Welcome to our dedicated page for Washington Fed news (Ticker: WAFD), a resource for investors and traders seeking the latest updates and insights on Washington Fed stock.
Washington Federal (WAFD) delivers essential financial services through its network of branches across nine Western states, maintaining a century-long commitment to community-focused banking. This news hub provides investors and stakeholders with authoritative updates on the institution's strategic developments.
Access real-time press releases covering earnings reports, leadership changes, and regulatory filings alongside analysis of commercial lending trends and deposit service innovations. Our curated collection enables efficient tracking of dividend announcements, merger activity, and risk management practices central to WAFD's disciplined operations.
Key updates include quarterly financial disclosures, real estate financing initiatives, and insurance brokerage expansions. Bookmark this page for direct access to primary source materials from one of the West's most stable regional banking institutions, eliminating the need to monitor multiple news channels.
WaFd (Nasdaq: WAFD) announced quarterly earnings of $64.56 million for the quarter ended June 30, 2024, marking a 306% increase from the previous quarter and a 5% increase year-over-year. Earnings per share (EPS) stood at $0.75, up from $0.17 in the prior quarter but down 16% from $0.89 a year earlier. These results include $2.3 million in acquisition-related costs. Adjusted return on equity (ROE) was 9.4%, compared to 8.7% in the previous quarter and 11.1% a year ago. Revenue growth was driven by the integration of Luther Burbank , increased loan origination, and a substantial CRE loan sale.
WaFd also reported a 31.8% increase in customer deposits and a 154.2% rise in cash and cash equivalents. Net interest income grew by 5% year-over-year to $177 million, although net interest margin decreased from 3.27% to 2.56%. The company plans to launch new mobile and online banking apps to enhance customer experience.
WaFd Bank has completed the sale of approximately $2.8 billion in multifamily commercial real estate loans to Bank of America, which is reselling the loans to funds managed by Pacific Investment Management Company (PIMCO). This transaction is one of the largest non-FDIC assisted CRE loan sales in history and was executed at 92% of the principal balance.
Importantly, the sale was conducted without incurring any losses for WaFd, enhancing its liquidity. These loans originated from Luther Burbank Savings, which WaFd acquired in March 2023. This sale was also not a merger condition. The bank now has options to buy down debt, originate new loans, or buy back stock.
Today, WaFd announced a regular cash dividend of 26 cents per share, payable on June 7, 2024, to shareholders of record as of May 24, 2024. This marks the 165th consecutive quarterly cash dividend for the company. Additionally, the Board has increased the share repurchase authorization by 10 million shares, raising the total authorized amount to 11.8 million shares. Over the past three fiscal years, WaFd has repurchased 12.7 million shares at an average price of $31.32, equating to 17% of the shares outstanding as of October 1, 2020. WaFd is a parent company of Washington Federal Bank, which operates 210 branches across nine states and reported $30.1 billion in assets, $21.3 billion in deposits, and $2.9 billion in shareholders' equity as of March 31, 2024.
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