SEATTLE, WASHINGTON – Washington Federal, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal, N.A. today announced record annual earnings of $173,532,000 or $1.94 per diluted share for the fiscal year ended September 30, 2017, compared to $164,049,000 or $1.78 per diluted share for the year ended September 30, 2016, a $0.16 or 9.0% increase in earnings per diluted share. Return on equity for the fiscal year ended September 30, 2017 was 8.64% compared to 8.33% for the year ended September 30, 2016. Return on assets for the year ended September 30, 2017 was 1.16% compared to 1.12% for the prior year.
President and Chief Executive Officer Brent J. Beardall commented, “We are pleased to report that Washington Federal closed it's 100th year in business with record earnings, loan originations and total assets. The market rewarded the Company's shareholders with a total return for the fiscal year of 29%. It is gratifying to see that efforts to reposition the bank's interest rate risk over the last few years are paying dividends, as our margin has increased despite rising short-term rates. The strong financial performance enabled the Company to return 100% of earnings to shareholders in the form of cash dividends and share repurchases during the year and still finish the year with a tangible common equity to tangible asset ratio of 11.41%."
Total assets were $15.3 billion as of September 30, 2017, a $366 million or 2.5% increase from September 30, 2016. The Company continued to shift its asset mix from cash and investment securities to loans receivable, which carry a higher yield. Since September 30, 2016, cash and cash equivalents decreased $137 million or 30.5% while available-for-sale securities decreased $657 million or 34.2% and held-to-maturity securities slightly offset these with an increase of $
The following information was filed by Washington Federal Inc (WAFD) on Wednesday, October 18, 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-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: 0000936528-17-000077 Submitted to the SEC: Mon Nov 20 2017 7:30:43 PM EST Accepted by the SEC: Tue Nov 21 2017 Period: Saturday, September 30, 2017 Industry: National Commercial Banks