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Washington Federal Announces Quarterly Earnings Per Share Of $0.46
SEATTLE--(BUSINESS WIRE)-- Washington Federal, Inc. (Nasdaq: WAFD) (the "Company"), parent company of Washington Federal Bank, N.A. ("WaFd Bank"), today
About this update from Wafd, Inc.
[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nWashington Federal, Inc. (Nasdaq: WAFD) (the \"Company\"), parent company of Washington Federal Bank, N.A. (\"WaFd Bank\"), today announced quarterly earnings of $34,852,000 or $0.46 per diluted share for the quarter ended June 30, 2020, compared to $53,854,000 or $0.67 per diluted share for the quarter ended June 30, 2019, a $0.21 or 31% decrease in fully diluted earnings per share. Return on equity for the quarter ended June 30, 2020 was 7.01% compared to 10.68% for the quarter ended June 30, 2019. Return on assets for the quarter ended June 30, 2020 was 0.78% compared to 1.31% for the same quarter in the prior year.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200722005871/en/\n\nPresident and Chief Executive Officer Brent J. Beardall commented, “Considering all of the turmoil that occurred these past few months, we are very pleased with the Company's performance for our 3rd fiscal quarter. Even with most of our teams working remotely due to shelter in place restrictions, we were able to originate $2.1 billion of new loans, a new quarterly record for WaFd Bank. In addition, we have grown our transaction deposit accounts year-to-date by $1.8 billion or 26%. Growth in transaction deposits is a focal point in our strategic plan as we work to become the primary bank for our clients. Importantly, even with the Federal Reserve cutting interest rates by 1.50% in the end of last quarter, we were able to keep net interest income flat at $117 million this quarter. The success we have had in growing both loans and deposits is a tribute to our teams and a result of the technology that we have deployed, but most importantly, it is a reflection of the confidence that clients have in WaFd Bank.\n\n\n\"For years, we have witnessed a shift in consumer sentiment from in-person banking to electronic and self-service banking. COVID-19 and its related restrictions have accelerated that trend. In June of 2020, over 99% of the banking transactions we processed occurred via digital versus face-to-face platforms (digital includes ATMs and call centers). What will happen to branch lobby traffic when the pandemic is over remains to be seen, but we see untapped capacity in our bankers to win market share. Bank branches have quickly become less about serving exi...