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Washington Federal, Inc.
425 Pike Street
Seattle, WA 98101
Contact: Cathy Cooper
Thursday, October 21, 2010
FOR IMMEDIATE RELEASE
Washington Federal Reports Quarterly Net Income of $16.0 Million
and $118.7 Million for its Fiscal Year
SEATTLE Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal, today announced earnings of $15,963,000 or $.14 per diluted share for the quarter ended September 30, 2010, a 66% increase over the same quarter one year ago when Company reported net income of $9,605,000 or $.11 per diluted share. Earnings for the fiscal year ended September 30, 2010 totaled $118,653,000 or $1.05 per diluted share, compared to $40,684,000 or $.46 per diluted share for the same period one year ago, a 192% increase.
Chairman, President & CEO Roy M. Whitehead commented, Results last quarter confirmed the established trend of earnings improvement due primarily to more stable conditions in the eight states where we do business. We have grown more confident in our ability to deliver solid operating results in the near-term. Still, its worth reiterating that historical returns are not imminent. Challenging external factors beyond our control, such as tepid loan demand, increased regulation, the cost associated with resolving the financial crisis, ultralow interest rates, and the economic drag associated with the unbalanced financial condition of many consumers, businesses and government at all levels mean that the company and its investors should adjust expectations. Washington Federal is positioned to do well given the environment, but the environment leaves much to be desired.
The following information was filed by Washington Federal Inc (WAFD) on Monday, October 25, 2010 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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