Washington Federal Concludes its Fiscal Year with Record Earnings
SEATTLE, WASHINGTON - Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today announced completion of its 98th fiscal year with record earnings of $160,316,000 or $1.67 per diluted share, compared to $157,364,000 or $1.55 per diluted share for the fiscal year ended September 30, 2014, a 7.7% increase in earnings per diluted share. Net income for the quarter ended September 30, 2015 amounted to $42,498,000 or $.45 per diluted share, compared to $40,561,000 or $.41 per diluted share for the same period one year ago, a 9.8% increase in earnings per diluted share.
Chairman, President & CEO Roy M. Whitehead commented, “Fiscal 2015 was a very successful year for the Company. Record earnings were driven primarily by increased commercial lending activity and steadily improving asset quality, two quite positive trends that we expect to continue. Although expenses will be somewhat higher over the next two quarters due to costs associated with completing a significant upgrade to our technology platform, efficiencies are expected thereafter. We look forward to 2016 and believe that it will add yet another year to the very long track record of prosperity at Washington Federal."
Total assets decreased by $188 million to $14.6 billion at September 30, 2015 from $14.8 billion at September 30, 2014. Cash and cash equivalents decreased by $498 million as low yielding cash was redeployed to higher earning loans. During fiscal 2015, the Company had an average balance of $418 million in cash and cash equivalents invested overnight at a yield of approximately 0.25%, which is a decrease of $150 million or 26% from the average cash balance during fiscal 2014.
The following information was filed by Washington Federal Inc (WAFD) on Monday, October 26, 2015 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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Ticker: WAFD CIK: 936528 Form Type:10-K Annual Report Accession Number: 0000936528-15-000039 Submitted to the SEC: Thu Dec 03 2015 11:17:50 AM EST Accepted by the SEC: Thu Dec 03 2015 Period: Wednesday, September 30, 2015 Industry: National Commercial Banks