commercial banking
capabilities, demonstrated by the significant growth of our transaction
deposits and commercial loans.


"During the quarter we launched a program designed specifically to help
government workers (both current clients and non-clients) impacted by
the government shutdown. In the span of three weeks, the program
generated over 14,000 visits to Washington Federal's website, 1,700 new
loan approvals totaling $24 million of available credit and 1,700 new
checking account openings. Outstanding loan balances are down to $4
million since, when the government re-opened, most of those clients
chose to repay us immediately. We expect the remaining loan balances
will be repaid over time. Most importantly, by doing the right thing we
were able to help neighbors in their time of need and gain customers for
life. As one client told us in a letter, it is nice to be with a bank
that has 'heart.' We believe that making a reasonable profit and doing
what is right to help our communities often go hand-in-hand."


Total assets were $16.4 billion as of MarchA 31, 2019, compared to $15.9
billion as of SeptemberA 30, 2018, the Company's fiscal year-end. Asset
growth since SeptemberA 30, 2018 is primarily attributable to a $418
million increase in net loans receivable.
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