Washington Federal Announces Record Quarterly Earnings Per Share Of $0.61
SEATTLE, WASHINGTON – Washington Federal, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal, National Association, today announced record quarterly earnings of $51,394,000 or $0.61 per diluted share for the quarter ended June 30, 2018 compared to $44,112,000 or $0.49 per diluted share for the quarter ended June 30, 2017, a $0.12 or 24% increase in fully diluted earnings per share. Return on equity for the quarter ended June 30, 2018 was 10.30% compared to 8.70% for the quarter ended June 30, 2017. Return on assets for the quarter ended June 30, 2018 was 1.31% compared to 1.17% for the same quarter in the prior year.
President and Chief Executive Officer Brent J. Beardall commented, “The Company’s 24% increase in earnings per share is attributable to loan growth, improved net interest margin, fewer shares outstanding and a lower tax rate. It is notable that these results are inclusive of a 17% increase in operating costs, which include previously announced investments in our colleagues, technology and higher regulatory compliance costs. We are pleased that the impact of rising short-term interest rates on our funding costs has been more than offset by the combination of the re-pricing of variable rate assets and loan growth."
On July 17, 2018, the Company and Anchor Bancorp ("Anchor") mutually agreed to terminate the previously announced Agreement and Plan of Merger dated as of April 11, 2017, as amended. President and Chief Executive Officer Brent J. Beardall commented, “We are disappointed the transaction will not be consummated, but wish to thank the Board and Management of Anchor for their cooperation during this process. We wish Anchor the best going forward."
The following information was filed by Washington Federal Inc (WAFD) on Wednesday, July 18, 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: 0000936528-18-000055 Submitted to the SEC: Thu Jul 26 2018 7:29:07 PM EST Accepted by the SEC: Fri Jul 27 2018 Period: Saturday, June 30, 2018 Industry: National Commercial Banks