Washington Federal Reports Quarterly Net Income of $30.7 Million and $111.1 Million for the Fiscal Year
SEATTLE - Washington Federal, Inc. (Nasdaq: WFSL), parent company of Washington Federal, today announced earnings of $30,666,000 or $.28 per diluted share for the quarter ended September 30, 2011, compared to $15,963,000 or $.14 per diluted share for the same period one year ago, a $14.7 million or 92% increase. Earnings for the fiscal year ended September 30, 2011 of $111,141,000 decreased $7,512,000 or 6% from the prior year due to two non-recurring items in 2010, an $85.6 million pre-tax gain resulting from the acquisition of certain assets and liabilities of the former Horizon Bank, and a $39 million recovery resulting from the settlement of a contingent federal tax liability. Excluding these two non-recurring items from the prior year, net income increased by $86.3 million or 347%. The Company's ratio of tangible common equity to tangible assets ended the quarter at 12.52% and continues to be among the best of large regional financial institutions in the U.S.
Chairman, President & CEO Roy M. Whitehead commented, “We are very pleased to complete the fiscal year in a strong and healthy financial condition. Earnings from core business operations improved considerably over last year, and are attributed primarily to improved asset quality and reduced loan losses. Management expects that results in fiscal 2012 will be largely consistent with 2011, and that a material improvement in earnings can occur only after the overall economy, housing values and household incomes improve.”
The following information was filed by Washington Federal Inc (WAFD) on Monday, October 24, 2011 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: 0001200836-11-000020 Submitted to the SEC: Fri Nov 18 2011 5:30:53 PM EST Accepted by the SEC: Fri Nov 18 2011 Period: Friday, September 30, 2011 Industry: National Commercial Banks