Please wait while we load the requested 10-K report or click the link below:
Washington Federal, Inc.
425 Pike Street
Seattle, WA 98101
Contact: Cathy Cooper
Thursday, October 22, 2009
FOR IMMEDIATE RELEASE
Washington Federal Reports Quarterly Net Income of $9.6 Million
and $40.7 Million for its Fiscal Year
SEATTLE Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal Savings, today announced earnings of $9,605,000 or $.11 per diluted share for the quarter ended September 30, 2009. In the same quarter one year ago, the Company reported a loss of $39,337,000 or $.45 per diluted share due to a writedown of $88 million on preferred stock investments in the U.S. Government sponsored entities of Fannie Mae and Freddie Mac. Earnings for the fiscal year ended September 30, 2009 totaled $40,684,000 or $.46 per diluted share, compared to $62,332,000 or $.71 per diluted share for the same period one year ago.
Recession related credit costs and rising FDIC insurance premiums were the primary contributors to the decline in net income of $21,648,000, or 35%, for the full year. The provision for loan losses amounted to $193 million for the year ended September 30, 2009, a $132.5 million increase over the $60.5 million provided for during the prior year. Additionally, FDIC insurance premiums increased by $9.9 million.
In September, the Company completed a follow-on public offering of 24,150,000 shares of common stock. The offering produced net proceeds of $333,177,000 which will be used for general corporate purposes, which may include capital to support future acquisitions. As of September 30, 2009, the Companys ratio of tangible common equity to tangible assets was
The following information was filed by Washington Federal Inc (WAFD) on Friday, October 23, 2009 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.
View differences made from one year to another to evaluate Washington Federal Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Washington Federal Inc.