Jul 18, 201705:18 PMBlog

Washington Federal earns $44 million in Q2

Jul 18, 2017 - 05:18 PM

Washington Federal, which announced in April a merger agreement with Lacey’s Anchor Bank, has announced quarterly earnings of $44,112,000 for 2017 Q2.

That compares to $43,004,000 for the same quarter in 2016. The bank also reported $0.49 per diluted share for 2017 Q2, up from $0.47 per diluted share last year — a 5 percent increase in fully diluted earnings per share.

Total assets were $15.1 billion as of June 30, compared to $14.9 billion as of September 30, 2016.

 “Our third fiscal quarter results represent a high water mark for both total assets and earnings per share,” said President and CEO Brent Beardall. “Asset quality improved, customer deposits grew and loan originations remained strong, exceeding $1 billion for the quarter. We are pleased to note that our efficiency ratio for the quarter improved to 46.6% thanks to revenue growth outpacing expenses. Looking forward, challenges will certainly arise; however, we are optimistic we can continue our legacy of long-term profitable growth.”

The announcement also came with a small update on the merge with Anchor, confirming Washington Federal’s intentions to enhance its presence in the South Sound market. Pending the receipt of requisite regulatory approvals, the approval of Anchor’s shareholders and the satisfaction of other customary closing conditions, the merger remains expected to close in the fourth calendar quarter of 2017.


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