Washington Federal Inc. Announces Unaudited Consolidated Earnings Results for the Quarter Ended December 31, 2012; Announces Net Loan Charge-Offs for the Quarter Ended December 31, 2012
January 15, 2013 at 04:00 am EST
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Washington Federal Inc. announced unaudited consolidated earnings results for the quarter ended December 31, 2012. For the quarter, the company reported interest income of $131,309,000 compared to $155,926,000 a year ago. Net interest income was $95,434,000 compared to $103,714,000 a year ago. Income before income taxes was $55,174,000 compared to $52,216,000 a year ago. Net income was $35,282,000 or $0.33 per basic and diluted share compared to $33,418,000 or $0.31 per basic and diluted share a year ago. Return on average assets was 1.11% compared to 0.98% a year ago. Return on average common equity was 7.41% compared to 7.02% a year ago.
Net loan charge-offs decreased from $14 million for the quarter ended December 31, 2011 to $10 million in the current quarter, a 29% decrease.
WaFd, Inc. is a bank holding company that conducts its primary business through its subsidiary, Washington Federal Bank. Washington Federal Bank, a federally insured Washington state chartered commercial bank doing business as WaFd Bank (the Bank), is engaged in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. The Bank's business consists primarily of accepting deposits from the general public and investing these funds in loans of various types, including first lien mortgages on single-family dwellings, construction loans, loans on multi-family, commercial real estate and other income producing properties, home equity loans and business loans. The Bank invests in certain United States government and agency obligations and other investments. The Bank has approximately 198 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico and Texas.
Washington Federal Inc. Announces Unaudited Consolidated Earnings Results for the Quarter Ended December 31, 2012; Announces Net Loan Charge-Offs for the Quarter Ended December 31, 2012