FOR IMMEDIATE RELEASE
Washington Federal Completes Fiscal Year With Record Earnings
SEATTLE, WASHINGTON - Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced earnings of $42,907,000 or $.41 per diluted share for the quarter ended September 30, 2013, compared to $35,531,000 or $.33 per diluted share for the same period one year ago, a 24.2% increase in earnings per share. For the fiscal year ended September 30, 2013, earnings were a record high of $151,505,000 or $1.45 per diluted share, compared to $138,183,000 or $1.29 per diluted share for the fiscal year ended September 30, 2012, a 12.4% increase in earnings per share. The Company’s ratio of tangible common equity to tangible assets ended the quarter at 13.05% and remains among the strongest of publicly traded banks in the United States.
Chairman, President & CEO Roy M. Whitehead commented, “This was a great year for the Company that came largely as a result of universally improved local economies in the eight states we serve and successful execution of our business strategy. We go into fiscal 2014 with good momentum and are optimistic that the Company is well positioned to once again achieve favorable results.”
Non-performing assets amounted to $214 million or 1.63% of total assets at year-end, a $59 million or 21.7% decrease from fiscal year-end September 30, 2012. Specifically, non-performing loans decreased from $173 million at September 30, 2012 to $131 million as of September 30, 2013, a 24.3% decrease. Net loan charge-offs decreased from $11 million in the quarter ended September 30, 2012 to a net recovery of $.9 million in the most recent quarter. For the fiscal year 2013, net charge-offs were $18 million, a decrease of $52 million or 74.5% from the $70 million of net charge-offs in fiscal 2012. Total loan delinquencies were 1.97% as
The following information was filed by Washington Federal Inc (WAFD) on Wednesday, October 16, 2013 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.