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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| WaFd Inc | NASDAQ:WAFD | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.46 | -4.55% | 30.63 | 30.00 | 82.33 | 31.43 | 30.28 | 31.34 | 518,035 | 01:00:00 |
From Oct 2024 to Jan 2025
2024 Highlights
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
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