Washington Federal Reports Record Earnings for Fiscal Year 2016
SEATTLE, WASHINGTON – Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, National Association, today announced record annual earnings of $164,049,000 or $1.78 per diluted share for the fiscal year ended September 30, 2016 compared to $160,316,000 or $1.67 per diluted share for the year ended September 30, 2015, an $0.11 or 6.59% increase in earnings per diluted share. Return on equity for the fiscal year ended September 30, 2016 was 8.33% compared to 8.21% for the year ended September 30, 2015. Return on assets for the year ended September 30, 2016 was 1.12% compared to 1.10% for the prior year.
Chairman & CEO Roy M. Whitehead commented, “Fiscal 2016 was a monumental year for the Company with record earnings, continued strong commercial lending activity and improved asset quality. Operating expenses were higher in 2016 due to costs associated with the successful significant upgrade to our technology systems, setting the stage for future growth and expected efficiencies for years to come. We look forward to 2017 as we complete our first 100 years in business and begin another era in the very long track record of prosperity at Washington Federal."
Total assets were $14.9 billion as of September 30, 2016, a $320 million or 2.2% increase from September 30, 2015. The Company continued to shift its asset mix from investment securities to loans receivable, which carry a higher yield. Since September 30, 2015, available-for-sale securities decreased $458 million or 19.2% and held-to-maturity securities decreased
The following information was filed by Washington Federal Inc (WAFD) on Wednesday, October 19, 2016 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: 0000936528-16-000090 Submitted to the SEC: Mon Nov 21 2016 5:22:13 PM EST Accepted by the SEC: Mon Nov 21 2016 Period: Friday, September 30, 2016 Industry: National Commercial Banks