Business
Washington Federal Reports Earnings Per Share Of $2.39 For Fiscal 2021
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 annual earnings of $183,615,000 for the fiscal year ended September 30, 2021, an increase of $10,177,000 from earnings of $173,438,000 for the year ended September 30, 2020. After the effect of dividends on preferred stock, net income available for common shareholders was $2.39 per share for the fiscal year ended September 30, 2021, a $0.13 or 5.8% increase from $2.26 for the prior fiscal year. Return on common shareholders' equity for the fiscal year ended September 30, 2021 was 8.69% compared to 8.63% for the year ended September 30, 2020. Return on assets for the year ended September 30, 2021 was 0.95% compared to 1.00% for the prior year.\n\nPresident and Chief Executive Officer Brent J. Beardall commented, \"We are a 104 year-old bank that is in the midst of re-inventing itself in a digital age, and fiscal 2021 was one of the best years we have ever experienced. Operating in an ongoing worldwide pandemic, WaFd Bank was able to generate record new loan originations, record core deposit balances, an eighth consecutive year of net recoveries (net loan charge-offs were less than zero), significant improvements in our Bank Secrecy Act program and improvements that resulted in a high degree of client satisfaction. We are believers in conscious capitalism, meaning that an organization can be a good corporate citizen by supporting its employees and communities while also delivering reasonable returns to its shareholders. The 4th quarter’s earnings per share of $0.72 is an all-time quarterly high (excluding non-recurring gains). Key performance indicators are trending in the right direction: our 4th quarter net interest margin improved on a linked quarter basis and year-over-year, loan repayments are slowing as market interest rates have increased, and we currently have the strongest loan pipeline in the Company’s history. We expect to stand apart from many of our peers in terms of loan growth, because in March of 2020, when many others pulled back, we leaned in to support our clients and to win new ones.\n\n\"One important achievement this year was the issuance of $300 million of perpetual preferred stock. Our intent was to use most of the proceeds from that Februar...