Washington Federal Announces 5% Increase In Quarterly Earnings Per Share
SEATTLE, WASHINGTON – Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, National Association, today announced quarterly earnings of $44,112,000 or $0.49 per diluted share for the quarter ended June 30, 2017 compared to$43,004,000 or $0.47 per diluted share for the quarter ended June 30, 2016, a $0.02 or 5% increase in fully diluted earnings per share. Return on equity for the quarter ended June 30, 2017 was 8.70% compared to 8.71% for the quarter ended June 30, 2016. Return on assets for the quarter ended June 30, 2017 was 1.17% compared to 1.16% for the same quarter in the prior year.
President & Chief Executive Officer Brent J. Beardall commented, “Our third fiscal quarter results represent a high water mark for both total assets and earnings per share. Asset quality improved, customer deposits grew and loan originations remained strong, exceeding $1 billion for the quarter. We are pleased to note that our efficiency ratio for the quarter improved to 46.6% thanks to revenue growth outpacing expenses. Looking forward, challenges will certainly arise; however, we are optimistic we can continue our legacy of long-term profitable growth.”
Total assets were $15.1 billion as of June 30, 2017 compared to $14.9 billion as of September 30, 2016. The Company continued to shift its asset mix from cash and investment securities to loans receivable. Since September 30, 2016, available-for-sale securities decreased $652 million or 33.9%, held-to-maturity securities increased $234 million or 16.5% and cash and cash equivalents decreased $91 million or 20.2%. During that same period net loans receivable increased by $744 million, or 7.5%, driven primarily by an increase of $253 million
The following information was filed by Washington Federal Inc (WAFD) on Wednesday, July 19, 2017 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0000936528-17-000055 Submitted to the SEC: Thu Jul 27 2017 5:34:08 PM EST Accepted by the SEC: Fri Jul 28 2017 Period: Friday, June 30, 2017 Industry: National Commercial Banks