Washington Federal Announces Record Quarterly Earnings
SEATTLE, WASHINGTON – Washington Federal, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal, National Association, today announced quarterly earnings of $51,670,000 or $0.59 per diluted share for the quarter ended December 31, 2017 compared to $41,246,000 or $0.46 per diluted share for the quarter ended December 31, 2016, a $0.13 or 28% increase in fully diluted earnings per share. Return on equity for the quarter ended December 31, 2017 was 10.25% compared to 8.31% for the quarter ended December 31, 2016. Return on assets for the quarter ended December 31, 2017 was 1.35% compared to 1.11% for the same quarter in the prior year.
During the quarter, the Company had two unusual events occur that impacted our financial results. First, as a result of the new tax legislation commonly known as the Tax Cuts and Jobs Act (the “Act”), tax expense for the quarter was $9.0 million. Excluding the effects of the Act, tax expense for the quarter would have been $18.0 million, or higher by $9.0 million. Second, during the quarter the Company made the decision to pursue termination of its loss share agreements with the FDIC related to two acquisitions, one in 2010 and one in 2012. Because of this decision, a charge of $8.6 million was recorded in this quarter’s results. Additional information on both of these items is included in the paragraphs below.
President and Chief Executive Officer Brent J. Beardall commented, “As a result of the changes in the tax law there are several unusual items in this quarter's results. Looking beyond those items, we are particularly pleased with the continued improvement in our core banking operations. Excluding the FDIC charge, this quarter produced a record $69.2 million of pre-tax income. As we have previously announced, the tax law reduces the advantage of credit unions
The following information was filed by Washington Federal Inc (WAFD) on Wednesday, January 17, 2018 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: 0000936528-18-000017 Submitted to the SEC: Thu Jan 25 2018 6:01:17 PM EST Accepted by the SEC: Fri Jan 26 2018 Period: Sunday, December 31, 2017 Industry: National Commercial Banks