Washington Federal Inc (WAFD) 10K Annual Reports & 10Q SEC Filings

SEATTLE, WASHINGTON – WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of WaFd Bank (the "Bank"), today announced record annual earnings of $257,426,000 for the fiscal year ended September 30, 2023, an increase of $21,096,000 from earnings of $236,330,000 for the year ended September 30, 2022. After the effect of dividends on preferred stock, net income available for common shareholders was $3.72 per share for the fiscal year ended September 30, 2023, a $0.33 or 9.7% increase from $3.39 for the prior fiscal year. Return on common shareholders' equity for the fiscal year ended September 30, 2023, was 11.69% compared to 11.70% for the year ended September 30, 2022. Return on assets for the year ended September 30, 2023, was 1.18% compared to 1.17% for the prior year.

President and CEO Brent Beardall commented, “This past year was a roller-coaster for the banking industry. At WaFd, despite the ups and downs in the industry, the year culminated in record net income and earnings per share for the Company. We are grateful to our bankers for their efforts and to our clients for the trust that led to these results.

I am most pleased that for the year our total deposits increased, and the percentage of uninsured deposits decreased to 26%. In a year that saw the second and third largest bank failures in the history of the United States and net outflows of deposits in the banking industry, we view the fact that we were able to achieve net deposit growth as a meaningful accomplishment. One of the commonalities of the failed banks in 2023 was a high percentage of uninsured deposits (70 to 95%), so having only 26% of uninsured deposits at WaFd is a nice contrast.

The following information was filed by Washington Federal Inc (WAFD) on Wednesday, October 18, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Washington Federal Inc's 10-K Annual Report:

Other - Other Highlight
While the Company believes the judgments and assumptions used in the goodwill impairment test are reasonable, different assumptions or changes in general industry, market and macro-economic conditions could change the estimated fair values and, therefore, future impairment charges could be required, which could be material to the consolidated financial statements.

Financial - Expense Highlight
Management does not expect the resulting expense to be material to its financial results given the Company's low level of uninsured deposits.
Other - Other Highlight
During 2023, the average balance of loans receivable increased $2,011,903,000 or 13.3%, while the combined average balances of mortgage backed securities, other investment securities and cash decreased by $536,288,000 or 14.7%.
Other - Other Highlight
The increase in cash was the result of the $40,759,000 increase in customer accounts and $1,525,000,000 increase in borrowings.
Other - Other Highlight
The increase in cash was the result of a $40,759,000 increase in customer accounts and $1,525,000,000 increase in borrowings.
Other - Other
The Company continuously monitors for...Read more
Financial - Earnings
The average rate earned on...Read more
Other - Other
MANAGEMENT'S DISCUSSION AND ANALYSIS OF...Read more
Other - Other
Bank Owned Life Insurance: Bank-owned...Read more
Other - Other
Gain on Real Estate Owned:...Read more
Other - Other
The Company's cash and cash...Read more
Financial - Cash Flow
Management's determination of the amount...Read more
Other - Other
Intangible assets: The Company's intangible...Read more
Other - Other
Taking into account these hedges,...Read more
Financial - Cash Flow
Taking into account cash flow...Read more
Financial - Income
The change in net interest...Read more
Other - Other
MANAGEMENT'S DISCUSSION AND ANALYSIS OF...Read more
Other - Other
The allowance for loan losses...Read more
Other - Other
We perform a quantitative impairment...Read more
Other - Other
Non-performing assets increased 30.0% to...Read more
Revenue - Product
FDIC Premiums increased $10,494,000 in...Read more
Other - Other
Borrowings: Total borrowings increased to...Read more
Revenue - Product
LIQUIDITY AND CAPITAL RESOURCES The...Read more
Financial - Income
MANAGEMENT'S DISCUSSION AND ANALYSIS OF...Read more
Other - Other
Growth in loans receivable was...Read more
Financial - Earnings
Material changes to these and...Read more
Other - Other
Customer accounts: As of September...Read more
Other - Other
These actions included increasing the...Read more
Other - Other
MANAGEMENT'S DISCUSSION AND ANALYSIS OF...Read more
Other - Other
Interest receivable: Interest receivable was...Read more
Financial - Income
Other Income: Other income was...Read more
Other - Other
If a loan is on...Read more
Other - Other
Allowance for credit losses: For...Read more
Other - Other
The weighted average rate for...Read more
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Our deposit base is highly...Read more
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The effective tax rate for...Read more
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The following table presents the...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Washington Federal Inc provided additional information to their SEC Filing as exhibits

Exhibit 3.1: Articles Of Incorporation

Exhibit 3.2: Articles Of Incorporation

Exhibit 10.7: Material Contract

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 97.1: Ex-97.1

Ticker: WAFD
CIK: 936528
Form Type: 10-K Annual Report
Accession Number: 0000936528-23-000207
Submitted to the SEC: Fri Nov 17 2023 5:01:17 PM EST
Accepted by the SEC: Fri Nov 17 2023
Period: Saturday, September 30, 2023
Industry: National Commercial Banks