Wednesday October 22, 2014
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 completion of its 97th fiscal year with record earnings of $157,364,000 or $1.55 per diluted share, compared to $151,505,000 or $1.45 per diluted share for the fiscal year ended September 30, 2013, a 6.9% increase in earnings per diluted share. Net income for the quarter ended September 30, 2014 amounted to $40,560,000 or $.41 per diluted share, compared to $42,907,000 or $.41 per diluted share for the same period one year ago.
Chairman, President & CEO Roy M. Whitehead commented, “It was another great year for the Company. Deposits increased by $1.6 billion, supported by the acquisition of seventy-four branches. Loan growth, deposit mix improvement, and strengthening asset quality were all positive trends during the year that we expect to continue. In addition, there are good opportunities to manage costs lower over time. The Company enters the new fiscal year with good momentum and a positive outlook regarding its future prospects.”
Net interest income was $406 million for the year, a $25 million or 6.7% increase from the prior year. Net interest income for the quarter was $103 million, a $6 million or 6.6% increase from the same quarter one year ago. Net interest income was higher for the quarter due to increased investment income and reduced interest expense on customer accounts.
Net interest margin was 3.05% for fiscal year 2014 which is a decline from 3.17% for the prior year. The primary reason was lower loan yields as a result of the low interest rate environment that were partially offset by the lower cost of customer accounts. Net interest margin
The following information was filed by Washington Federal Inc (WAFD) on Tuesday, October 28, 2014 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.