Washington Federal Reports Annual Net Income of $138 Million
SEATTLE - Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced earnings of $35,531,000 or $.33 per diluted share for the quarter ended September 30, 2012, compared to $30,666,000 or $.28 per diluted share for the same period one year ago, a $4.9 million or 18% increase per diluted share. Earnings for the fiscal year ended September 30, 2012 of $138,183,000 or $1.29 per diluted share, an increase of $18,895,000 or 29% per diluted share from the prior year. Higher earnings were driven primarily by lower credit costs due to improved market conditions. Total credit costs were $55 million for the year, a $78 million or 59% decrease from fiscal 2011. The Company's ratio of tangible common equity to tangible assets ended the quarter at 13.45% and its total risk-based capital ratio was 27.29%. Both of these ratios continue to be among the best of large regional financial institutions in the U.S.
Chairman, President & CEO Roy M. Whitehead commented, “Financial performance for the year exceeded our expectations. Much of the credit goes to improved real estate market conditions that enabled us to record gains on the sale of properties foreclosed on and written down in prior years. During the quarter, we also completed important steps to enhance future profitability. In fiscal 2013, the focus will largely be on growth in our commercial banking segments. Low interest rates and a slow economy will challenge earnings growth; however, our strong financial position will provide tremendous flexibility. Opportunities to improve shareholder value, including acquisitions and stock repurchases, will be aggressively pursued.”
Non-performing assets amounted to $273 million or 2.19% of total assets as of September 30, 2012, a $97 million or 26% decrease from September 30, 2011. Non-performing assets peaked at $606 million at
The following information was filed by Washington Federal Inc (WAFD) on Tuesday, October 23, 2012 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.
View differences made from one year to another to evaluate Washington Federal Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by Washington Federal Inc.
Ticker: WAFD CIK: 936528 Form Type:10-K Annual Report Accession Number: 0000936528-12-000053 Submitted to the SEC: Wed Nov 21 2012 12:46:35 PM EST Accepted by the SEC: Wed Nov 21 2012 Period: Sunday, September 30, 2012 Industry: National Commercial Banks