2024 Highlights
- Net Income was $200 million or $2.50 per diluted share for
fiscal 2024 compared to $257 million or $3.72 per diluted share for
2023.
- The year included the acquisition of California-based Luther
Burbank Corporation which added $7.7 billion in assets and resulted
in acquisition-related expenses of $26 million.
- The Company completed the sales of $2.8 billion in multifamily
loans and $0.4 billion in single family loans obtained in the
acquisition.
- Loans receivable increased $3.4 billion, or 19.7%, during
2024.
- Deposits increased $5.3 billion or 33.0% during 2024.
- During the year, the Company repurchased 1,070,207 shares of
common stock at a weighted average price of $25.29.
- On September 6, 2024, the Company paid a cash dividend of $0.26
per share. This was the 166th consecutive quarterly dividend paid.
A total of $1.03 was paid as cash dividends during the
year.
WaFd, Inc. (Nasdaq: WAFD) (the "Company"), parent company of
Washington Federal Bank ("WaFd Bank" or the "Bank"), today
announced annual earnings of $200,041,000 for the fiscal year ended
September 30, 2024, including the effects of the acquisition of
California-based Luther Burbank Corporation ("LBC"). After the
effect of dividends on preferred stock, net income available for
common shareholders was $2.50 per share for the year. These results
reflect acquisition related costs of $26,319,000 incurred in fiscal
2024. Adjusted for these expenses and non-operating items, earnings
per share for the year was $3.02. For a reconciliation, see the
Non-GAAP Financial Measures section below.
The following table provides the Company's financial scorecard
for the last five quarters:
As of
September 30, 2024
June 30,
2024
March 31, 2024
December 31, 2023
September 30, 2023
BALANCE SHEET
(In thousands, except share and
ratio data)
Cash
$
2,381,102
$
2,492,504
$
1,505,771
$
1,144,774
$
980,649
Loans receivable, net
20,916,354
20,873,919
20,795,259
17,584,622
17,476,550
Allowance for credit losses ("ACL")
225,253
225,324
225,077
201,820
201,707
Loans held for sale
—
468,527
2,993,658
—
—
Available-for-sale securities, at fair
value
2,572,709
2,428,768
2,438,114
2,018,445
1,995,097
Held-to-maturity securities, at amortized
cost
436,972
447,638
457,882
415,079
423,586
Total Investments
3,009,681
2,876,406
2,895,996
2,433,524
2,418,683
Total assets
28,060,330
28,580,800
30,140,288
22,640,122
22,474,675
Transaction deposits
11,817,185
11,929,005
12,338,862
10,658,064
10,765,313
Time deposits
9,556,785
9,255,760
9,000,911
5,380,723
5,305,016
Total deposits
21,373,970
21,184,765
21,339,773
16,038,787
16,070,329
Borrowings
3,318,307
4,079,360
5,489,501
3,875,000
3,650,000
Total shareholders' equity
3,000,300
2,958,339
2,921,906
2,452,004
2,426,426
Loans to customer deposits2
97.86
%
98.53
%
97.45
%
109.64
%
108.75
%
PROFITABILITY
Net income
$
61,140
$
64,560
$
15,888
$
58,453
$
50,208
Net income to common shareholders
57,484
60,904
12,232
54,797
46,552
Earnings per common share
0.71
0.75
0.17
0.85
0.72
Return on tangible common equity1
10.24
%
11.10
%
2.47
%
11.93
%
10.22
%
Return on tangible assets1
0.89
%
0.88
%
0.26
%
1.06
%
0.92
%
Net interest margin
2.62
%
2.56
%
2.73
%
2.91
%
3.13
%
Efficiency ratio
57.21
%
56.61
%
77.74
%
58.02
%
51.78
%
FINANCIAL HIGHLIGHTS
Common shareholders' equity per share
$
33.25
$
32.76
$
32.21
$
33.49
$
32.85
Tangible common shareholders' equity per
share1
27.73
27.18
26.64
28.65
28.05
Shareholders' equity to total assets
10.69
%
10.35
%
9.69
%
10.83
%
10.80
%
Tangible shareholders' equity to tangible
assets1
9.24
%
8.91
%
8.31
%
9.59
%
9.55
%
Common shares outstanding
81,220,269
81,157,173
81,405,391
64,254,700
64,736,916
Preferred shares outstanding
300,000
300,000
300,000
300,000
300,000
CREDIT QUALITY2
ACL to gross loans
1.01
%
1.00
%
1.00
%
1.04
%
1.03
%
Non-accrual loans to net loans
0.33
%
0.29
%
0.29
%
0.26
%
0.29
%
Delinquencies to net loans
0.25
%
0.22
%
0.36
%
0.33
%
0.36
%
Non-performing assets to total assets
0.28
%
0.24
%
0.23
%
0.24
%
0.26
%
Criticized loans to net loans
2.41
%
3.01
%
2.59
%
2.27
%
2.33
%
Substandard loans to net loans
2.04
%
1.84
%
1.48
%
1.74
%
1.75
%
1Metric is a non-GAAP Financial Measure.
See page 9 for additional information on our use of non-GAAP
Financial Measures.
2Metrics include only loans held for
investment. Loans held for sale are not included.
President and CEO Brent Beardall commented, "Considering what
was one of the more challenging macro environments in my
twenty-three years at the Bank, our fiscal year 2024 was an
excellent year with after tax earnings just north of $200 million.
We took material steps to position the balance sheet for the Fed’s
much anticipated move to reduce interest rates. As we start fiscal
2025, we have over 19% of our total balance sheet in cash and
investments, borrowing capacity of more than $6 billion and problem
loans totaling just 0.28% of assets. Optionality is a beautiful
thing when the future is uncertain and we believe we are moving
forward with a capacity to be relevant and a nimbleness to adapt.
WaFd sees significant opportunity for growth in all of our nine
western states, where we believe economic growth will outpace
overall US growth. Perhaps our biggest concern is the potential for
unexpected events. Over the years, we have seen it’s the surprise
of what was not modeled, what was not thought likely, that takes
down strong financial institutions. This knowledge keeps us humble
and operating with a meaningful surplus of capital and
liquidity."
As a result of the LBC acquisition on February 29, 2024, the
Company's results as of September 30, 2024 reflect seven months of
the newly combined entity. Given this, the Company's financial
results are not directly comparable to the results of the prior
periods. Total assets were $28.1 billion as of September 30, 2024,
an increase of 24.9% from $22.5 billion at September 30, 2023. Net
loans held for investment increased by $3.4 billion, or 19.7%, from
September 30, 2023 to September 30, 2024 reflecting the addition of
LBC loans. The Company acquired $6.2 billion in loans in the
transaction but sold $2.8 billion in acquired multifamily loans in
the June 2024 quarter and $0.4 billion in acquired single family
loans in September 2024. Cash and cash equivalents as of September
30, 2024 increased by $1.4 billion, or 142.8%, since September 30,
2023 as a result of the LBC acquisition, and the completion of the
LBC loan sales offset by the pay-down of borrowings and debt.
Investment securities increased by $591.0 million compared to
September 30, 2023 due to the addition of $529.2 million in
securities obtained in the acquisition combined with normal
activity during the year.
Customer deposits totaled $21.4 billion as of September 30,
2024, an increase of 33.0% since September 30, 2023. Transaction
accounts increased by $1.1 billion or 9.8% during the fiscal year
2024, while time deposits increased $4.3 billion, or 80.1%, as 66%
of the LBC deposits were time deposits. As a result of this product
mix, the Company's transaction accounts as a percentage of total
customer deposits decreased to 55.3% compared to 67% at September
30, 2023. Core deposits, defined as all transaction accounts and
time deposits less than $250,000, totaled 75.1% of deposits at
September 30, 2024. Deposits that are uninsured or not
collateralized were 24.0% as of September 30, 2024, a decrease from
25.7% as of September 30, 2023.
Borrowings totaled $3.3 billion as of September 30, 2024, a net
decrease of $0.4 billion or 10.5% since September 30, 2023. The
Company utilized proceeds from the LBC loan sales to pay off $2.2
billion of borrowings which matured since the acquisition. The
acquisition added $1.4 billion in borrowings in addition to net
borrowing activity of $400 million during the year. The weighted
average effective interest rate as of September 30, 2024, was 3.93%
versus 3.98% at September 30, 2023. As of September 30, 2024, $2.3
billion of the $3.3 billion in outstanding borrowings have
effective maturities less than one year.
Loan originations totaled $3.6 billion for fiscal year 2024
compared to $4.7 billion in fiscal year 2023. Offsetting the loan
origination volume in each of these years were loan repayments of
$4.3 billion and $4.4 billion, respectively. The Bank has
intentionally slowed new loan production to temper loan growth.
Commercial loans represented 73% of all loan originations during
fiscal 2024 with consumer loans accounting for the remaining 27%.
Commercial loans are viewed by the Bank as preferable as they
generally have floating interest rates and shorter durations. The
weighted average period end interest rate on the loan portfolio was
5.26% as of September 30, 2024, an increase from 5.22% at September
30, 2023.
Credit quality continues to be monitored closely in light of the
shifting economic and monetary environment. As of September 30,
2024, non-performing assets were $77 million, or 0.3% of total
assets, compared to 0.3% as of September 30, 2023. The percentage
of non-accrual loans to total loans at September 30, 2024 remained
largely unchanged from September 30, 2023 at 0.3%. Delinquent loans
as a percentage of total loans decreased to 0.3% from 0.4% during
the year.
The allowance for credit losses including the reserve for
unfunded commitments totaled $225 million as of September 30, 2024,
and was 1.01% of gross loans as compared to $202 million or 1.03%
of gross loans as of September 30, 2023. Net charge-offs were $1.4
million for fiscal year 2024 compared to net charge-offs of $45.1
million in fiscal 2023. The increase in the ACL reflects the $16.0
million provision recorded on LBC loans held for investment that
are not credit deteriorated and the $7.4 million estimated lifetime
credit losses for those that are considered purchased credit
deteriorated ("PCD").
Net interest income was $660.8 million for fiscal 2024, a
decrease of $29.4 million or 4.3% from the prior year. The net
interest margin for the year was 2.69% compared to 3.40% the prior
year. This decrease was the result of the combination of greater
growth in interest-bearing liabilities balances than in
interest-paying assets and a larger increase in the rate paid on
those liabilities compared to the rates earned on interest-earning
assets. Average interest-bearing liabilities grew by 27.2% while
average interest-earning assets grew by 20.8%. Rates on
interest-bearing liabilities increased by 128 basis points
outpacing the 46 basis point increase in the average rate on
interest-earning assets.
Total non-interest income was $60.7 million for fiscal year
2024, an increase of $8.5 million or 16.3% from $52.2 million in
the prior year. The increase in other income is primarily due to
increased income from the Company's subsidiary, WAFD Insurance
Group, and a decrease in unrealized losses recorded for certain
equity method investments in fiscal 2024 compared to prior
year.
Total non-interest expense was $448.3 million for fiscal 2024,
an increase of $72.2 million or 19.2% from the prior year.
Compensation and benefits costs increased $37.6 million or 19.14%
year-over-year primarily due to acquisition related retention,
severance and change-in-control expenses combined with a larger
post-acquisition workforce. FDIC premiums increased $8.8 million
compared to the same period last year as a result of both the
FDIC's special assessment and the Company's increased size
post-acquisition. Information technology costs increased by $3.9
million due to increased telephone and data lines combined with
lingering conversion costs and termination fees on LBC software.
Other expense increased by $18.4 million and included acquisition
related expenses of $8.9 million, a $2 million charitable donation
and $6.6 million in amortization expense related to the Core
Deposit Intangible Asset created in the acquisition.
The Company recorded a provision for credit losses of $17.5
million in the year ended September 30, 2024, compared to a
provision for credit losses of $41.5 million in 2023. The provision
for loan losses included the initial provision recorded on LBC
loans, as well as other qualitative considerations such as
prolonged and intensified borrower sensitivity to high interest
rates and operating costs due to inflationary pressures.
For the year ended September 30, 2024, the Company recorded
federal and state income tax expense of $56.0 million, which
equates to a 21.88% effective tax rate. This compares to an
effective tax rate of 20.81% for fiscal year 2023. Although the
Company's effective tax rate may vary from the statutory rate
mainly due to state taxes, tax-exempt income and tax-credit
investments, some of the change in the current year resulted
specifically from the LBC acquisition and consideration of
California State and Local taxes.
WaFd Bank is headquartered in Seattle, Washington and has 210
branches in nine western states. To find out more, please visit our
website www.wafdbank.com. The Company
uses its website to distribute financial and other material
information about the Company.
WAFD, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
(UNAUDITED)
September 30, 2024
September 30, 2023
(In thousands, except share and
ratio data)
ASSETS
Cash and cash equivalents
$
2,381,102
$
980,649
Available-for-sale securities, at fair
value
2,572,709
1,995,097
Held-to-maturity securities, at amortized
cost
436,972
423,586
Loans receivable, net of allowance for
loan losses of $203,753 and $177,207
20,916,354
17,476,550
Interest receivable
102,827
87,003
Premises and equipment, net
247,901
237,011
Real estate owned
4,567
4,149
FHLB stock
95,617
126,820
Bank owned life insurance
267,633
242,919
Intangible assets, including goodwill of
$411,360 and $304,750
448,425
310,619
Federal and state income tax assets,
net
119,248
8,479
Other assets
466,975
581,793
$
28,060,330
$
22,474,675
LIABILITIES AND STOCKHOLDERS’
EQUITY
Liabilities
Transaction deposits
$
11,817,185
$
10,765,313
Time deposits
9,556,785
5,305,016
Total customer deposits
21,373,970
16,070,329
Borrowings
3,267,589
3,650,000
Junior subordinated deferrable
debentures
50,718
—
Advance payments by borrowers for taxes
and insurance
61,330
52,550
Accrued expenses and other liabilities
306,423
275,370
25,060,030
20,048,249
Stockholders’ equity
Preferred stock, $1.00 par value,
5,000,000 shares authorized; 300,000 and 300,000 shares issued;
300,000 and 300,000 shares outstanding
300,000
300,000
Common stock, $1.00 par value, 300,000,000
shares authorized; 154,007,429 and 136,466,579 shares issued;
81,220,269 and 64,736,916 shares outstanding
154,007
136,467
Additional paid-in capital
2,150,675
1,687,634
Accumulated other comprehensive (loss)
income, net of taxes
55,851
46,921
Treasury stock, at cost; 72,787,160 and
71,729,663 shares
(1,639,131
)
(1,612,345
)
Retained earnings
1,978,898
1,867,749
3,000,300
2,426,426
$
28,060,330
$
22,474,675
CONSOLIDATED FINANCIAL
HIGHLIGHTS
Common shareholders' equity per share
$
33.25
$
32.85
Shareholders' equity to total assets
10.69
%
10.80
%
WAFD, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended September
30,
Twelve Months Ended September
30,
2024
2023
2024
2023
(In thousands, except share and
ratio data)
INTEREST INCOME
Loans receivable
$
308,598
$
240,998
$
1,165,849
$
900,068
Mortgage-backed securities
18,088
11,695
59,782
43,184
Investment securities and cash
equivalents
47,411
29,017
146,079
99,703
374,097
281,710
1,371,710
1,042,955
INTEREST EXPENSE
Customer accounts
165,240
83,402
532,434
237,233
Borrowings, senior debt and junior
subordinated debentures
36,045
34,611
178,444
115,488
201,285
118,013
710,878
352,721
Net interest income
172,812
163,697
660,832
690,234
Provision for credit losses
—
26,500
17,500
41,500
Net interest income after
provision
172,812
137,197
643,332
648,734
NON-INTEREST INCOME
Gain (loss) on sale of investment
securities
91
33
342
33
Gain (loss) on termination of hedging
derivatives
72
33
241
(867
)
Loan fee income
757
731
2,745
3,885
Deposit fee income
7,047
6,849
27,507
26,050
Other income
7,911
6,688
29,857
23,100
15,878
14,334
60,692
52,201
NON-INTEREST EXPENSE
Compensation and benefits
53,983
45,564
234,148
196,534
Occupancy
10,843
10,115
42,036
41,579
FDIC insurance premiums
6,800
7,000
28,870
20,025
Product delivery
6,306
5,819
23,986
20,973
Information technology
14,129
12,672
53,306
49,447
Other expense
15,880
11,007
65,926
47,477
107,941
92,177
448,272
376,035
Gain (loss) on real estate owned, net
(83
)
(235
)
304
176
Income before income taxes
80,666
59,119
256,056
325,076
Income tax provision
19,526
8,911
56,015
67,650
Net Income
61,140
50,208
200,041
257,426
Dividends on preferred stock
3,656
3,656
14,625
14,625
Net Income available to common
shareholders
$
57,484
$
46,552
$
185,416
$
242,801
PER SHARE DATA
Basic earnings per common share
$
0.71
$
0.72
$
2.50
$
3.72
Diluted earnings per common share
0.71
0.72
2.50
3.72
Cash dividends per common share
0.26
0.25
1.03
0.99
Basic weighted average shares
outstanding
81,208,683
64,729,006
74,244,323
65,192,510
Diluted weighted average shares
outstanding
81,353,644
64,736,864
74,290,568
65,255,283
PERFORMANCE RATIOS
Return on average assets
0.87
%
0.90
%
0.76
%
1.18
%
Return on average common equity
8.53
8.73
7.55
11.69
Net interest margin
2.62
3.13
2.69
3.40
Efficiency ratio
57.21
51.78
62.13
50.65
WAFD, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
(In thousands, except share and
ratio data)
INTEREST INCOME
Loans receivable
$
308,598
$
337,118
$
274,341
$
245,792
$
240,998
Mortgage-backed securities
18,088
17,523
12,905
11,266
11,695
Investment securities and cash
equivalents
47,411
37,300
31,580
29,788
29,017
374,097
391,941
318,826
286,846
281,710
INTEREST EXPENSE
Customer accounts
165,240
154,359
116,164
96,671
83,402
Borrowings, senior debt and jr.
subordinated debentures
36,045
60,396
44,065
37,938
34,611
201,285
214,755
160,229
134,609
118,013
Net interest income
172,812
177,186
158,597
152,237
163,697
Provision for credit losses
—
1,500
16,000
—
26,500
Net interest income after
provision
172,812
175,686
142,597
152,237
137,197
NON-INTEREST INCOME
Gain (loss) on sale of investment
securities
91
80
90
81
33
Gain (loss) on termination of hedging
derivatives
72
54
6
109
33
Loan fee income
757
594
550
844
731
Deposit fee income
7,047
6,960
6,698
6,802
6,849
Other income
7,911
9,567
6,048
6,331
6,688
15,878
17,255
13,392
14,167
14,334
NON-INTEREST EXPENSE
Compensation and benefits
53,983
57,169
73,155
49,841
45,564
Occupancy
10,843
10,904
10,918
9,371
10,115
FDIC insurance premiums
6,800
7,600
7,900
6,570
7,000
Product delivery
6,306
6,090
5,581
6,009
5,819
Information technology
14,129
13,428
12,883
12,866
12,672
Other expense
15,880
14,888
23,275
11,883
11,007
107,941
110,079
133,712
96,540
92,177
Gain (loss) on real estate owned, net
(83
)
(124
)
(1,315
)
1,826
(235
)
Income before income taxes
80,666
82,738
20,962
71,690
59,119
Income tax provision
19,526
18,178
5,074
13,237
8,911
Net income
61,140
64,560
15,888
58,453
50,208
Dividends on preferred stock
3,656
3,656
3,656
3,656
3,656
Net income available to common
shareholders
$
57,484
$
60,904
$
12,232
$
54,797
$
46,552
PER SHARE DATA
Basic earnings per common share
$
0.71
$
0.75
$
0.17
$
0.85
$
0.72
Diluted earnings per common share
0.71
0.75
0.17
0.85
0.72
Cash dividends per common share
0.26
0.26
0.26
0.25
0.25
Basic weighted average shares
outstanding
81,208,683
81,374,811
70,129,072
64,297,499
64,729,006
Diluted weighted average shares
outstanding
81,353,644
81,393,708
70,164,558
64,312,110
64,736,864
PERFORMANCE RATIOS
Return on average assets
0.87
%
0.87
%
0.26
%
1.04
%
0.90
%
Return on average common equity
8.53
9.20
2.09
10.21
8.73
Net interest margin
2.62
2.56
2.73
2.91
3.13
Efficiency ratio
57.21
56.61
77.74
58.02
51.78
Non-GAAP Financial Measures and
Management Projections
The Company has presented certain non-GAAP measures within this
document to remove the effect of certain income and expenses to
provide investors with information useful in understanding our
financial performance. The Company considers these items to be
non-operating in nature as they are items that Management does not
consider indicative of the Company's on-going financial
performance. We believe that the tables presented reflect our
on-going performance in the periods presented and, accordingly, are
useful to consider in addition to our GAAP financial results. These
measures should not be considered a substitution for GAAP basis
disclosures.
Other companies may use similarly titled non-GAAP financial
measures that are calculated differently from the way they are
calculated herein. Because of this, our non-GAAP financial measures
may not be comparable to similar measures used by others. We
caution investors not to place undue reliance on such measures. See
the following unaudited tables for reconciliations of our non-GAAP
measures to the most directly comparable GAAP financial
measures.
Tangible
Measures
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
(Unaudited - In thousands, except
for ratio data)
Shareholders equity - GAAP
$
3,000,300
$
2,958,339
$
2,921,906
$
2,452,004
$
2,426,426
Less intangible assets - GAAP
448,425
452,255
453,539
311,103
310,619
Tangible shareholders' equity
$
2,551,875
$
2,506,084
$
2,468,367
$
2,140,901
$
2,115,807
Less preferred stock - GAAP
300,000
300,000
300,000
300,000
300,000
Tangible common shareholders'
equity
$
2,251,875
$
2,206,084
$
2,168,367
$
1,840,901
$
1,815,807
Total assets - GAAP
$
28,060,330
$
28,580,800
$
30,140,288
$
22,640,122
$
22,474,675
Less intangible assets - GAAP
448,425
452,255
453,539
311,103
310,619
Tangible assets
$
27,611,905
$
28,128,545
$
29,686,749
$
22,329,019
$
22,164,056
Tangible Metrics
Common shares outstanding - GAAP
81,220,269
81,157,173
81,405,391
64,254,700
64,736,916
Tangible common equity per share
$
27.73
$
27.18
$
26.64
$
28.65
$
28.05
Tangible equity to tangible assets
9.24
%
8.91
%
8.31
%
9.59
%
9.55
%
Quarter Ended
Average Tangible
Measures
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
(Unaudited - In thousands, except
for ratio data)
Average shareholders equity - GAAP
$
2,996,093
$
2,947,056
$
2,638,483
$
2,447,580
$
2,431,846
Less average preferred stock - GAAP
300,000
300,000
300,000
300,000
300,000
Less average intangible assets - GAAP
451,204
453,142
360,251
311,022
310,200
Average tangible common equity
$
2,244,889
$
2,193,914
$
1,978,232
$
1,836,558
$
1,821,646
Average Assets - GAAP
$
28,000,482
$
29,703,337
$
24,907,376
$
22,381,459
$
22,233,741
Less average intangible assets - GAAP
451,204
453,142
360,251
311,022
310,200
Average tangible assets
$
27,549,278
$
29,250,195
$
24,547,125
$
22,070,437
$
21,923,541
Average Tangible Metrics
Net income - GAAP
61,140
64,560
15,888
58,453
50,208
Net income available to common
shareholders - GAAP
57,484
60,904
12,232
54,797
46,552
Return on tangible common equity
10.24
%
11.10
%
2.47
%
11.93
%
10.22
%
Return on tangible assets
0.89
%
0.88
%
0.26
%
1.06
%
0.92
%
Net Income
Adjusted for Acquisition Expenses and Other Non-Operating
Items
Year Ended September 30,
2024
Year Ended September 30,
2023
(Unaudited - In thousands, except
for ratio data)
Non-interest income adjustments
Distribution received on LBC equity method
investment
$
(874
)
$
—
(Gain)Loss on WaFd Bank equity method
investment
1,244
3,385
Total non-interest income
adjustments
$
370
$
3,385
Non-interest expense
adjustments
Acquisition-related expenses
$
26,319
$
3,016
Select non-operating expenses:
FDIC Special Assessment
2,084
—
Legal and Compliance Accruals
2,818
—
Charitable Donation
2,000
—
6,902
—
Total non-interest expense
adjustments
$
33,221
$
3,016
Net Income - GAAP
$
200,041
$
257,426
Preliminary ACL provision on LBC loans
16,000
—
Non-interest income adjustments
370
3,385
Non-interest expense adjustments
33,221
3,016
REO adjustments
304
176
Income tax adjustment
(10,915
)
(1,369
)
Net Income - non-GAAP
$
239,021
$
262,634
Dividend on preferred stock
$
14,625
$
14,625
Net Income available to common
shareholders - non-GAAP
$
224,396
$
248,009
Basic weighted average number of shares
outstanding - GAAP
74,244,323
65,192,510
Diluted weighted average number of shares
outstanding - GAAP
74,290,568
65,255,283
Basic EPS - non-GAAP
3.02
3.80
Diluted EPS - non-GAAP
3.02
3.80
Important Cautionary
Statements
The foregoing information should be read in conjunction with the
financial statements, notes and other information contained in the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K.
This press release contains statements about the Company’s
future that are not statements of historical or current fact. These
statements are “forward-looking statements” for purposes of
applicable securities laws and are based on current information
and/or management's good faith belief as to future events. Words
such as “expects,” “anticipates,” “believes,” “estimates,”
“intends,” “forecasts,” “may,” “potential,” “projects,” and other
similar expressions or future or conditional verbs such as “will,”
“should,” “would,” and “could” are intended to help identify such
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Although the Company
believes any such statements are based on reasonable assumptions,
forward-looking statements should not be read as a guarantee of
future performance, and you are cautioned not to place undue
reliance on any forward-looking statements. The Company undertakes
no obligation to update or revise any forward-looking
statement.
By their nature, forward-looking statements involve inherent
risk and uncertainties including the following risks and
uncertainties, and those risks and uncertainties more fully
discussed under “Risk Factors” in the Company’s September 30, 2023
10-K, and Quarterly Reports on Form 10-Q which could cause actual
performance to differ materially from that anticipated by any
forward-looking statements. Forward-looking statements relating to
our financial condition or operations are subject to risks and
uncertainties related to (i) fluctuations in interest rate risk and
market interest rates, including the effect on our net interest
income and net interest margin; (ii) current and future economic
conditions, including the effects of declines in the real estate
market, high unemployment rates, inflationary pressures, a
potential recession, the monetary policies of the Federal Reserve,
and slowdowns in economic growth; (iii) risks related to the
integration of the operations of Luther Burbank Corporation; (iv)
financial stress on borrowers (consumers and businesses) as a
result of higher interest rates or an uncertain economic
environment; (v) changes in deposit flows or loan demands; (vi) the
impact of bank failures or adverse developments at other banks and
related negative press about regional banks and the banking
industry in general; (vii) the effects of natural or man-made
disasters, calamities, or conflicts, including terrorist events and
pandemics (such as the COVID-19 pandemic) and the resulting
governmental and societal responses; (viii) global economic trends,
including developments related to Ukraine and Russia, and the
evolving conflict in the Middle East, and related negative
financial impacts on our borrowers; (ix) litigation risks resulting
in significant expenses, losses and reputational damage; (x) our
ability to identify and address cyber-security risks, including
security breaches, “denial of service attacks,” “hacking” and
identity theft; and (xi) other economic, competitive, governmental,
regulatory, and technological factors affecting our operations,
pricing, products and services.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241017054297/en/
WaFd, Inc. 425 Pike Street, Seattle, WA 98101 Brad Goode, SVP,
Chief Marketing Officer 206-626-8178 brad.goode@wafd.com
Grafico Azioni WaFd (NASDAQ:WAFD)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni WaFd (NASDAQ:WAFD)
Storico
Da Dic 2023 a Dic 2024
